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OpenSky® Secured Credit Visa® Card: Should You Apply?

OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card

OpenSky® Secured Credit Visa® Card: Should You Apply?

Even if you have a bad credit score, you can get better offers on other secured credit cards. This card doesn't do enough to justify its $35 annual fee
Editor's Rating: 3.5/5.0
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Editor's Rating

{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

3.5/5.0

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer.

We recommend consumers who are considering the OpenSky® Secured Visa® Credit Card go with other options. Even with a bad credit score, you can qualify for significantly better offers. The main crux of this card is its $35 annual fee. There are plenty of no-fee options out there for consumers to pick from that provide the same if not better benefits.

This card is good for...

  • Providing credit to those with bad or no credit history
  • Building or repairing your credit

This card is bad for...

  • Those who want rewards
  • Anyone looking for a credit card with no annual fee

Review: Our Thoughts on the OpenSky® Secured Credit Visa® Card

Even if you have a bad credit score, you can do better than the OpenSky® Secured Visa® Credit Card. You should consider options from larger credit card issuers like the Discover it® Secured or the Capital One® Secured Mastercard®. Both provide their users with better benefits but, unlike the OpenSky® Secured Visa® Credit Card, they don't charge an annual fee. The OpenSky® Secured Visa® Credit Card has no rewards program, no flexible credit line, or any other noteworthy features. It’s a boilerplate credit card that is simply there to help individuals rebuild their credit. While there is nothing wrong with that, the credit cards market, including the subprime one, has gotten extremely competitive. That is ultimately good news for consumers with bad credit, since they can get much better offers than what cards like the OpenSky® Secured Visa® Credit Card provide.

The most problematic thing about the OpenSky® Secured Visa® Credit Card is its $35 annual fee. This is quite expensive, even when you look at similar credit cards. If you are someone who is just getting their first credit card or are struggling to regain their financial footing, you should look for a card with no annual fee. You ideally shouldn't cancel your oldest card account, and if it has an annual fee things can get quite expensive over time.

It's not all bad news for the OpenSky® Secured Visa® Credit Card. The card can do a lot of good for your credit history. Every month, Capital Bank reports your account to one of the three major credit bureaus. This is a crucial thing to look for when picking out a secured credit card. Not all banks will do this for their customers. Without this kind of feature, the cardholder may be perpetually stuck with a bad credit score.

Bottom Line: The OpenSky® Secured Visa® Credit Card is an expensive credit card relative to the benefits it provides. Consumers with bad or no credit history can do better by exploring other options.

OpenSky® Secured Visa® Credit Card Benefits & Features

The OpenSky® Secured Visa® Credit Card has no rewards points or bonuses. Instead, the card is focused on providing a credit line to people with bad credit, or no credit history. Your credit limit with the card will be equal to the security deposit you put down. The minimum amount needed to open an account is $200, while the maximum is $3,000. The security deposit is fully refundable if you ever decide to close your account. If your account becomes delinquent, and you fail to pay back what you owe, your security deposit may be forfeit.

OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
  • Credit line as low as $200 up to $3000, linked to your fully refundable security deposit
  • No credit history required to apply
  • No credit check and no checking account necessary
  • Reports monthly to all 3 major credit bureaus
  • Credit line as low as $200 up to $3000, linked to your fully refundable security deposit
  • No credit history required to apply
  • No credit check and no checking account necessary
  • Reports monthly to all 3 major credit bureaus
Annual Fee
$35
Regular APR
17.64%
Credit Needed
{"onCurrent":true,"message":"There are various types of credit scores. Each creditor uses a variety of different types of credit scores to make lending decisions."}
N/A
Editor's Rating
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

The information related to the OpenSky® Secured Visa® Credit Card has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

The OpenSky® Secured Visa® Credit Card reports your account to all three major credit bureaus – Experian, TransUnion and Equifax. That means using this card can help repair or build your credit file. Just make all your payments by the due date, keep your utilization low, and over time your credit score will improve.

The card charges a $35 annual fee, which is higher than what you can get with other secured credit cards.

How Does the OpenSky® Secured Visa® Credit Card Compare to Other Credit Cards?

The best way to figure out a card’s value is to compare it against other available options. We matched up the OpenSky® Secured Visa® Credit Card against other secured credit cards for consumers with bad credit. You can find our analysis below.

OpenSky® Secured Visa® Credit Card vs Discover it® Secured

The Discover it® Secured is better than the OpenSky® Secured Visa® Credit Card on almost all fronts. The card also helps you re-build your credit history by reporting your account to the credit bureaus. It has the same minimum deposit as the OpenSky® Secured Visa® Credit Card -- $200. However, for all this, the Discover it® Secured doesn’t charge any annual fees. This is a huge advantage.

The Discover card also goes one step further and provides its users with a cash back rewards program. You can earn 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter. All other purchases provide 1% back. By being one of the only secured credit cards to offer rewards, the Discover it® Secured treats its users like those with a good credit score.

OpenSky® Secured Visa® Credit Card vs Capital One® Secured Mastercard®

The Capital One® Secured Mastercard® is another card we’d recommend over the OpenSky® Secured Visa® Credit Card. The card helps you rebuild your credit without charging you an annual fee. The card also has a much more flexible deposit policy than many of the other secured credit cards on the market. You have to put down a $49, $99 or $200 refundable deposit. In exchange, you get an initial credit line between $200 and $3,000. While many cards of this type, like the OpenSky® Secured Visa® Credit Card, give you a credit line equal to your deposit, the Capital One® Secured Mastercard® puts a little more faith in their cardholders. This card extends you a higher credit line, that isn't completely covered by your deposit.

OpenSky® Secured Visa® Credit Card vs BankAmericard® Secured Credit Card

BankAmericard® Secured Credit Card
This card is not available through ValuePenguin.
BankAmericard® Secured Credit Card
This card is not available through ValuePenguin.

We consider the OpenSky® Secured Visa® Credit Card to be a better deal than the BankAmericard® Secured Credit Card in most cases. Both cards have similar features, including a $200 minimum security deposit, no rewards program, and the ability to improve your credit history. However, the BankAmericard® Secured Credit Card is marginally more expensive to maintain, with a $39 annual fee.

The chief benefit of the BankAmericard® Secured Credit Card is that you can have your security deposit refunded after 12 months, provided you’ve been making timely payments. However, you will still be paying the extra $4 per year to maintain the account. In the end, this is not a worthwhile investment.

Comments and Questions

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

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