Editor’s note: This is a recurring post, regularly updated with new information and offers.
OpenSky® Secured Visa® Credit Card overview
Are you looking to build credit and don’t mind paying an annual fee? While it lacks any perks or rewards, the OpenSky® Secured Visa® Credit Card can increase your credit rating without needing a credit check. With an easy approval process, this card may provide the key to a better financial path. However, be sure to consider other secured card options. Card rating*: ⭐⭐⭐
*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
For those new to the world of credit cards, secured cards are a great entry point. They allow you to improve your credit score and build your way up to better financial footing, making you eligible for more lucrative rewards credit cards later on.
Whether you have limited credit history or have made some credit mistakes in the past, the OpenSky Secured Visa is an intriguing option. It’s one of the few secured cards you can qualify for without a bank account or credit check. That means if you’re grappling with past financial mistakes or just have a bad-to-poor credit score, this card should be on your radar. It also allows those without any credit history, like students, to build credit from scratch.
The catch? It’s one of the few with an annual fee. It’s relatively low at $35 per year, but this could be a deterrent for some.
Let’s take a deeper dive into the OpenSky Secured Visa to see if this card makes sense for you.
OpenSky Secured Visa pros and cons
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OpenSky Secured Visa welcome offer
Unfortunately, the OpenSky Secured Visa does not have a welcome offer.
While this is disappointing, it’s pretty common for a secured credit card.
Related: How to check your credit score for free
OpenSky Secured Visa benefits
While there are no “perks” in the traditional sense of cash-back rewards, category bonuses or a welcome offer, the OpenSky Secured Visa offers incredible flexibility for those looking to begin their credit journey.
First, there are fairly high approval odds for the OpenSky Secured Visa. As mentioned, there is no hard credit pull; you only have to fund the account via a deposit. Everyone who is approved for the card gets the same annual percentage rate terms and credit limit range.
If you decide to close the account, you will receive the full deposit amount within 10 weeks. However, if you’re after building credit, consider keeping the account open, as it can help you build credit over time.
Options for your cash deposit include:
- Debit card
- Money order
- Mailing a check
The OpenSky Secured Visa has a refundable security deposit range of $200 to $3,000. This deposit then becomes your credit limit on the account. Any time you want to increase your limit (up to $3,000), you must add funds to your security deposit. This helps the bank with liability since you’d be on the hook for missed payments.
Related: 6 things to do to improve your credit score
Earning and redeeming rewards with the OpenSky Secured Visa
The OpenSky Secured Visa also doesn’t offer any bonus rewards, which is typical for a secured credit card.
There are a few exceptions, however, that are well worth looking into (see below).
Which cards compete with the OpenSky Secured Visa?
If you’re looking to build or repair credit, there is a range of other secured cards that should also be on your radar.
- If you want to earn rewards: The Discover it Secured is one of the few secured credit cards that earns rewards. It made our list of the best secured cards since you can earn 2% cash back at gas stations and restaurants on up to $1,000 in purchases each quarter you enroll and 1% cash back on everything else. Discover will also match all the cash back you’ve earned at the end of your first year with the card.
- If you want more benefits: The Capital One Platinum Secured Credit Card is our choice for the best secured card for perks. With no annual fee (see rates and fees), this card offers a few notable benefits, such as no foreign transaction fees (see rates and fees), fraud coverage, emergency card services and Mastercard ID Theft Protection. For more details, see our full review of the Platinum Secured.
For additional options, check out our full list of secured credit cards.
The information for the Discover it Secured card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Is the OpenSky Secured Visa worth it?
Despite its annual fee, the OpenSky Secured Visa offers tons of flexibility for those new to the credit card space and is potentially worth the $35 annual price tag. However, other secured cards could offer a fee-free way to boost your credit score, so be sure to check out our full list for additional options before making your choice.
Bottom line
The OpenSky Secured Visa card helps you build (or rebuild) your credit without needing a credit check. While the annual fee is a drawback, using this card (and paying on time) is an effective method to increase your credit rating. If you’re in this situation, the card definitely should be on your list to check out.
Finally, once you get to a point where you have a “good” credit score, consider leveling up to a different cash-back or travel rewards card.
Apply here: OpenSky Secured Visa
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.