OpenSky® Secured Visa® Credit Card Review 2024

A secured credit card is a great way to get started with credit or to rebuild your credit and raise your score. By providing a security deposit, making some charges and paying your monthly bill on time, you can gradually raise your credit score.

There are many reasons you may need to get a secured credit card. You may have recently had a bankruptcy, you may owe back taxes or you may have made some mistakes in the past, missed some payments and seen your credit score drop. Perhaps the simplest reason is you have never had credit before so you don’t have a credit score.

The OpenSky® Secured Visa® Credit Card stands out because it doesn’t require a credit check or even a bank account to be approved. This is especially helpful for people with bankruptcies and back taxes, as other secured credit cards won’t approve you for these reasons. With the OpenSky Secured Visa, you can get back on the right path no matter what your past looks like.

• No credit check or bank account needed to apply
• $35 annual fee
• Minimum $200 opening deposit required, up to a maximum of $3,000
• Your credit limit is equal to your deposit
• Reports to all three major credit bureaus

Read more: Credit Cards For Bad Credit

Although Capital Bank doesn’t provide additional benefits for this card, because it is a Visa, it does come with a few. These benefits are provided by Visa as a part of its traditional level of benefits.

• Zero liability protection. You are not responsible for any fraudulent charges made on your card account.
• ID Navigator identity theft protections. Enroll in this complimentary service from Norton LifeLock and get credit monitoring and assistance if your identity is compromised.
• Roadside assistance. If you have car trouble, you can contact Visa and they will dispatch roadside assistance to your location. You will be responsible for paying for any services you receive from the dispatched roadside assistance provider.
• Cardholder inquiry service. Get 24-hour access to a Visa representative with any questions about your account.

Interest Rates

• Regular APR: 25.64% (variable)

Fees

• Annual fee: $35
• Foreign purchase transaction fee: 3% of each Transaction in U.S. dollars

OpenSky® Secured Visa® Credit Card vs. Capital One Platinum Secured Credit Card

Although it requires a credit check as part of the approval process, the Capital One Platinum Secured Credit Card with a $0 annual fee and no foreign transaction fee (rates & fees) is more fee-friendly than the OpenSky® Secured Visa® Credit Card.

The card is one of the few secured cards that gives qualified applicants a higher credit limit than their initial security deposit. Depending on your credit report and your financial information, you could be required to provide either a $49, $99 or $200 refundable minimum security deposit to get an initial credit limit of $200.

If you provide a higher initial deposit, your credit line will be increased accordingly, up to a maximum limit of $1,000. New accounts are automatically considered for an increased credit line in as little as six months.

OpenSky® Secured Visa® Credit Card vs. Citi® Secured Mastercard®*

The Citi® Secured Mastercard®* also doesn’t have an annual fee and, similar to the OpenSky® Secured Visa® Credit Card, your credit limit will be equal to your initial deposit.

One nice additional feature of the Citi® Secured Mastercard®* is that you have the ability to pay your bill online up until midnight on the day it is due. Some other banks have cut off times as early as 5 pm on your due date. This midnight deadline can really help if you are waiting for a paycheck or money from another source to come in and don’t want to make a late payment.

OpenSky® Secured Visa® Credit Card vs Discover it® Secured Credit Card

The no-annual-fee Discover it® Secured Credit Card takes some of the best features of other cards and adds a rewards program. With this card, you’ll get reporting to all three major credit bureaus, cash-back rewards and a welcome bonus—a rarity for secured cards.

The Discover it® Secured Credit Card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. Finally, as an added bonus, with Unlimited Cashback Match™ - Discover will automatically match all the cash back earned at the end of the first year.

Unlike the OpenSky® Secured Visa® Credit Card, it may be a bit tougher to get approved for the Discover it® Secured Credit Card due to the required credit check. But if you are eligible, the added benefits certainly make it one of the best options for a secured credit card you’ll find.

When it comes to secured credit cards, the OpenSky® Secured Visa® Credit Card may not have the lowest fees or the best benefits, but it is one of the best options for someone with severely damaged credit, a recent bankruptcy or who owes back taxes. Because they don’t pull your credit report, anyone with a valid Social Security number can apply and be approved.

If your credit score is low or if you don’t have a credit score, the OpenSky Secured Visa card could be the starting point you need to get your finances on track.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

Read more: How Forbes Advisor Rates Credit Cards