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OpenSky Secured Visa Credit Card Review: Boost Your Credit

Written by Mike Pearson
Updated September 24, 2022

In A Nutshell

Like any credit card, the OpenSky® Secured Visa® Credit Card has its positives and negatives. There is no credit check required to apply, but you’ll pay a $35 annual fee. 

Secured credit cards can be a great tool for building credit or rehabilitating a low credit score after you’ve made financial mistakes. The OpenSky® Secured Visa® Credit Card is one such card that generally gets favorable reviews. 

If you’re in the market for a secured credit card, the OpenSky® Secured Visa® Credit Card is worth a look. 

In this OpenSky® Secured Visa® Credit Card review, we’ll provide an overview of what the card has to offer, as well as a few potential drawbacks to keep in mind. 

OpenSky® Secured Visa® Credit Card Overview

Unlike traditional credit cards, a secured credit card requires the user to make a security deposit upfront. This security deposit is usually also the credit limit, and it protects the lender in the event the cardholder defaults. 

Secured cards are specifically designed for people with no credit history or those with credit scores too low to qualify for a regular card. If you pay your bill on time every month, a secured credit card can help you boost your credit score quickly. 

With its low annual percentage rate (APR) and no credit check to apply, the OpenSky® Secured Visa® Credit Card is a popular choice among those with poor credit scores.

While you won’t earn rewards with the OpenSky® Secured Visa® Credit Card, you can pick how much you want to deposit upfront, which gives you a lot more control and flexibility than you’ll find with other secured credit cards.  

The OpenSky® Secured Visa® Credit Card is issued by Capital Bank, which is based in Maryland and serves customers in all 50 states. 

Pros & Cons to Consider

As with any credit card, the OpenSky® Secured Visa® Credit Card has its pros and cons. Here are some main points to consider before you apply. 


The OpenSky® Secured Visa® Credit Card has quite a few benefits that make it a great option for those looking for a secured credit card. Here are five top perks to keep in mind:

  • No credit check – OpenSky never runs a credit check, so it’s easy for anyone to get approved regardless of their current credit score. However, you must still satisfy the minimum income requirements to qualify. 
  • Flexible deposit – Pick how much you want to deposit, ranging from $200 all the way up to $3,000. 
  • Relatively low APR – With its 17.39%% (variable) APR, the OpenSky® Secured Visa® Credit Card offers a competitive interest rate compared to other credit cards. 
  • Don’t need a bank account – No bank account required to apply or to use the card. 
  • Reports to all credit bureaus – Reports to all three major credit bureaus, so you get credit for your on-time payments.

The OpenSky® Secured Visa® Credit Card is one of the few secured credit cards that doesn’t require users to maintain a bank account. Instead, cardholders can pay their monthly bill by way of debit card, wire transfer, check, or money order.  


Of course, there are a few downsides, too. Here are five potential drawbacks to remember if you decide to apply. 

  • Annual fee – The is a $35 annual fee, with no option to waive the fee after a period of responsible use. 
  • No option to upgrade – Typically, there is no option to upgrade to an unsecured credit card. 
  • Fee to increase your credit limit – If you want to increase your credit limit during the first year you own the account, you’ll pay a $25 fee per increase. 
  • Foreign transaction fee – Frequent travelers should beware of the 3% foreign transaction fee. If you make frequent trips overseas, these fees can quickly add up. 
  • Late fees – Capital Bank will assess a late payment fee of up to $38. 

If you’re thinking about applying for an OpenSky® Secured Visa® Credit Card, it’s important to review the full terms and conditions

OpenSky® Secured Visa® Credit Card Reviews: Is It Right for You?

Overall, online reviewers have good things to say about the OpenSky® Secured Visa® Credit Card. Many reviewers say the card has been good for helping them improve their credit score, making it a useful stepping stone on the journey to healthier credit. 

One Credit Karma reviewer called it a good starter card for people with bad credit but stated they will probably upgrade to an unsecured card once their credit score improves. 

Another Credit Karma reviewer said the OpenSky® Secured Visa® Credit Card “does what it’s supposed to do” and that using the card and paying the monthly bill has been a hassle-free process.

This sentiment was echoed by a different Credit Karma reviewer, who said the card boosted their credit score by more than 150 points in just four months, taking them from the low 400s to the cusp of 600. 

On the other hand, some reviewers have pointed out that the card can be difficult to cancel, and that users can only cancel by mailing a letter or speaking to a live customer service representative.

As one WalletHub reviewer noted, closing their account was a chore. The reviewer also said it was difficult to deposit additional funds to their account, stating “you should not have to ‘request approval’ to give cash to someone.”  

However, other WalletHub reviewers say the OpenSky® Secured Visa® Credit Card helped them boost their credit scores.

How to Sign Up for the Card

Signing up for the OpenSky® Secured Visa® Credit Card is a straightforward process. The application is online, which makes it easy to apply “in less than 5 minutes” according to OpenSky’s website. 

If you’re interested in the OpenSky® Secured Visa® Credit Card, you can submit your application in just four steps: 

1. Open the Application – You can access the application online. 

2. Fill Out Your Information – The application asks for personal details, such as your name and address. You must also provide financial information, including your income.

