OpenSky Secured Visa Review – Should You Use It To Build Credit?

OpenSky Secured Visa Card Review 2019

Share: Rating: 3.8 stars out of 5

The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

OpenSky Secured Visa Credit Card is a secured credit card for those looking to build or repair their credit history. The OpenSky Secured Visa Credit card is issued by Capital Bank, which is owned by First Horizon. First Horizon is a large regional bank that has been around for 150 years. OpenSky Secured Visa Credit card allows potential customers to apply without a credit check.

Approved consumers get to pick the credit limit up to $3,000, but they must deposit at least $3,000 upfront to get the highest credit limit. Cardholders put in an initial security deposit of at least $200, up to $3,000 that will secure the credit line. Cardholders then use the card just like any credit card and the deposit cannot be used for the monthly payment. The deposit is refundable. The card is issued by Visa and is widely accepted.

OpenSky Secured Card

OpenSky Secured Visa Credit Card Review 2019

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On OpenSky’s Secure Website

Our Bottom Line

Only For Poor Credit / Limited Options Users

Credit Rating Requirements

No – Poor Credit

  • No Credit Check

  • Reports to Bureaus

  • Annual Fee

  • 3% Foreign Transaction Fee


  • Below Average APR
  • Online Education
  • Protections

Here’s a summary of the main pros & cons (click to see explanation or scroll down):

No Credit Check3% Foreign Transaction Fee
Below Average APRNo Rewards
Reports to BureausFee to Add or Withdraw Money
Low Starting DepositInactivity Fee
Online Education High Cash Advance Fee
ProtectionsAnnual Fee
There are Other Options for Building Credit


Let’s take a look at the benefits of the OpenSky Secured card and see if it’s the right one for your wallet or not.

No Credit Check

OpenSky Secured Visa Credit card allows potential cardholders to apply for the card without a credit check. Applying for the OpenSky card will not affect your credit. They do this because it is fully secured by your money.

Below Average APR

OpenSky Secured Visa Credit card rate is 19.24%, which is below the average credit card on the market. This is due to the fact that the card is secured by your cash.

Reports to Bureaus

OpenSky Secured Visa Credit card is for those with limited or poor credit so it is a benefit that it reports to all three of the major credit bureaus. Make sure to make all payments on time if you want to build your credit. This will help cardholders build a credit history.

Low Starting Deposit

OpenSky Secured Visa Credit card allows for a deposit of just $200. If you are looking to rebuild credit and do not have a lot of money, you can start with just $200 with the OpenSky card. You can also increase your credit limit by depositing more money.

Online Education

OpenSky Secured Visa Credit provides online resources for cardholders to review and study in order to understand credit and rebuild their credit histories.


OpenSky Secured Visa Credit also has ID theft protection and zero fraud liability, meaning you wouldn’t be responsible for unauthorized purchases. These are standard perks with many credit cards, including Visa. Cardholder should look at the additional protections Visa provides.


Here are the most important cons you should consider before apply to the OpenSky Secured card:

3% Foreign Transaction Fee

OpenSky Secured Visa Credit does not offer an introductory rate like many cards on the market. If you need or are looking for an introductory rate, you will have to look at other offerings. It makes sense that they do not offer it because you need to secure the card with your money first.

No Rewards

Many cards on the market offer rewards for spending such as cashback rewards, points, or travel rewards. The OpenSky Secured Visa Credit card does not offer any rewards. Its main use is to help consumers rebuild credit

Fee to Add or Withdraw Money

With the OpenSky Secured Visa Credit card cardholders can add money during the first year to increase their credit limit. After the first year there is a $25 fee to add money to increase your limit and there is $25 fee to withdraw money.

Inactivity Fee

If the OpenSky Secured Visa Credit card is not used for 12 months, it will be closed and every month the money is not claimed up to 36 months they will charge a $10 inactivity fee. Any money left over 36 months will go to the state as unclaimed assets. If you do not plan on using the card anymore, definitely close out the account and withdraw your funds.

High Cash Advance Fee

The standard fee for cash advances is $5 or 3% but the OpenSky Secured Visa Credit card fee is higher; therefore, cash advances should be avoided. The fee is $6 or 5% of the amount withdrawn.

Annual Fee

OpenSky Secured Visa Credit card has a $35 annual fee for cardholders. This seems high for a secured credit card. It may be lower than many cards on the market, but most cards on the market with annual fees have rewards and cashback bonuses. There are other secured credit cards that do not have annual fees.

There are Other Options for Building Credit

There dozens of other products and services that help borrowers build credit. Many of these options are cheaper. For example, there are secured credit cards that do not have annual fees.

Is the OpenSky Secured Visa Card Right for You?

OpenSky Secured Visa Credit Card’s sole purpose is to help consumers rebuild or build their credit. This card is secured by a refundable deposit that determines the cardholder’s credit line. Applying for this card does not affect your credit because they do not do a credit check. OpenSky Secured Visa Credit card reports your on-time payments to all 3 major credit bureaus, but it also reports any missed payments or derogatory actions on your credit card to the credit bureaus. The card has a below average interest rate but that’s because it is secured by your cash. This card does have an annual fee of $35 which is lower than many other credit cards on the market, but this does not come with any bonus or rewards.

If you have poor credit and limited options this is a great card to consider; however, there are other cards on the market that are secured and do not have the annual fee. Many report that their credit as improved over a few months of using the card. The card should be closed once your credit has improved and you are able to get a card that rewards you for your spending and that doesn’t require you to put up your own hard-earned money as collateral.