OpenSky Secured Visa Credit Card Review

OpenSky Secured Visa Credit Card

The OpenSky Secured Visa Credit Card is a credit card designed for individuals with poor or limited credit history. It allows those who have struggled with traditional credit cards to establish or improve their credit score. Capital Bank issues this card and reports to all three major credit bureaus, which can help cardholders build credit with responsible use. In addition to helping improve credit scores, the OpenSky Secured Visa Credit Card offers a range of benefits and features that make it a valuable option for those looking to rebuild their credit.

Quick Highlights of OpenSky Secured Visa Credit Card

Build credit: The no-credit-check requirement means that individuals with bad or no credit can still apply for and potentially be approved for the OpenSky Secured Visa Credit Card. This is a great opportunity for those looking to build or rebuild their credit.
Potential for credit score increase: By making three on-time payments, 2/3 of cardholders have seen an improvement of at least 48 points in their credit score. This can be a significant improvement for those with low credit scores.
Increased credit line: After six months, cardholders can receive an unsecured credit line increase without requiring additional deposits. This means that they can potentially access more credit without having to put down a larger security deposit.
Free FICO score access: The mobile application offers free monthly access to FICO scores, allowing cardholders to track their credit progress and make informed financial decisions.
Wide credit bureau reporting: The OpenSky Secured Visa Credit Card reports to all three major credit reporting agencies, allowing cardholders to build their credit history with all of them. Builds credit history across all three major bureaus (Experian, Equifax, and Transunion).
Mobile wallet-friendly: By adding the card to mobile wallets such as Apple Pay, Samsung Pay, and Google Pay, cardholders can make contactless purchases easily and securely.
Low initial cost: The low $200 refundable security deposit makes it accessible for individuals to get started with the OpenSky Secured Visa Credit Card. This is a great option for those who may not have much money to put down as a deposit.
Fast and easy application: With a simple and quick application process, cardholders can apply for the OpenSky® Secured Visa Credit Card in less than 5 minutes through the mobile application.
Flexible payment options: The flexible payment dates allow cardholders to choose a due date that works best for their schedule, making it easier to manage and stay on top of payments.
For those who may not have all the funds upfront, the option to fund the security deposit over 60 days with partial payments can still be a helpful way to access the benefits of the OpenSky Secured Visa Credit Card.
Trusted by many: With over 1.2 million cardholders who have successfully used the OpenSky Secured Visa Credit Card to build their credit, it is a trusted and proven option for those looking to improve their credit scores. The card has a strong track record of helping individuals achieve their financial goals.

Rewards and Benefits of OpenSky Secured Visa Credit Card

Rewards of OpenSky Secured Visa Credit Card

This Card offers no rewards

Redeem rewards

This Card does not redeem rewards

Benefits of OpenSky Secured Visa Credit Card

$0 Fraud Liability: With the OpenSky Secured Visa Credit Card, you receive protection against fraudulent purchases using your card or card number. This means that if any unauthorized charges are made, you will not be held responsible for them as long as you report them promptly.
ID Navigator Identity Theft Protection: You can access the ID Navigator Identity Theft Protection service as a cardholder. This service constantly monitors and alerts you of any suspicious activity that could indicate identity theft. With timely notifications, you can take immediate action to protect your personal information and accounts.
Roadside Assistance: This Visa network benefit may require a per-use fee. You can get roadside assistance services like towing, jumpstarts, and tire changes.
Cardholder Inquiry Service: This is a standard benefit for most credit cards. Through a 24/7 hotline, you can get general information about your account, report a lost or stolen card, and access customer support.

Feature of OpenSky Secured Visa Credit Card

Build Credit with No Credit Check: This card is designed for people with no credit history or bad credit. You can apply without a credit check, which will not hurt your score.
Security Deposit Sets Your Credit Limit: You’ll need to make a refundable security deposit that becomes your credit limit. The minimum deposit is $200, but you can deposit up to $3,000.
Potential for Credit Line Increases: After six months of on-time payments, OpenSky may consider increasing your credit limit without requiring an additional deposit.
Reports to All Three Credit Bureaus: OpenSky reports your credit activity to all three major credit bureaus (Experian, Equifax, and TransUnion). This can help you build your credit score with on-time payments.
No Annual Fee for Basic Card: The base OpenSky Secured Visa® Credit Card has a $35 annual fee, but there’s no fee for the first year.
Higher Annual Fee Option for Larger Credit Line: They offer an OpenSky Plus card with a $300 minimum deposit and a higher potential credit limit, but it has a $69 annual fee.
Visa Acceptance: The card is a Visa card, so it’s widely accepted by merchants everywhere Visa is accepted.

Rates and Fee

Rates

Regular APR (purchase and cash advance): 25.64% variable (for the $200 deposit option) or 29.99% variable (for the $300 deposit option)
Intro Purchases APR: N/A
Regular APR: 25.64% variable
Intro balance transfer APR: N/A

Fee

Cash advance fee: 5% of the amount of each cash advance ($6 minimum)
Minimum interest Charge:$1
Foreign transaction fee: 3% of each transaction
Annual fee: $35
Late payment fee: Up to $40
Returned payment fee: Up to $25
Inactive account Fee: $10 after 12 months of no activity
Minimum security deposit: $200 or $300 (depending on your chosen option)
Refundable security deposit: Yes, when you close your account in good standing

Eligibility Criteria

Fico Score: No credit history

Age: You must be at least 18 years old to apply.

