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Is the OpenSky Secured Visa card worth it?

This low-fee secured card offers many attractive features for consumers who want to build their credit, but is it right for you?


The OpenSky Secured Visa Credit Card offers a variable credit limit starting at $200 for a reasonable annual fee. There are no credit inquiries, and it reports monthly to all three credit bureaus to improve your score quickly.

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Building credit can be a challenge for people with no credit or negative marks on their credit reports. A secured credit card helps you rebuild your credit with a small security deposit and responsible use. The OpenSky® Secured Visa® Credit Card is a no-frills secured credit card with a variable credit limit and a small annual fee.

Is the OpenSky Secured Visa card worth it?

The OpenSky Secured Visa offers many attractive features for consumers who want to build their credit with a secured credit card.

No credit check required

Whether your credit score has taken a hit or you want to avoid a credit inquiry, the OpenSky card has you covered. The bank does not pull your credit when you apply, so there is no impact on your credit score.

Credit limits start at $200

You can open your OpenSky Visa with as little as $200 dollars. Your security deposit is held in an FDIC-insured bank account and is refunded to you whenever your account is closed. However, if you fail to pay your account balance or close your account with an amount due, OpenSky may use your security deposit to cover your balance due.

Variable credit limit up to $3,000

For customers who want a higher credit limit and have the money to place a higher security deposit, you can get a limit of up to $3,000. Larger security deposits and credit limits are subject to approval by OpenSky. This means that even if you have the money ready to deposit, it is possible that your approved credit limit may be lower than requested.

As your finances improve, you can request a credit line increase based on your ability to add to your security deposit. Increasing your line of credit can lower your credit utilization ratio and improve your credit score, as long as you keep your balance low.

Your account is reported to all three bureaus

To build credit, you want a credit card that reports to all three credit bureaus – Equifax, Experian and TransUnion. OpenSky updates your account and payment history each month with all three bureaus, allowing you to build a positive payment history and improve your credit score. With responsible use of your card, you’ll eventually qualify for an unsecured card with better features and benefits.

Keep in mind, though, that negative marks are also reported to the credit bureaus. If you miss a payment, go over your limit or have a balance that’s high compared to your limit, this could negatively impact your credit score.

Low annual fee

Many secured credit cards have high monthly or annual fees. With the OpenSky Secured Visa, you pay an annual fee of $35. This breaks down to less than $3 per month, which is about the price of a cup of coffee at a local store.

No junk fees

Some secured credit cards charge application fees and origination fees that can eat up a substantial portion of your credit limit. You won’t pay these types of fees with the OpenSky Visa. However, the bank does charge late payment fees (up to $38) and returned payment fees (up to $25). Keeping a close eye on your account and making at least the minimum payment due each month will ensure that you avoid these charges.

When is the OpenSky Secured Visa card not worth it?

While the OpenSky Secured Visa offers numerous attractive benefits, there are several reasons why it may not be a good fit for your situation.

If you don’t have money for a security deposit

Secured credit cards require that you have money to create your security deposit. While your OpenSky security deposit is refundable, you need a minimum security deposit of $200 to open your account. For applicants who have a hard time saving up that much, the Capital One Platinum Secured Credit Card offers security deposits starting as low as $49.

You’re traveling internationally

When you travel to a foreign country, many credit cards charge a foreign transaction fee. This is a fee that banks charge to convert the purchase into U.S. dollars. With the OpenSky Secured Visa, you’re charged a 3% fee on these transactions. Even when you’re in the U.S., this fee may apply if you’re making a purchase from a retailer or website that is located outside of the country. If you plan on traveling abroad, consider a card that has no foreign transaction fees instead.

You want to earn rewards on your purchases

The OpenSky card does not offer cash back, miles or points on your purchases. Additionally, you will not earn a welcome bonus for opening the card. While there are many rewards credit cards that offer these benefits, you may need to build your credit score higher before you can qualify for one of them.

You need to transfer a balance

Many consumers use 0% balance transfer offers to pay down their debt without paying any interest during a promotional period. The OpenSky card does not offer the ability to transfer balances from other credit cards.

You carry a balance month to month

To avoid paying credit card interest, you must pay your balance in full every month. However, some customers may need to carry a balance due to job loss, an unexpected bill or another financial emergency. The OpenSky card charges a variable interest rate of 18.14%, which is higher than other options. For example, the Applied Bank Secured Visa® Gold Preferred® Credit Card offers a fixed 9.99% APR.

You need cash

Cardholders who use their credit card for cash advances will owe a large fee if they use it to make a cash withdrawal. The card charges a fee of 5% of your transaction amount (minimum $6) for cash advances. In some instances, you’re making a cash advance transaction and paying extra fees without realizing it.

Normally, cash advances happen when you make a withdrawal from an ATM with your credit card. However, OpenSky considers purchases of money orders, traveler’s checks, stamps and person-to-person transfers as cash advances, as well.

Should you get the OpenSky Secured Visa card?

If you want to transfer a balance or are looking to earn rewards on your purchases, this is not the card for you.

However, the OpenSky Secured Visa card may be a good choice if you need to build credit and are able to pay a security deposit. There are no credit checks when you apply or open your account. Your payment history is reported to all three credit bureaus each month. Additionally, you may request a larger line of credit at any time if you can increase your security deposit.

With a low annual fee and a variable credit line, the OpenSky Secured Visa can be a solid option for improving your credit score.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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