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If bad credit or no credit has stopped you from getting credit cards in the past, OpenSky® might make you do a little happy dance. With an OpenSky® Secured Credit Card -- both the OpenSky® Secured Visa® Credit Card and the OpenSky® Plus Secured Visa® Credit Card -- you can apply without a hard pull on your credit. If you're looking to build or repair your credit, let's take a closer look at the OpenSky® Secured Credit Cards and see if one is a good fit for you.
OpenSky® Secured Visa® Credit Card
New/Rebuilding Under(579)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
25.64%, variable
Rewards
N/A
Annual Fee
$35
Welcome Offer
N/A
A good option for new to credit applicants. The fact that there's no credit check could justify the annual fee for some cardholders Read Full Review
OpenSky® Plus Secured Visa® Credit Card
Good (670-850)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
29.99%
Rewards OpenSky Rewards is a program that links offers from merchants directly to your enrolled card, allowing you to automatically earn cash back. Simply view your offers, use your enrolled card at participating merchants, and earn cash back.
Up to 10% cash back
Annual Fee
$0
Welcome Offer
N/A
Only a handful of credit cards will let you apply without a hard inquiry, and many are issued by OpenSky®. The OpenSky Plus® Secured Visa® Credit Card is one of those options, requiring no credit check, making it a perfect tool for building or repairing your credit. Read Full Review
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
---|---|---|---|---|---|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
||
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
These credit cards are a good fit for: Credit builders who want an easy credit card to start improving their credit.
Since OpenSky® Secured Credit Cards are designed for those with bad or no credit, they lack the strong rewards of other secured credit cards we've reviewed. Even so, they do have some noteworthy perks.
That's right. As rare as it is to find a credit card that doesn't do a hard pull on your credit, OpenSky® doesn't require one for its cards. Instead of a credit check, it will use basic information that you provide -- like your monthly housing payment and total annual income -- to determine eligibility. Of course, approval isn't guaranteed. But odds are in your favor, as OpenSky® itself claims it accepts roughly 88% of its applicants.
OpenSky® has two secured credit cards: the OpenSky® Secured Visa® Credit Card and the OpenSky® Plus Secured Visa® Credit Card. Here's how they differ.
Feature | OpenSky® Secured Visa® Credit Card | OpenSky® Plus Secured Visa® Credit Card |
---|---|---|
Annual fee | $35 | $0 |
Credit check required | No | No |
Minimum security deposit | $200 ($149 with limited time offer) | $300 ($200 with limited time offer) |
APR | 25.64%, variable | 29.99% |
Cash advance fee | $6 or 5%, whichever is greater | $10 or 3%, whichever is greater |
Foreign transaction fee | 3% |
In sum, the OpenSky® Plus Secured Visa® Credit Card doesn't charge an annual fee, but has a higher minimum security deposit, whereas the OpenSky® Secured Visa® Credit Card has a lower minimum deposit but a $35 annual fee.
OpenSky® will periodically evaluate your account to see if you qualify for its unsecured credit card, the OpenSky® Gold Visa® Unsecured Credit Card. You'll get your security deposit back, and you might even qualify for a credit limit increase, too. OpenSky® claims you could graduate to its unsecured option with as little as six months of on-time payments.
Unlike most credit cards, you don't need a checking account to pay bills on your OpenSky® Secured Visa® Credit Card. Instead, you could pay by mailing a check or money order or by a Western Union money wire.
Best of all, OpenSky® reports your credit activities to the major credit bureaus: Equifax, Experian, and TransUnion. This is instrumental in helping you build or repair your credit, as these are the three bureaus that will rate your credit activities with a score.
OpenSky® Secured Credit Cards may not require a credit check, but they have weaknesses you should be aware of.
OpenSky® Secured Credit Cards don't earn points or cash back. While it's not unusual for secured credit cards to lack a rewards program, some of the cards we've reviewed do offer lucrative rewards. If that's important to you -- and you have decent credit -- you might want to compare credit card options before you make a decision.
The OpenSky® Secured Visa® Credit Card has a $35 annual fee that you'll pay in addition to the upfront security deposit. While this is lower than the annual fee on some secured credit cards, it's still something to consider, especially if you have decent credit and could qualify for a no fee card.
If you use your OpenSky® Secured Credit Cards outside the U.S., you'll get hit with a 3% foreign transaction fee. Other credit cards -- including many travel cards -- will let you make transactions in foreign currencies without paying any unnecessary fees.
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
Your credit score isn't a factor when applying for one of the OpenSky® Secured Credit Cards. There's no credit check during the application process. It won't matter if you have poor credit due to issues on your credit file, or if you're credit invisible with no information on your credit file. Instead of a credit score, OpenSky® will look at your monthly housing payment and annual income to determine approval.
The application and approval process with OpenSky® can be slower than with other card issuers. Applications are usually processed within 24 to 48 hours. It's not a long time, but it's longer than usual, considering there are so many instant approval credit cards out there. In total, approval for the card, paying your security deposit, and receiving your card in the mail can take up to 12 to 14 business days.
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
The maximum credit limit for the OpenSky® Secured Credit Cards is $3,000 (subject to approval).
It usually takes 24 to 48 hours to process your application, but it can take 12 to 14 business days before your card is mailed to you.
No, a credit card security deposit doesn't earn interest.
Our Credit Cards Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
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