Home » Credit Card Reviews » OpenSky Secured Credit Card Review

OpenSky Secured Credit Card Review

OpenSky Secured Credit Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Jun 12, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

  • Free Credit Bureau Reporting

  • $200 - $3,000 Credit Line*

  • 19.14%*

Highlights
  • Build Your Credit fast with our monthly reporting to all 3 major credit bureaus.
  • Choose your credit line as low as $200 up to $3000, secured by a fully-refundable* security deposit.
  • Security deposit needs to be submitted before the credit card can be issued.
  • No credit check necessary and no checking account required; apply in less than 5 minutes.
  • Extra credit when you need it, increase your credit line up to $5000.
  • Access to online financial education.
  • *View our Cardholder Agreement located at the bottom of the application page for details of the card. 

See additional details for OpenSky® Secured Visa® Credit Card

More Info

Who is the card best for

If you’re looking for a no-frills secured card that doesn’t pull your credit during the application process, the OpenSky® Secured Visa® Credit Card may be a decent option. However, be aware that there’s an atypical $35 annual fee, so you should thoroughly review your options prior to applying.

People looking for a more well-rounded secured card should check out our roundup of the best secured credit cards.

Where this card stands out in its category

There is no credit check required for this card. If you have bad credit, or no credit at all, it doesn’t matter — OpenSky® won’t run a credit check during your application process. But that doesn’t mean they don’t require other financial information during the application process. You are still required to input your annual income and monthly housing payment.

Where this card falls short in its category

$35 annual fee. While this may not seem high, it is for secured cards — you can find other secured cards that don’t have annual fees.

The annual fee reduces your initial available credit limit. You won’t have as much purchasing power during your first billing cycle, since the $35 annual fee is deducted from your starting credit limit. That means if you have an initial $200 credit limit, the $35 annual fee will reduce it to $165.

There is no rewards program. While rewards are hard to come by with secured cards, you can find cards offering rewards, such as the Discover it® Secured, offering 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases.

How to use the OpenSky® Secured Visa® Credit Card most effectively

As with any secured card, it’s key to practice responsible credit behavior with this card. Some key tips to follow include:

  • Pay on time and in full. Payment history makes up 35% of your credit score — making it key to always make timely payments. This not only helps you avoid late payment fees and penalty interest rates, but paying in full also prevents your from racking up interest charges.
  • Keep a low utilization rate. Utilization (or amounts owed) is the amount of credit you use compared to your total credit limit. For example, if you have a $500 credit limit and spend $150, you’d have a 30% utilization rate. That’s ideal and may help improve your credit score.

Compare it with the Discover it® Secured

If you want a secured card with rewards, the Discover it® Secured is a great alternative.

The OpenSky® Secured Visa® Credit Card is quite different from the Discover it® Secured, especially when you compare the main features of each card. The only significant similarity is the $200 minimum security deposit. The Discover it® Secured has a $0 annual fee, but the OpenSky® Secured Visa® Credit Card charges a $35 annual fee. There really isn’t a need to pay an annual fee with a secured card, and there are plenty of no-fee secured cards to choose from.

Comparing rewards, the Discover it® Secured offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases. Also, for new cardmembers, Discover will automatically match ALL the cash back you earn at the end of your first year. Meanwhile, the OpenSky® Secured Visa® Credit Card doesn’t offer any rewards.

Here’s a breakdown of the key features of each card:

OpenSky® Secured Visa® Credit Card Discover it® Secured
Annual Fee $35 $0
Minimum Security Deposit $200 $200
Regular Purchase APR 19.14% 24.49% Variable
Rewards N/A 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases.
New Cardmember Offer N/A Discover will automatically match ALL the cash back you earn at the end of your first year.
Foreign Transaction Fee 3% of each Transaction in U.S. dollars None

Bottom Line

If you’re looking to build credit with a secured card, you’re better off checking out some other options that offer more perks like rewards and no annual fee — but if you don’t want a credit check pulled, the OpenSky® Secured Visa® Credit Card can be an OK option.


Recommended Posts:

Read More

Simple Bank & Card Review

Are you tired of bank accounts that seem to charge you for everything? Whether it’s monthly maintenance or overdraft fees, it can seem like you’re being nickeled-and-dimed out of your hard-earned cash. If you’re looking to escape from pesky fees, consider a no-fee checking account from Simple. Simple is a tech-forward online bank that does […]

Read More

January 31, 2019

American Express Cash Magnet Card Credit Card Review

The American Express Cash Magnet® Card – $150 Welcome Offer is the newest competitor in the cashback category. It gives cardmembers cashback rewards and payment flexibility — all with a $0 annual fee. Fans of American Express products will be happy that they now have another option in the cashback category. And competitors don’t generally give you flexibility in how you pay your […]

Read More

Read More

AAdvantage MileUp Credit Card Review

The information related to the Citi® / AAdvantage® Platinum Select® World Elite™ Mastercard® has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication. Citi and American Airlines have rebranded and upgraded the Citi® / AAdvantage® Bronze card to the new American Airlines AAdvantage MileUp℠ Card. Users of the old card were automatically transferred over on […]

Read More