Application Process

Visit the Credit One Bank website
Review the card details and terms and conditions carefully.
If you meet the eligibility criteria and are interested in applying, click the “Apply Now” button.
We will direct you to the online application form, where you must provide your personal information, financial details, and employment history.
Once you apply, Credit One will review your information and make a decision.
Fill out the application form. Since it’s a secured card, there’s no credit check required.

Approval Process

Since there’s no credit check, approval for the OpenSky® Secured Visa® Credit Card is generally quick and easy. Once you submit your application, you should receive a decision within minutes.

Customer service

The customer service phone number for OpenSky Secured Visa® Credit Card is 1-800-859-6412.

Conclusion

The OpenSky Secured Visa® Credit Card is a viable option for those looking to build or rebuild their credit history. With no credit check required and a refundable security deposit that sets your credit limit, it offers a chance to establish a positive credit footprint. While the annual fee and interest rate are higher, responsible use and on-time payments can help you improve your credit score and potentially qualify for an unsecured credit line increase after six months. If you’re disciplined with your spending and prioritize paying your balance in full each month, the OpenSky® Secured Visa® Credit Card can be a stepping stone towards better credit standing.

What Card-Recommended Credit Cards

Frequently Asked Question About OpenSky Secured Visa Credit Card

Is OpenSky a good credit card?

This is designed to help people build their credit scores. It’s a secured card, meaning you make a security deposit that sets your credit limit. This can be a good option if you have no credit history or bad credit because it permits you to build credit responsibly. However, if you already have a good credit score, there are likely better credit cards available with rewards programs or lower interest rates.

Is OpenSky a good credit card?

Yes, OpenSky can be a good tool for building credit, especially if you have limited credit history or a low credit score. Here’s why:

Reports to all three bureaus: On-time payments with OpenSky will be reported to Equifax, Experian, and TransUnion, the three major credit bureaus. This consistent positive reporting can help improve your credit score over time.
Focuses on responsible use: Because it’s a secured card, you’ll need to make a deposit that becomes your credit limit. This encourages responsible spending and helps you avoid getting into debt.

4.2Expert Score

The OpenSky Secured Visa Credit Card is designed for individuals with poor or limited credit history. It allows those who have struggled with traditional credit cards to establish or improve their credit score. Capital Bank issues this card and reports to all three major credit bureaus, which can help cardholders build credit with responsible use. To help improve credit scores, the OpenSky Secured Visa Credit Card also offers a range of benefits and features that make it a valuable option for those looking to rebuild their credit.

Cost of Membership

Ease of Building Credit

5.8

APR

5.8

Features

PROS

Accessible for All Credit Histories: A major advantage of OpenSky is that it doesn't require a credit check for approval. This makes it a viable option for people with no credit history or bad credit who are looking to establish or rebuild their credit.
Reasonable Annual Fee: Compared to some secured cards, OpenSky's annual fee of $35 is fairly reasonable.
Credit Reporting to All Bureaus: OpenSky reports your money activity to all three major credit bureaus (Equifax, Experian, and TransUnion). This means that on-time payments can significantly contribute to building a positive credit history.

CONS

No Rewards: Unlike many unsecured cards, OpenSky doesn't offer any rewards programs for cashback, travel points, or other benefits. The focus is solely on credit building.
Potential for Inactive Account Fees: Be aware that OpenSky charges a $10 monthly fee for inactive accounts. To avoid this, make sure to use your card at least once a month, even for a small purchase.
High Late and Returned Payment Fees: Late payment fees can be as high as $40, and returned payment fees can reach $25. These charges can be significant and quickly negate any credit-building progress. Responsible credit management is crucial to avoid these fees.

Specification: OpenSky Secured Visa Credit Card Review

Best For:	LOW-INTEREST + SECURED CREDIT
Recommended Credit	No Credit History Required
Intro Offer:	No Current Offer
Rewards	Currently, No Rewards Available
Annual Fee:	$35
Regular APR:	25.64% Variable
Intro Balance Transfers APR:	N/A
Intro Purchase APR:	N/A
Intro Purchase APR Period:	N/A
Balance Transfers Fee:	N/A
Foreign Transaction Fee	3%
Cash Advance Fee	$6 or 5% of the amount of each cash advance, whichever is greater.
Late Payment Fee:	Up to $40
Cash Equivalent Fee	N/A
Convenience Check Fee	N/A
Returned Payment Fee:	Up to $25
Over Limit Fee:	N/A
ExtendPay Fee	N/A
Credit Card Limit:	up to $3,000.
Credit Card Type	LOW-INTEREST + SECURED CREDIT
Credit Card Features	$0 fraud liability, Auto Rental Insurance

OpenSky Secured Visa Credit Card Review