For borrowers looking to rebuild their credit, the OpenSky® Secured Visa® credit card is an option. This card requires a flexible, refundable deposit of $200 to $3,000 and reports to all three major credit bureaus, allowing borrowers to gradually improve their credit score through a history of on-time payments.
Since the OpenSky Secured Visa does not require a credit check, even borrowers with bad credit or no credit history may be eligible. The card comes with a $35 annual fee and doesn’t offer much in the way of extra bells and whistles, which means it’s not the best option for consumers with fair or better credit.
But for those who find themselves unable to qualify for another secured credit card – or who wish to avoid a credit check, set their own credit limit, or receive a relatively lower variable APR – the OpenSky Secured Visa may be a good choice.
When is OpenSky Secured Visa Credit Card worth it?
You have bad credit
This card does not require a credit check (also known as a credit inquiry), making it an attractive option for borrowers with poor credit who may have been rejected from other cards. Instead, the card requires a refundable cash deposit.
You have little or no credit history
Even borrowers with no credit history can benefit from this card. This means it can be a good option for young people and those who have been underbanked or unbanked but want to start building credit.
Want a higher credit limit — or set your own
Unlike some secured credit cards, the OpenSky Secured Visa offers a relatively high potential credit limit, as long as you have enough money for the deposit. The OpenSky Secure Visa allows borrowers to deposit up to $3,000, subject to approval.
You are looking for a lower variable APR
If you plan to carry a balance on your credit card, you may be better off with the OpenSky Secure Visa. Compared to other secured credit cards in the market, the OpenSky Secured Visa has a lower variable APR of 18.99% – otherwise known as the interest rate you will be charged if you carry a balance. Similar secured cards charge higher variable APRs, such as the Capital One Platinum Secured Credit Card (26.99%) and Self-Credit Builder Account with Secured Visa® Credit Card (26.24%).
When is OpenSky Secure Visa Credit Card Not Worth It?
Although holding the OpenSky Secured visa has some advantages, it may not be the best solution for all borrowers. In particular, some borrowers may be able to qualify for a credit card that does not require a deposit or earns rewards.
You don’t want to have to provide a cash deposit
It’s easier to qualify for secured credit cards, but they come at a price. To open this card, you will need to provide a refundable cash deposit of at least $200. This may be less than ideal for borrowers who are cash-strapped or simply don’t want to tie up their savings in a secured credit card just yet.
Those who want to avoid a secured card can consider credit cards designed for borrowers with less than stellar credit or no credit history, such as the Visa® Petal® 1 “no annual fee” credit card. The Petal 1 does not charge an annual fee and offers access to a card-linked offer program called Petal Perks – but there is a much higher variable APR range between 22.24% and 31.74%.
You want to avoid an annual fee
The OpenSky Secured Visa credit card comes with an annual fee of $35. While these fees aren’t very high in the grand scheme of things, they can still add up for borrowers on a budget. Cards with no annual fee like the Capital One Quicksilver Secured Cash Rewards Credit Card and the Discover it® Secured Credit Card may be better options for qualifying borrowers. Both cards are for people with no credit history and earn cash back.
Want to earn rewards
This card does not earn any rewards, which is quite common for a secured credit card designed for credit building. Regardless, borrowers should always check to see if they are eligible for a card with rewards potential.
The Quicksilver Secured earns 1.5% cash back on all purchases, plus an increased rate of 5% on hotels and rental cars booked through Capital One Travel. In addition, the Discover it Secured earns 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases each quarter, then 1%) and 1% cash back on all purchases outside of category.
Note that the OpenSky Secured offers a lower variable APR (18.99%) compared to these two cards (25.24% for the Discover it Secured and 26.99% for the Quicksilver Secured), if you plan to carry one. balance.
Should you get the OpenSky Secured Visa Credit Card?
If you have a poor or no credit history and are particularly interested in a relatively lower variable APR, avoiding a credit check, or having the ability to set your own credit limit, the OpenSky Secured Visa Credit Card can definitely worth it.
That said, if you’re more interested in earning ongoing rewards on your purchases or are determined to avoid an annual fee, there are other secure cards that may better suit your needs. It really depends on which credit card benefits are most important to you, since many secured cards have similar approval requirements.
The bottom line
The OpenSky Secured Visa is designed for borrowers who need help boosting their credit score, and it serves that purpose admirably. The card reports to all three credit bureaus, so borrowers who regularly pay down their balance each month can improve their score.
If you’re having trouble qualifying for other cards and looking for a way to start improving your credit, the OpenSky Secured Visa might be a good choice. Be sure to read our OpenSky Secured Visa Credit Card review for more detailed information on this card’s offers, as well as our list of the best secured credit cards on the market.