OpenSky Secured Visa Card review: Building credit for beginners

OpenSky® Secured Visa® Credit Card overview

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 that are new to the world of credit cards, secured cards are a great entry point. The idea is fairly straightforward: Improve your credit score and build your way up to better financial footing. Whether you have a limited credit history or made some credit mistakes in the past, the OpenSky Secured Visa makes for an intriguing option.

In terms of secured cards, the OpenSky Secured Visa is one of the few that you can qualify for without a bank account or credit check. That means if you’re grappling with past financial mistakes, or just have bad-to-poor credit, this is a card that might be on your radar. Additionally, those without any credit history, like students, can build credit from scratch.

Let’s take a deeper dive into the OpenSky Secured Visa to see if this card makes sense for you.

Fees and disadvantages with this card

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There’s an annual fee

A secured credit card with an annual fee is rare. The OpenSky Secured Visa is one of the few with an annual fee, at $35 per year.

Related: 10 commandments for travel rewards credit cards

No path to upgrade

Unlike some other secured cards, the OpenSky Secured Visa does not provide a path to upgrading your credit limit or the card itself. Whatever you put in as the refundable cash deposit, you’ll get as your credit limit — up to $3,000. If you want a limit higher than this, you’ll have to apply for another card entirely and decide whether you want to keep this account. Canceling an account is one of many factors that affect your overall credit score.

Related: How to recession-proof your credit score

OpenSky Secured Visa benefits

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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.

No bank account or credit check required

There are fairly high approval odds for the OpenSky Secured Visa. As mentioned, there is no hard credit pull, and all you have to do is fund the account via a deposit. Everyone who is approved for the card gets the same annual percentage rate terms and credit limit range.

A credit limit you can set

Like with most secured cards, you have to set up a refundable cash deposit. For the OpenSky Secured Visa, whatever amount you decide to put in becomes your credit limit. This helps the bank with liability, since you’d be on the hook for missed payments.

Related reading: 6 things to do to improve your credit score

You can choose a deposit (and thus a credit limit) anywhere from $200 to $3,000. If you decide to close the account, you will get the full deposit amount within 10 weeks’ time. However, if building credit is what you’re after, consider keeping the account open, as it can help build credit over time.

Options for your cash deposit include:

  • Debit card.
  • Money order.
  • Mailing a check.

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 more rewards: One option is the Discover it Secured, one of the few secured credit cards that earn 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.

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.

If you want more benefits: Another option is the Capital One Platinum Secured Credit Card, our choice for the best secured card for perks. With no annual fee, this card offers a few notable benefits, such as no foreign transaction feesauto rental collision damage insurancetravel accident insurance and extended warranty protection. On top of that, the Capital One Platinum Secured Credit Card is one of the few secured cards that may extend you a credit line that’s greater than your security deposit. You’ll be automatically considered for a higher credit line in as little as six months.

For additional options, check out our full list of secured credit cards.


How much is the security deposit for the OpenSky Secured Visa?

The OpenSky Secured Visa has a refundable security deposit with a range between $200 and $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.

Is the OpenSky Secured Visa the best for no credit check?

This card is an excellent option if you have a damaged credit report or no credit history since there is no credit check required to be approved. However, note that there is an annual fee of $35 on the card.

When should I apply for the OpenSky Secured Visa?

According to data points, if you want a quick boost in your credit score, consider applying for the card around the middle of the month. OpenSky reports to the credit bureaus on the last business day of the month, and it typically takes several days for your initial deposit to process and your card to ship out.

Related: How to apply for a credit card

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.

Bottom line

The OpenSky Secured Visa card helps you rebuild your credit without the need for 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 basic cash-back or rewards card.

Related: What is a good credit score?

Additional reporting by Ryan Wilcox.