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OpenSky Secured Visa Card Review: Build Credit Without Passing a Credit Check

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If you keep getting denied on credit card applications, the OpenSky® Secured Visa® Credit Card could be your solution. Unlike most credit cards, this one doesn't require a credit check during the application process. That means any issues on your credit file -- such as delinquent accounts or even a bankruptcy -- won't stop you from getting the card.

You will, however, need to pay a security deposit and a $35 annual fee.

So is this secured credit card worth the money? We'll go over that and more in our OpenSky® Secured Visa® Credit Card review.

OpenSky® Secured Visa® Credit Card
Rating image, 4.00 out of 5 stars.
4.00 stars
Info Icon Circle with letter I in it. 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.
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= Excellent
= Good
= Fair
= Poor

Credit Score:
New/Rebuilding Under(579) Info Icon Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

17.39%, 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

    • No credit check
    • Flexible credit limit
    • Reports payments to all three credit bureaus
    • Annual fee
    • No graduation to an unsecured card
    • No rewards
    • Minimum deposit amount
    • No credit check is great for building credit
    • $35 annual fee
    • $200 minimum security deposit

Full OpenSky Secured Visa Card review

This credit card is a good fit for: Consumers with bad credit who can't qualify for other secured cards with no annual fee.

Top perks

No credit check required

What sets the OpenSky® Secured Visa® Credit Card apart is that there's no credit check when you apply. This makes it the easiest credit card to get, even compared to other secured credit cards. You can open this card regardless of whether you have a very low credit score, negative items on your credit file, or no credit history at all.

It also won't hurt your credit to apply for this card, thanks to that lack of a credit check. On applications that require a hard credit check, your credit score takes a small hit.

Set your own credit limit

You can choose a security deposit amount between $200 and $3,000 when you get this card, and your deposit equals your credit limit. Since OpenSky® accepts a large range of deposit amounts, you're free to pick a lower amount if funds are tight, or pay more so you have more available credit.

Multiple ways to pay security deposit

There are several options to pay this card's security deposit, including a couple for those who don't have bank accounts. You can pay the deposit through any of the following methods:

  • Debit card
  • Money order or check
  • Western Union® money wire

Reports to all three credit bureaus

All your activity with the OpenSky® Secured Visa® Credit Card is reported to Equifax, Experian, and TransUnion. Assuming you pay on time and don't use more than 30% of your available credit, you should see your credit score go up with each of the major credit bureaus.

What could be improved

No graduation to an unsecured credit card

The biggest flaw of the OpenSky® Secured Visa® Credit Card is that there's no way to move up to an unsecured version of the card once you increase your credit score. If you then want your security deposit refunded, your only option is to close the card. It's always better when secured credit cards offer a path to an unsecured card that lets you get your money back and maintain your account history.

$200 security deposit minimum

If you don't have much money saved, then this card's $200 minimum security deposit could be a problem. There's also the $35 annual fee, so you need at least $235 to open the account and pay the first bill. There are secured credit cards with lower upfront costs.

No rewards

You won't earn any cash back or rewards points while using the OpenSky® Secured Visa® Credit Card. That's usually the case with this type of credit card, but it's still a drawback you should know about.

Find the best credit card for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Suggested credit score

Because there's no credit check when applying for the OpenSky® Secured Visa® Credit Card, your credit score won't be a factor in your application, even if you're "credit invisible," with no information in your credit file.

Like every credit card company, OpenSky® needs to verify your identity during the application process. Assuming there are no issues with that, your application should be processed within 24 to 48 hours.

Is the annual fee worth it?

The $35 annual fee of the OpenSky® Secured Visa® Credit Card is fair, but it's only worth paying until you improve your credit.

Ultimately, it justifies the annual fee because it's so easy to get. If other credit card companies have denied you, then $35 per year is a reasonable price to pay to work toward a higher credit score.

