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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
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.
3.50/5
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
Rating image, 3.50 out of 5 stars.
3.50/5
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
Credit Score:
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.
Recommended Credit Score required for this offer is: New/Rebuilding Under(579)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Credit Score
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.
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
No credit check
Flexible credit limit
Reports payments to all three credit bureaus
Annual fee
No rewards
Minimum deposit amount
No credit check is great for building credit
$35 annual fee
$200 minimum security deposit
OpenSky® Plus Secured Visa® Credit Card
Credit Score:
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.
Recommended Credit Score required for this offer is: Good (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Credit Score
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.
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
No credit check required
Option to graduate to unsecured card
No bank account required
Reports to major credit bureaus
Annual fee
No rewards
Foreign transaction fee
No credit check to apply
Up to 10% cash back rewards
No annual fee
$300 minimum security deposit
Credit card comparison
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.
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
Best for cash back on rotating categories
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.
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
Best for cash rewards on everyday spending
$200 cash rewards
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
2% cash rewards
Earn unlimited 2% cash rewards on purchases.
Intro:
0% intro APR for 12 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 12 months from account opening
Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers
4.00/5
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
Best for unlimited rewards on purchases
25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
1.5 points per dollar
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.
Intro:
0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.74% - 28.74% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
These credit cards are a good fit for: Credit builders who want an easy credit card to start improving their credit.
Top perks
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.
No hard inquiry required
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.
Two secured credit card options
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%
Data source: OpenSky.
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.
Graduate to an unsecured credit card
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.
No bank account required
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.
Reports to all three credit bureaus
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.
What could be improved
OpenSky® Secured Credit Cards may not require a credit check, but they have weaknesses you should be aware of.
No rewards
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.
Annual fee
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.
Foreign transaction fee
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.
Find the best credit card for your needs
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.
An OpenSky® Secured Credit Card is right for you if:
You're building or repairing your credit.
You're unbanked but would still like a credit card.
You've been denied other credit cards because of your credit.
Our credit card methodology
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.
FAQs
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.
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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.
Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mastercard, Target, and Visa. The Motley Fool recommends Discover Financial Services and recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.
The Motley Fool owns shares of and recommends Mastercard and Visa.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Fact Checked
Nathan Alderman
