OpenSky Logo

Minimum deposit:

 

$200 (refundable)

Cash advance fee:

 

$6 or 5% (whichever is greater)

Annual fee:

 

$35

APR:

 

17.64% (variable)

Editorial Rating

OpenSky® Secured Visa® Review

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Minimum deposit:

 

$200 (refundable)

Cash advance fee:

 

$6 or 5% (whichever is greater)

Annual fee:

 

$35

APR:

 

17.64% (variable)

Credit check:

 

No

Foreign transaction fee:

 

3%

Rewards (cashback):

 

None

Bank account requirement:

 

No

OpenSky Logo

Editorial Rating

Some people struggle to build credit and qualify for credit cards. If you’re one of them, then the OpenSky® Secured Visa® might be just for you. The reason why this card is so popular is that it requires no credit check to apply.

Keen to learn more? Read our comprehensive OpenSky® Secured Visa® review. We’ll cover key topics, such as:

  • Application process and requirements
  • Fees
  • Considerable alternatives

Let’s dive in!

OpenSky® Secured Visa®: Application Process and Requirements

You can apply for an OpenSky® secured credit card by visiting the company’s website and following these five steps:

  1. Fill in your personal data, such as your name and email address.
  2. Enter your address and contact details.
  3. Provide your financial security information, including your annual income, monthly housing expenses, and social security number (SSN).
  4. Agree to the terms and conditions. Here you’ll see what all the fees are and the penalty for late payments.
  5. Make a security deposit (as low as $200 and up to $3,000), filling in your payment details on the OpenSky® credit card application form.

Approval requirements

To get approved for an OpenSky® secured card, you must meet the following criteria:

  • Be 18 years or older.
  • Have a valid Social Security Number.
  • Your monthly income must be greater than your monthly expenses.
  • Be a US citizen or permanent US resident.
  • You must not have applied for a Capital Bank card four or more times in the last 60 days.
  • Must not have two or more credit card accounts with Capital Bank.

OpenSky® Secured Visa® Review

Before you apply for the OpenSky® Secured Visa® card, there are a few factors to consider. In this section, we’ve given a full review of this card and its features so you can decide whether this is the right option for your financial needs.

Security deposit and credit limit

To start using your OpenSky® Secured Visa® card, you must first pay a deposit starting $200 and up to $3,000. The selected amount becomes your credit line limit. You can increase it on a later date by requesting it on your OpenSky® online account. Simply log in and follow these easy steps:

  1. Click on Account Services
  2. Choose the Request Credit Line Increase option
  3. Submit your request

Upon approval you’ll get detailed instructions on how to add to your security deposit so you can increase your line of credit.

OpenSky® Secured Visa® fees

OpenSky® charges a $35 annual fee. Although not high, this makes the card a more expensive option compared to some of its competitors. But the fact that there’s no credit check and banking account requirement, coupled with the relatively low APR, could justify this expense for some cardholders.

Notably, OpenSky® Secured Visa® is not a card to open and forget. If you don’t use your card for 12 consecutive months, you’ll be charged an inactivity fee of $10 per month. Also, after 36 months of idleness, an additional $10 a month dormant fee is applied.

Furthermore, you’ll also be charged 3% on foreign transaction fees if you make purchases in a different currency. And lastly, there is a 5% or $6 (whichever is greater) cash advance fee on every advanced transaction.

Reporting to credit bureaus

You’ll be happy to know that OpenSky® by Capital Bank reports to the three major credit bureaus: Experian, TransUnion and Equifax.

This means that if you have excellent payment habits, you can build your credit. Improving your standing, you can get approved for loans, other types of credit cards and cell phone services. Likewise, not making payments on time can adversely affect your credit score.

No need of bank account

One of the reasons the OpenSky® Secured Visa® card is so popular is that you don’t need a bank account. To pay your deposit or routine bills, you can use alternative means such as Western Union or money order. Bear in mind, however, that these transaction methods could cost extra.

OpenSky® Secured Visa® Alternatives

Based on our review of the OpenSky® Secured Visa®a, you might not find this card suitable for your financial needs. Or perhaps you need to know how the product fares against the competition. Either way, check these two alternatives before setting up your mind.

Applied Bank® Gold Preferred® Secured Visa® Credit Card

At a glance:

  • Minimum deposit: $200
  • Annual fee: $48
  • APR: 9.99% (fixed)
  • Credit check: None
  • Foreign transaction fee: 3%
  • Cash advance fee: 5% or $5 (whichever is greater)
  • Rewards (cashback): None
  • Bank account requirement: Yes

Pros

  • Low fixed APR
  • No credit check required
  • Automatically reports to the three major credit bureaus
  • Can add additional deposits after six months

Cons

  • Charges a $100 fee for credit limit increases
  • Processing fee
  • Has no grace period for interest

Applied Bank® Gold Preferred® Secured Visa® Credit Card Review

Let’s go into more detail so you can compare the OpenSky® Secured card with that of Applied Bank®.

Security deposit and credit limit

The minimum security deposit for the Applied Bank® Gold Preferred® Secured Visa® card is $200, which also becomes your line of credit. You can deposit a maximum of $1,000 if you want more credit.

