OpenSky Credit Card Review: Everything You Need to Know
Snapshot: This OpenSky Secured Visa credit card offers a way for those with poor or no credit to build credit. It has a fairly low annual fee ($35 ) and is simple to qualify for, making it an affordable way to enter into the credit card market for younger adults.
- No credit check to apply and find out instantly if you are approved
- OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years
- Get considered for a credit line increase after 6 months, with no additional deposit required
- You could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months
- Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card. Easy application, apply in less than 5 minutes right from your mobile device
- View your FICO® Score through your OpenSky account, an easy way to stay on top of your credit
- Nearly half of OpenSky cardholders who make on-time payments improve their FICO score 30+ points in the first 3 months
- Your refundable* deposit, as low as $200, becomes your OpenSky Visa credit limit
- Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule
- *View the cardholder agreement
Table of Contents:
- Full Review of OpenSky Secured Visa Credit Card Review
- What You’ll Like About This Card
- The Drawbacks
- Pros and Cons Summary
- Is the OpenSky Secured Visa Credit Card Worth It?
- OpenSky Secured Visa Credit Card FAQ
Full Review of OpenSky Secured Visa Credit Card
If you’re worried about poor or bad credit preventing you from qualifying for a credit card, the OpenSky Secured Visa Credit Card is a great place to start. Like most secured credit cards, it requires a refundable[1] security deposit ($200 minimum security deposit required, maximum is $3,000) that determines your credit limit.
Meanwhile, your OpenSky Secured Visa Credit Card will appear as a credit card account on your credit reports, helping you build positive credit with each on-time payment.
All in all, the OpenSky Secured Visa Credit Card has some interesting benefits that we believe make it worth the annual fee. Let’s get into it.
What You’ll Like About This Card
No Credit Check
OpenSky Secured Visa Credit Card doesn’t require a credit check to apply (great if you’re concerned about a low or non-existent credit score). If you’re ready to get started building your credit with OpenSky, provided you are approved, you can get started right away.
Credit Line Increase After 6 Months
No additional deposit required, provided that you have 6 months of on-time payments and have demonstrated responsible behavior, OpenSky may consider you for a credit line increase. This means that you would have access to funds beyond your deposit, like a typical credit card.
Flexible Payment Due Dates
OpenSky also offers flexible payment dates, so you can choose when your monthly payment is due to best fit your budget. For example, if you have a lot of bills due on the first of the month (rent, utilities, etc.) you may want to schedule your bill payment date a few weeks out to give yourself more time.
The Drawbacks
Annual Fee
Like we said above, the OpenSky Secured Visa Credit Card does have an annual fee of $35 . While this isn’t unusual for secured credit cards, there are other secured credit cards that don’t require a fee. OpenSky even offers the OpenSky Plus Secured Visa Credit Card that requires no annual fee with a minimum security deposit of .
Not Many Rewards
Some secured credit cards offer consumers some reward options, similar to typical credit cards. OpenSky Secured Visa Credit Card doesn’t offer any at this time.
Pros and Cons Summary
| Pros | Cons |
| No credit check required | Must secure your credit limit with a deposit |
| OpenSky reports to all three credit bureaus, helping you build a positive credit history with responsible use | $35 annual fee |
| Potential to get approved for an OpenSky unsecured credit card within 6 months of on time monthly payments |
Is the OpenSky Secured Visa Credit Card Worth It?
The deposit you make to secure your credit line is refundable when you close your OpenSky credit card, assuming you’ve paid off your balance. This, along with the fact that the secured credit card is easy to get approved for, can make it a good option for those who are trying to build or rebuild credit.
If you can find a secured credit card or other credit-building option that doesn’t have an annual fee, you may want to try that option first. That being said, the annual fee for the OpenSky credit card is competitive, and it’s easy-approval process and refundable deposit range more than make up for the fee.
OpenSky Secured Visa Credit Card FAQ
What are the credit limits for OpenSky Secured Visa Credit Card?
The credit limit for your OpenSky Secured Credit Card depends on how much you deposit when you open the account. At a minimum, you must have $200 to deposit, making the lowest possible credit limit $200. The maximum credit limit OpenSky tends to approve is $3,000, though this does require that amount in the initial deposit.
How soon can I increase my credit limit after being approved for an OpenSky Secured Visa credit card?
After 6 months of responsible account management and timely payments, OpenSky may offer you the chance to apply for an unsecured OpenSky credit card. These typically have a higher credit limit.
How good is an OpenSky Secured Visa Credit Card good for building credit?
OpenSky Secured Visa Credit Card is ideal for building credit! This is because OpenSky reports to all three credit bureaus. If you keep your credit utilization low and pay your bills on time, you can build a positive credit history on all your credit reports with this card. OpenSky recommends you keep your credit utilization under 30% and make timely payments to see the greatest impact.
[1] OpenSky® Secured Visa® credit cards require a refundable security deposit. Your credit limit is based on the amount of your security deposit. Minimum $200 and up to $3,000 (Subject to approval)
2 Based on 2Q 2023 OpenSky® Secured Visa® Credit Card average approval rate is 88.7%. Individual results may vary