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OpenSky® Secured Visa® Credit Card Review

Applying for a credit card when you’re considered a “high-risk” applicant can be difficult. Issuers considering taking a chance on you will need to see tangible proof that you are able to responsibly use a credit card.  This means enduring a hard credit check, paying an expensive security deposit and fees, and at least having a bank account. If you can’t do any of these, you may be out of luck for a lot of secured credit cards. The Opensky Secured credit card is a notable exception. If you want to apply for a credit card without a hard check and bank account, then you should give this option a closer look.  However, the Opensky Credit Card card does carry an annual fee, and there isn’t a path to upgrade to a standard unsecured credit card.  Still, if you’re interested in applying, this Opensky Secured Card review will dig deep into the specifications, pros, and cons to help you make a well-informed decision. 

Opensky Secured Visa Credit Card: Overview

The Opensky credit card stands as one of the only options that allow applicants to apply without a hard credit check or a bank account. 

This feature makes it the perfect credit card for consumers who want to establish their credit and improve their score but can’t apply for other credit cards due to their poor credit and lack of a bank account. 

Although this credit card is extremely difficult to qualify for, it’s a very basic option. Most major issuers won’t require an annual fee, but this credit card has one. 

There also isn’t an option to apply for an unsecured credit card, even after you’ve demonstrated on-time monthly payments and responsible use. You’ll have to close your account without any disputes to get your security deposit back and apply for another credit card once your credit has improved. 

Though, cardholders with poor credit can take solace in the fact that this is a suitable starter credit card for improving your credit score, even without the perks other secured credit cards offer. 

Opensky Secured Visa Credit Card Review: Quick Facts

If you’re considering applying for the Opensky Secured Visa, there are several things you should be aware of. Below is a basic rundown of all this credit card’s top features:


  • This credit card does not require any credit check. As its name suggests, this credit card is open to anyone with poor, limited, or no credit at all. 
  • Cardholders are required to pay a refundable deposit, which is the norm for most secured credit cards. The deposit can be as low as $200, and this amount will effectively become your credit line limit. 
  • Members can build their credit score immediately. The Opensky credit card reports to all three major credit card bureaus: Equifax, Experian, and TransUnion.
  • This credit card issuer claims that 99% of members who applied without credit saw massive growth with their score in as little as six months. 
  • The Opensky credit card also provides an open forum community on Facebook to help cardholders mingle with people just like them. 
  • On the official credit card website, there are plenty of educational tips and insights to help you build your credit and practice responsible borrowing habits. 

Opensky Secured Visa Credit Card: Specifications

There are several things to note about this credit card. If you’re interested in applying, here is an exhaustive breakdown of this credit card’s main specifications:

  • Card Category: Secured credit card
  • Annual Fee: $35
  • Security Deposit: There is a $200 minimum deposit, and a $3,000 maximum deposit. Secured credit cards require cardholders to pay a deposit, which will become their credit line limit. This is done in case you don’t pay your monthly bill, which is why the credit card is deemed “secured”.
  • Interest Rate: 17.39% APR Variable
  • Rewards: None
  • Foreign Transaction Fee: 3%
  • Cash Advance Fee: Minimum fee of $6, or 5% of the advance amount
  • Credit Bureau Reporting: This credit card reports to all three major credit bureaus, making it easy to build your credit history. 


There are several things to break down here. First, the $35 annual fee (which is affordable) may not be a problem for many cardholders. However, there are other secured credit cards without an annual fee at all. 

Also, the minimum $200 security deposit is comfortable for most consumers to pay. This credit card’s interest rate is remarkably low, despite the low barrier of entry for cardholders. 

Cardholders will have to accept the fact that there are no rewards for this credit card. This means that you can earn and redeem rewards points for basic travel, airline, or dining purchases from loyalty partners. 

The caveat to applying for this credit card is that there is a 3% foreign transaction fee, which is odd considering that Visa is widely accepted throughout the world. Though, cardholders can take solace in the fact that their transactions will be reported to all three major credit bureaus. 


Opensky Secured Visa Credit Card Review: Who is This Card For?

Consumers who are struggling with poor credit will naturally have difficulty in applying for most secured credit cards. This is especially true if they don’t have a bank account. 

If you have poor, limited, or no credit, then this credit card is a suitable option for you. While it has a $35 annual fee, the credit card reports to all three major credit bureaus. 

This means that you can build your credit card in as little as six months by making on-time payments and responsible borrowing decisions. The security deposit is also quite low, which is great for consumers strapped for cash. 

Though, if you’re looking for a credit card with better features, you may want to search elsewhere. This option is specifically designed for establishing and building credit. 

Earning rewards isn’t possible with this credit card, which is a noticeable downside since other secured cards allow for rewards without an annual fee. 


Opensky Secured Visa Credit Card: Main Benefits

While the Opensky credit card is a very basic secured credit card, it does have its advantages. In particular, there are three major benefits you will want to consider before applying, which include:

No Credit Check Required:

Having bad credit makes it very difficult to apply for a secured credit card. Even if you approach an issuer willing to lend you a credit card, they will almost always require an expensive security deposit, collateral, and an employment check. 


This credit card doesn’t require a credit card check, but applicants will still need to meet the following qualifications:


  • Applicants must have an individual taxpayer identification number or Social Security number.
  • Must be a US citizen or permanent resident. 
  • Have a total monthly income that exceeds their regular expenses.
  • Pay a security deposit that will become their credit line limit. 


As you can see, it’s pretty simple to qualify for this credit card. If you’ve been rejected by previous secured credit cards, this option may be a captivating choice. 

No Bank Account Needed:

Most secured credit cards require cardholders to have a bank account. This option is an exception. You can pay your security deposit and monthly payments using a money order. 

However, these fees can add up over time. 

Accurate Credit Card Reporting:

A credit card that reports to all major credit bureaus is an amazing benefit to help you improve your credit score over time. If you make your payments on time, you can earn the right to take out auto loans, mortgages, and other loans with low interest. 


Opensky Secured Visa Credit Card Review: Main Drawbacks

Not every beginner secured credit card is perfect, and this option is no exception. Below, you can browse the main disadvantages of this credit card:

Annual Fee:

Many major credit card issuers won’t charge an annual fee. However, cardholders are required to pay a $35 annual fee, which may cause potential members to look at other options.

However, this amount pales in comparison to other annual fees ranging from $75 and $99. 

No Upgrade Potential:

This credit card doesn’t provide the option for cardholders to upgrade to an unsecured credit card, even after demonstrating responsible borrowing practices. Therefore, once your credit score improves, you’ll need to close your account and apply for another card.

Better Security Deposits Available:

There are other secured credit cards offering lower security deposits ranging from $40 to $100. You can even make these payments in installments to fund your credit card. If you’re strapped for cash, paying a $200 deposit may be uncomfortable. 


Opensky Secured Visa Credit Card: The Final Verdict

All in all, the Opensky Secured credit card is an excellent option for consumers with poor, limited, or no credit. Since it can be difficult to apply for a secured credit card with poor or no credit, this option is ideal.


However, if you’re looking for a credit card with additional features, such as rewards and no annual fee, you’re better off considering other credit cards. It also wouldn’t hurt to consider a credit card offering an advancement to an unsecured card.


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