OpenSky Secured Visa Credit Card Review

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OpenSky Secured Visa Credit Card Review

The OpenSky Secured Visa Card is not among the top-rated secured cards on Investopedia. For what we believe to be superior alternatives, please review our list of the top secured credit cards.

Full Review of OpenSky Secured Visa Credit Card

Pros

  • Bank account not required

  • No credit check required

  • Reports to all three major credit bureaus

  • You set your credit limit, subject to approval

Cons

  • Can’t upgrade to an unsecured card in the future

  • Charges an annual fee

  • Must meet eligibility requirements

  • No credit card rewards

Pros Explained

  • Other secured cards may need you to have a bank account before you can establish an account with them. This card does not have that condition, but not having a bank account might make paying your credit card payment more difficult.
  • No Credit Check: It might be tough to obtain accepted for many credit cards if you have no or damaged credit. When you apply for the OpenSky Secured Visa Credit Card, your credit is not checked in any manner. Even so, the OpenSky Visa card may be refused for various reasons.
  • All three major credit bureaus are notified: Your credit card information will be submitted to Equifax, Experian, and Transunion on a monthly basis. This allows you to begin establishing or repairing your credit as long as you adopt excellent credit practices, such as paying your bills on time each month. Simultaneously, negative credit information will be recorded, making it critical to pay your bills on time and prevent excessive credit use.
  • Subject to approval, you set your credit limit: Subject to corporate approval, your credit limit will be equivalent to your refundable deposit. The minimum deposit, and hence the credit line, is $200. A maximum of up to $3,000 is permissible.

Cons Explained

  • Cannot Upgrade to an Unsecured Card in the Future: After establishing yourself a suitable credit risk with a secured credit card, you may be able to graduate to an unsecured credit card with the same firm. That option is not available with the OpenSky Secured Visa Credit Card. You are committed to the secured credit card as long as you keep your account open. If you want to use this card as your first or oldest credit line, you will be required to pay an annual fee to keep your oldest credit line active in the future. (Having a long-standing credit account is regarded advantageous when calculating your credit score.)
  • Annual Cost: This card has a $35 annual fee, which is reasonable for a secured credit card. However, secured credit cards with no annual charge are available.
  • Must meet the following eligibility requirements: You must fulfill certain eligibility conditions to be eligible for the OpenSky Secured Visa Credit Card. They are as follows:
  • Being at least 18 years old
  • Possession of a valid Social Security or Individual Taxpayer Identification Number
  • Being a citizen or permanent resident of the United States
  • Not having applied for a Capital Bank credit card four times in the past 60 days
  • Not having two or more Capital Bank credit cards open
  • If you have or formerly had a connection with Capital Bank, you should be in good standing.
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  • No Credit Card Rewards: As with other secured credit cards, this card does not give credit card rewards. There are a few exceptions, such as the Discover it Secured Credit Card and the Bank of America Cash Back Secured Credit Card, which enable you to receive cash back on your purchases.
  • For those wishing to start or restore their credit, the OpenSky Secured Visa Credit Card might be an excellent alternative. It is especially beneficial for people who are unable to get credit owing to unfavorable information on their credit report. This card does not conduct a credit check as part of the application process.

    The possibility to choose your credit limit depending on the amount of your refundable deposit, subject to approval, will help you manage your credit use. This, together with timely payments, may help you create an excellent credit score.

    Cardholder Experience

    J.D. Power’s 2021 Credit Card Satisfaction Study did not assess Capital Bank N.A., the bank that provides the OpenSky Secured Visa Credit Card.

    To manage your account, you may utilize the OpenSky app. However, the OpenSky website makes it difficult to discover contact information, which may be indicative of the degree of customer support provided. The only contact information provided is a postal address. You should be able to get in touch with customer support by dialing the number on the back of your card.

    Security Features

    The security measures on this card are industry standard.

    Fees to Watch Out For

    The OpenSky Secured Visa Credit Card has an annual fee of $35 for each year you hold the card. Consider this before applying since you cannot upgrade to a no-fee unsecured version of this card.

