OpenSky Secured Visa Credit Card — Is It Worth It?

The OpenSky^® Secured Visa^® Credit Card is pretty average when it comes to APR, interest rates, security deposit, and annual fee. This card has 1 pretty unique feature which makes it very easy to obtain, though — it doesn’t require a credit check.

This means that if you are working on rebuilding your credit or don’t want to take the chance that your application would be declined, this card might be a good fit for you.

Card Overview

The OpenSky Secured Visa card is a secured card, which just means that it is backed by a cash deposit in case you can’t make payments. For this specific card, you have to come up with a $200 minimum deposit to open an account.

This also means that your credit limit is directly tied to your cash deposit. For example, if you have a $500 deposit, you will also have a $500 credit limit. Any charges that would take you over your credit limit will likely be declined.

You are also able to take out cash at an ATM using this card, but you will get hit with high cash advance fees.

Bottom Line: This security deposit is fully refundable if you close your card in “good standing,” meaning you don’t carry a balance. If you carry a balance, your deposit will be used to cover that and any amounts over $1 will be sent within 6 weeks of account closure.

Benefits of the Card

This card is primarily good for people whose credit could use improvement or do not have a bank account. For these purposes, the card does a good job of credit-building and has a variety of payment options.

No Credit Check

There will be no review of your credit history when you apply for this card — meaning that it won’t result in a hard credit inquiry.

The lack of a credit check could also be helpful if you have bad credit or zero credit history at all.

No Bank Account Needed

Credit Building

OpenSky reports to all 3 major credit bureaus each month when your billing statement is generated. The 3 major consumer credit bureaus (TransUnion, Equifax, and Experian) gather the information to calculate your credit scores. Good payment habits can help you build credit.

Fees and Drawbacks

There are some major drawbacks to this card, so if you can qualify for other cards, we recommend other cards.

Not only will you pay a high variable APR and not earn any additional benefits, but you can also get hit with some high fees and you are unable to upgrade your card to an unsecured card over time.

Credit Limit Change Fees

If you want to make changes to your credit limit, be sure to do so during the first year the account is open. In your second year and beyond, you will have to pay a $25 fee to either add to or withdraw from your deposit.

This fee seems unnecessary and excessive since your credit limit is already tied directly to your deposit. This means there is no risk to the issuer that you won’t pay since they can always draw from your deposit to cover any outstanding payments.

Annual Fee

The OpenSky Secured Visa card charges an annual fee of $35, which doesn’t seem too high, but most other secured cards don’t charge an annual fee at all. This makes this card much less appealing for people who can qualify for other cards. 

No Upgrade Opportunities

There is no option to upgrade to an unsecured card after months of responsible use, which means you’ll have to close the account to get your security deposit returned.

Closing your account may negatively impact your credit score.

Inactivity Fees

If you don’t use your account for 12 months and your security deposit is unable to be returned to your last known address, your account will be charged a $10 per month fee.

Applying for the Card

How to Fund Your Security Deposit

The last step requires you to send in your security deposit. According to the OpenSky website, you have 3 options in terms of funding your refundable security deposit:

1. Debit card or bank transfer
2. Western Union money transfer
3. Mail a check/money order

After your security deposit has been processed, you should receive your card within 12-14 business days.

How to Increase Your OpenSky Credit Card Limit

In order to increase your credit limit, log in to MyAccount at OpenSkycc.com and choose the Credit Line Increase option in the Account Services section. You can also call the OpenSky Customer Service Department at 855-763-6736 to see if you’re eligible.

If you are approved, you’ll receive an approval letter with instructions on how to send the additional security deposit to fund the increase to your credit limit.

During the first year that your account is open, it is free to add to your security deposit (up to a maximum of $3,000). But beware — in the second year, you will have to pay a $25 fee to change your credit limit.

This means you have to pay to either increase your credit limit OR to get back some of your deposit.

Hot Tip: Increasing your credit limit helps improve your credit score by lowering your overall credit utilization. You can read more about how credit scores work here.

Managing Your Account

To access your account, you can either log in to your account online or through the app (iOS or Android). From here you can access your monthly bills, set up recurring payments, and enroll to receive paperless statements.

To contact Customer Service directly, call 800-859-6412 or the number listed on the back of your statement.

There are also multiple mailing addresses on the website if you prefer this method, as well.

Alternative Credit Cards We Recommend

The Capital One Platinum Credit Card*×Information collected independently. Not reviewed by Capital One. is a great option that offers no annual fee (rates & fees), fraud coverage, and access to a higher credit limit after making your first 5 monthly payments on time.

Keep in mind that the Capital One Platinum card is not a secured card, so you do not need to come up with a security deposit in order to be approved.

Another great option is the Capital One Platinum Secured Credit Card*×Information collected independently. Not reviewed by Capital One. that charges no annual fee (rates & fees) and provides access to a higher credit limit after the first 5 months of on-time payments, with no additional deposits needed.

For a secured card that doesn’t require a credit check, look into the First Progress Platinum secured cards. These cards extend credit against a security deposit instead of your credit status.

Final Thoughts

There are other secured cards with no annual fees or come along with the potential to upgrade to an unsecured card over time. If you can qualify for these alternative cards, they might be better options.

That being said, with a small minimum deposit and no credit check required, for the right person, this card can be a good way to build or improve credit. Since OpenSky reports your payment history to the major credit bureaus each month, you will see results quickly from being a responsible credit card user.