3. Pick Your Security Deposit – You must deposit a minimum of $200, but you can deposit up to $3,000 if you wish. You can pay your security deposit at the same time you apply, or you can mail in your deposit through another payment method. 

4. Submit Your Application – Once you’ve filled out all the required information, you simply submit your application online. OpenSky doesn’t run a credit check, so your odds of getting approved are quite high. 

While OpenSky doesn’t require a credit check, there are still approval requirements. Applicants must be at least 18 years old, and you need a high enough income to cover your monthly bill.  

Assuming you meet the income threshold, online reviewers say you should receive your card in the mail within about two weeks. 

Does OpenSky Give Credit Increases? 

The OpenSky® Secured Visa® Credit Card doesn’t offer traditional credit limit increases.

The only way to get a credit limit increase on an OpenSky® Secured Visa® Credit Card is to deposit more money upfront. In addition, you must pay a $25 fee if you want to add additional funds to your account within the first 12 months. 

In other words, you can get a credit increase, but you have to pay for it in advance.

Some reviewers complain that you shouldn’t have to pay a fee to deposit your own money to an account you already own, which is one of the card’s drawbacks.  

Do Secured Cards Like OpenSky Build Credit Fast? 

Secured credit cards can be an effective way to quickly repair your credit. However, it’s important to make sure the card issuer reports your payment history to all three credit bureaus. 

OpenSky reports to the three major bureaus, so you can rest easy knowing you’re getting credit for paying your monthly bill on time. 

According to online reviews, the OpenSky® Secured Visa® Credit Card can boost a credit score in a relatively short period of time, with some reviewers saying their score increased 100 points or more in just four to six months. 

OpenSky® Secured Visa® Credit Card Alternatives

If you’re turned off by the OpenSky® Secured Visa® Credit Card annual fee, don’t worry. There are plenty of alternatives to this card, and some of them offer additional perks that may make them a better fit for your needs. 

If you’re shopping around for a secured card that lets you build or rebuild your credit, here are four options to consider. 

1. Discover it Secured Credit Card

The Discover it Secured credit card boasts a $0 annual fee, and it’s one of just a handful of secured cards that offer rewards. The security deposit is $200, which is affordable for most people. 

If you’re interested in a card that offers rewards, you’ll be hard-pressed to find another secured card that gives you this option. With the Discover it Secured card, you’ll earn between 1% and 2% on purchases. 

While there is no annual fee, the Discover it card comes with a 24.49% APR, which is a bit higher than the OpenSky® Secured Visa® Credit Card’s interest rate. However, you can avoid paying any interest by paying off your bill in full each month.

The Discover it card is made for people with lower credit scores, but Discover runs a credit check on all applicants. If you’re worried your score is too low to qualify, you might have to stick with a card like OpenSky. 

2. Capital One Secured Mastercard

The Capital One Secured Mastercard is unique in that some applicants can qualify for a credit limit that exceeds their security deposit. With no annual fee and the possibility of a security deposit as low as $49, it’s a popular choice for people who want a secured card with a little more flexibility. 

Unlike most secured credit cards, the Capital One Mastercard lets you choose between three security deposit levels: $49, $99, or $200. If your credit is good enough, Capital One might even offer you a partial security deposit arrangement in which you receive a credit limit that exceeds your down payment. 

While there is no annual fee, the Capital One Secured Mastercard has a 26.99% variable APR, which is higher than that of many competitors. 

3. Citi Secured Mastercard

With no annual fee and good approval odds, the Citi Secured Mastercard is another good option for those looking to improve their credit score. Credit limits start at $200 and go all the way up to $2,500.  

To get started, you’ll need to deposit $200, which is a lower threshold than many other secured cards. Citibank will also run a credit check, which can knock out people with lower credit scores.

Like the OpenSky® Secured Visa® Credit Card, the Citi Secured Mastercard comes with a 3% foreign transaction fee, which means it’s probably a bust if you do a lot of overseas travel. However, the 23.99% variable APR is lower than that some of its popular competitors.

4. DCU Visa Platinum Secured Credit Card

The DCU Visa Platinum Secured credit card is issued by Digital Federal Credit Union, and one of the downsides is that you must be a member of the credit union before you can apply for the card. 

However, there is no annual fee for this card, which can offset the relatively high-security deposit requirement. Additionally, the card’s variable APR is as low as 13.00%, which is one of the lowest interest rates you’ll find for any credit card, secured or unsecured.  

The biggest drawback to the DCU Visa Platinum Secured card is its high-security deposit requirement. Starting at $500, the security deposit is much higher than that of other secured cards.

Unlike the OpenSky® Secured Visa® Credit Card, however, the DCU Visa Platinum card doesn’t charge for foreign purchases. If you travel out of the country on a regular basis, this could be a serious money-saver for you.   


With its comparatively low-interest rate and no credit check required, the OpenSky Secured Visa Credit Card is a solid choice for people looking to build credit or repair credit. 

However, the $35 annual fee and 3% foreign transaction fee can be a dealbreaker for some.

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Mike Pearson

Mike is a recognized credit expert and founder of Credit Takeoff. His credit advice has been featured in Investopedia,, Bankrate, Huffpost, The Simple Dollar, Reader's Digest, LendingTree, and Quickbooks. Read more.