    In addition, if your account is closed and the deposit cannot be restored to your last known address, you may be charged a monthly fee of $10 for an inactive or dormant account. These costs begin 12 months and 36 months after your deposit is returned to the bank, respectively.

    Our Verdict

    If you’re searching for a secured credit card that doesn’t pull your credit when you apply, the OpenSky Secured Visa Credit Card could be a suitable choice. Because the card reports to all three main credit agencies, correctly utilizing it may assist you in establishing a solid credit history. Furthermore, the possibility to choose your credit limit, subject to approval, by paying a refundable deposit of $200 to $3,000 provides you the freedom to use the card while keeping a fair credit use ratio.

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    This card does have a $35 annual fee, no credit card rewards, and no unsecured card to which you may subsequently switch. Nonetheless, the card may be handy until your credit profile permits you to get a more useful credit card. Those who are now eligible for a no-annual-fee secured credit card or a secured credit card with incentives should look into alternative choices before applying.

    Investopedia Credit Card Rating Methodology

    Investopedia is dedicated to providing the most accurate credit card advice in the business. We’ll tell you when a card is excellent, when it’s awful, and we’ll only declare a card the greatest if we’d suggest it to our friends or family.

    Overall Star Rating Explained

    To rank credit cards, we objectively examine, score, and weight roughly 100 unique card characteristics, which are then categorized into five key feature sets: fees, interest, rewards, perks, and security/customer service. Here’s how we weighted those feature sets to get a card’s total star rating:

    We have applied our patented grading approach to every widely recognized credit card in the domestic market of the United States, allowing users to make fully informed decisions. It’s crucial to understand that we make a lot of assumptions regarding how you’ll use your credit card when calculating our overall score:

    1. While we make no assumptions about whether or not balances are held on a certain card, we do apply differing weights to all credit cards’ promotional APR (if applicable), as well as the normal, long-term purchase and balance transfer interest rates.
    2. We use BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points, or miles rewards at a fixed rate on all spending or with bonus rewards for specific spending categories such as gasoline, groceries, restaurants, or travel.
    3. The maximum points value of a rewards card is calculated by dividing the number of points, cash back, or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
    • Cards that are chosen as the greatest overall in their respective categories often include the majority, if not all, of the following characteristics:
    • Fees that are low or reasonable Credit card fees may take numerous forms, but the most common are those for annual card membership and debt transfers. There are several reward and non-reward card alternatives with no annual fee, but the cost of the ones that do charge an annual fee is generally justified by their attractive recurring benefits and initial signup incentives. Balance transfer costs are often removed during introductory periods with certain cards, which is a feature that is highly and favorably weighted in our scoring model for cards that provide this advantage. Balance transfer costs, if paid, vary between 3% and 5%, and we evaluate them appropriately. Other regular costs, such as those for late payments or cash advances, may often be avoided, but we assess them compared to other cards in the market for reference, but with less weight allocated.
    • Competitive Motivation Many credit cards provide 0% introductory APR on purchases and debt transfers for varied periods of time before reverting to a permanent or normal APR (based on a variable rate related to the prime rate) that applies to any balances that are not paid in full. The introductory APR % and term (in months) are both rated, as is the midpoint of the variable regular APR interest rate range.
    • Excellent Benefits Credit card reward schemes might provide cash back, points, or travel benefits (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs).For cards that give rewards, we calculate the value per dollar spent as well as typical redemption values and award higher ratings to cards that provide greater customer value. We also appreciate sign-up bonuses and their first spending criteria when they are available.
    • Excellent Advantages Concierge service, TSA Pre-check, vehicle rental coverage, travel accident insurance, lost baggage help, and free credit scores are all examples of credit card advantages. We grade cards based on the amount and quality of over a dozen standard and upscale advantages, with additional weighting given to travel-related perks that apply to premium travel cards where they are present.
    • Excellent security/customer service Security and customer service features like as lost or stolen card replacement, the ability to freeze one’s card through an issuer app, and 24 hour customer assistance are becoming increasingly common in the card industry, and we put a high value on them.
    • You can also read our comprehensive methodology for a more in-depth look at how we evaluate cards and reward the best in different categories.
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