Once you can qualify for better credit cards, you should get a new one. Since the OpenSky® Secured Visa® Credit Card has no benefits of monetary value, there's no point in paying $35 to keep it long term.

Alternatives to consider

  • If you have limited or no credit history: You won't need it to get the Petal® 2 "Cash Back, No Fees" Visa® Credit Card, though it isn't as easy to get as an OpenSky® card. Petal can approve your application based on your bill payment history in your bank accounts. Besides a flexible application process, the Petal Visa® Credit Card also helps you save money while you build credit. It has no annual fee, doesn't require a security deposit, and earns cash back on purchases.
  • If you need a cheaper security deposit: The Capital One Platinum Secured Credit Cardoffers security deposits as low as $49, although your deposit amount depends on your creditworthiness. This secured credit card also has no annual fee and can graduate to an unsecured card.
As of Nov. 16, 2022
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Petal® 2 "Cash Back, No Fees" Visa® Credit Card Capital One Platinum Secured Credit Card
Rating image, 4.00 out of 5 stars.
4.00 stars
Info Icon Circle with letter I in it. 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
Rating image, 4.50 out of 5 stars.
4.50 stars
Info Icon Circle with letter I in it. 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
Rates & Fees

Credit Rating Requirement:

Fair/New to Credit Under(669) Info Icon Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Credit Rating Requirement:

Fair/New to Credit Under(669) Info Icon Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Welcome Offer:

Welcome Offer:

N/A

Rewards Program: Info Icon Circle with letter I in it. Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. 1% cash back on eligible purchases right away

1% - 1.5% cash back

Rewards Program:

N/A

Intro APR:

Purchases: N/A

Balance Transfers: N/A

Intro APR:

Purchases: N/A

Balance Transfers: N/A

Regular APR:

15.99% - 29.99% Variable

Regular APR:

28.49% Variable

Annual Fee:

$0

Annual Fee:

$0

Highlights:

  • No fees whatsoever. No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee.
  • Variable APRs range from 15.99% - 29.99%
  • Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
  • 1% cash back on eligible purchases right away
  • 2% - 10% cash back at select merchants
  • $300 - $10,000 credit limits
  • No credit score? No problem. If eligible, we'll create your Cash Score instead.
  • See if you're pre-approved within minutes without impacting your credit score.
  • Build credit alongside hundreds of thousands of Petal card members.
  • Petal reports to all 3 major credit bureaus.
  • No deposits required
  • Card issued by WebBank, Member FDIC

Highlights:

  • No annual or hidden fees. See if you're approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
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This card is right for you if:

The OpenSky® Secured Visa® Credit Card is a good choice if you're building or rebuilding credit and you've been denied other credit cards for bad credit.

Because it has an annual fee and can't graduate to an unsecured card, this probably shouldn't be your very first choice. It makes more sense to apply for no annual fee cards first, to see if you can build your credit free of charge.

If that doesn't work out, then the OpenSky® Secured Visa® Credit Card is a good backup plan. Just make sure you review your credit score regularly. Once you've reached average credit (which starts at a FICO® Score of 580), it's time to start shopping for a new card that won't cost you money.

FAQs

  • The credit limit for the OpenSky® Secured Visa® Credit Card is based on the amount you deposit. The minimum deposit amount is $200, which would mean a $200 credit limit. The maximum deposit amount is $3,000 (subject to approval), which would give a $3,000 credit limit.

  • Yes, the OpenSky® Secured Visa® Credit Card is very easy to get. There is no credit check to apply or to be approved.

  • How much you should deposit for a secured card depends on the types of purchases you will make. Your deposit dictates the size of your credit limit. If you make the minimum deposit of $200, you will get a $200 credit limit.

    If you're only going to make one or two small purchases with your card each month, then a smaller deposit and credit limit will likely be fine. But if you will make many smaller purchases or regularly make large purchases, you can make a larger deposit for a higher credit limit.

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