What’s more, you can increase your credit limit to $5,000 over time. When you bring your balance down to zero and close your Applied Bank® account, your deposit will be refunded. However, you will only get your deposit back if you’ve made payments every month.

Fees

As an Applied Bank® Gold Preferred® Secured Visa® cardholder, you’ll be charged a $48 annual fee. This is higher than the OpenSky annual fee.

Late payments will cost you up to $38, so it’s best to maintain your account well and always make payments on time. Increasing your deposit and credit line limit will set you back $100.

On the other hand, there’s no max penalty APR or max limit over fee. For cash advances and foreign transactions you’ll be charged 5% and 3%, respectively — same as with OpenSky®.

No credit check

Another reason why the Applied Bank® secured card is so popular is that it doesn’t require a high credit score. Just like OpenSky®, this is a credit card for bad credit. You’ll have a chance to improve your score by making on-time payments and demonstrating responsible financial behavior.

Fit Mastercard®

At a glance:

  • Minimum deposit: N/A
  • Annual fee: $99
  • APR: 29.99%
  • Credit check: Yes
  • Foreign transaction fee: 0% in the first year 3% thereafter
  • Cash advance fee: 0% in the first year and 5% or $5 (whichever is greater) thereafter
  • Rewards (cashback): None
  • Bank account requirement: Yes

Pros

  • Has a grace period of 25 days
  • 0% foreign transaction fees in the first year
  • No max over-limit fee
  • 0% cash advance fee in the first year

Cons

  • High APR
  • Expensive setup fee

Fit Mastercard Review

Here is everything you need to know before applying for the Fit Mastercard® :

Security Deposit and Credit Limit

Since the Fit Mastercard® is an unsecured credit card, you don’t have to pay a deposit to secure the account. You’ll get a $400 credit limit to spend how you choose, and it can double to $800 if you make payments on time.

Fees

To set up your Fit Mastercard® , you have to pay an $89 fee. And while OpenSky has a refundable deposit, the Fit Mastercard fee is a one-time, non-refundable payment. One of the perks of opting for the Fit Mastercard® is that you won’t be charged a monthly fee in the first year of being a cardholder. After that, you’ll pay a $6.25 monthly fee.

You’ll also pay a $40 fee for any late payments, which is slightly higher than the late fees on the Applied Bank® Gold Preferred® Secured Visa® card. If you want to use your Fit Mastercard® to purchase items in a different currency, you won’t be charged foreign transaction fees in the first year. Thereafter, you’ll be charged 3% on all foreign transactions.

Reporting to credit bureaus

Your credit activity will be reported to the three major credit bureaus monthly. So make sure you build a positive credit report by paying your credit card bill on time.

You need a bank account

To get approved for a Fit Mastercard®, you must have a checking account. This is to ensure you can make monthly payments on time.

Comparison Table

OpenSky® Secured Visa® Applied Bank® Gold Preferred® Secured Visa® Fit Mastercard®
Credit Check No No Yes
Deposit Min $200 Refundable Min $200 Refundable $89 non-refundable setup fee
APR 17.64% (variable) 9.99% (fixed) 29.99% (variable)
Type of Card Secured Secured Unsecured
Minimum Credit Limit $200 $200 $400
Annual Fee $35 $48 $99
Foreign Transaction Fee 3% 3% 0% in the first year and 3% thereafter
Cash Advance Fee 5% 5% 0% in the first year and 5% thereafter
Rewards No No No
Bank Account Requirement No Yes Yes

Our Verdict

As you can see, the OpenSky® credit card is a fit for people who have bad credit. The company doesn’t do any credit checks, so it’s ideal if your score is low. It also gives you a chance to improve your credit.

We researched customer feedback and noticed a common theme in OpenSky® Secured Visa® reviews: most cardholders saw a credit score increase after using the card for six months. Granted, this only happened to those that made on time-payments.

Yet, if you feel that an OpenSky® Secured Visa® card isn’t the best option for you, consider an alternative. Just remember to do thorough research and make an informed decision based on your individual situation and needs.

Pros

  • Suitable for people with poor credit
  • No bank account needed
  • Helps build credit
  • Reports account information to the three major credit bureaus

Cons

  • Offers no rewards
  • Annual & inactivity fee
OpenSky Logo

Editorial Rating

FAQ

How to cancel an OpenSky® credit card?

To cancel your OpenSky® credit card, you must contact the company’s customer service. Your deposit will be paid back to you, but only if your account is paid in full.

Does OpenSky® help build credit?

Yes, opting for an OpenSky® Secured Visa® card is a quick way to help you build credit. This card company reports to the three major credit bureaus. So if you make payments on time and you’re responsible with your account, you may improve your credit score.

How do I get cash from my OpenSky® credit card?

You can take out a cash advance at any ATM that supports an OpenSky® Visa® card. But it should be noted that you will be charged a cash advance fee of 5% for all withdrawals.

Does OpenSky® refund deposits?

Yes, you’ll get your OpenSky® credit card security deposit refund once your account is paid in full and it’s closed. However, you will only get a refund if you make payments on time every month. If you neglect your account, the deposit will be used to cover the costs.

Does OpenSky® increase your credit limit?

With OpenSky® you can increase your credit limit by logging into your account and submitting a request. Refer to the OpenSky® Secured Visa® review above to see the steps on how to increase your credit limit.