OpenSky Secured Card review 2024: No credit check required, but there is a cost

The OpenSky® Secured Visa® Credit Card * The information for the OpenSky® Secured Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. doesn’t require a credit check or a checking account to get approved, making it easier for people with poor credit to rebuild their credit scores. The card also offers rewards on select purchases and a relatively low security deposit. However, it also charges an annual fee, which is rare among top secured credit cards. Find out if it’s right for you in this OpenSky Secured Visa Card review.

OpenSky Secured card basics

• Annual fee: $35.
• Welcome bonus: None.
• Rewards: up to 10% cash back rewards on everyday purchases from participating retailers (cash back varies across retailers).
• APR: 25.64% variable APR on purchases.
• Recommended credit score: No credit check.
• Does the card offer preapproval? No.
• Other benefits: Reports to all three major credit bureaus.

OpenSky Secured card review

The OpenSky Secured Visa Card is designed primarily for consumers who have major negative items in their credit files. While secured credit cards can be a good option for bad-credit borrowers in general, there’s no guarantee that you’ll get approved if you’ve had a recent bankruptcy or other serious credit event. 

With the OpenSky Secured Visa, there’s no credit check when you apply, so your credit history has no bearing on your eligibility. What’s more, the card doesn’t require a checking account to get approved, which is a common stipulation for other credit cards. If you’re among the 6% of American adults who are unbanked — meaning neither you nor your spouse or partner has a bank account — this is one of the few credit-builder credit cards that’s available to you.

The card also offers up to 10% cash back rewards on everyday purchases from participating retailers (cash back varies across retailers), allowing you to get some value back on your everyday spending. However, it doesn’t offer rewards on all of your purchases like some other secured cards, and it also charges a $35 annual fee in addition to your security deposit. 

The card’s APR is high, but that’s standard for credit cards for bad credit. The minimum opening security deposit is $200, and you can qualify for secured credit line increases as soon as six months after opening an account. 

The card issuer also notes that you may be eligible for the unsecured OpenSky Visa® Gold Card * The information for the OpenSky Visa® Gold Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. (available by invitation only) with responsible use. However, the “graduation” is simply a second, unsecured card instead of converting your secured account to an unsecured account. What’s more, the unsecured card comes with a $59 annual fee. 

The only way to get your security deposit back from the OpenSky Secured Visa is to close the account. As a result, consider this card only if your credit or banking situation rules out better options, or if you’re worried about the potential impact of a hard credit check with another credit card.

Pros

• Minimal requirements to get approved: Unlike most secured credit cards, the OpenSky Secured Visa doesn’t require a credit check when you apply. You also don’t need to have a checking account. If needed, you can make your deposit and pay your monthly bill using Western Union, a personal check or a money order. 
• Cash-back rewards: Historically, the card hasn’t offered rewards of any kind. But now, you can earn up to 10% cash back rewards on everyday purchases from participating retailers (cash back varies across retailers). 
• Unsecured upgrades: If you use your card responsibly, you may qualify for an unsecured credit line increase in as little as six months, which means you don’t need to make an additional matching deposit. You could even qualify for the OpenSky Unsecured Gold Card to use alongside your OpenSky Secured Visa Card. 

Cons

• No true unsecured upgrade: Instead of converting your existing account to an unsecured card and returning your deposit, you’ll have the opportunity to add a second card, which charges a $59 annual fee. The only way to get your security deposit back is to close your account, which could hurt your credit. 
• Rewards are limited: The card’s merchant offer rewards program is better than what it previously offered, which was nothing. But there are other secured credit cards that offer cash back on all of your purchases, and you don’t have to activate deals to earn it.
• Charges an annual fee: If you have no other options because of your credit or banking situation, the card’s annual fee could be a small price to pay to build your credit. However, if you can qualify for other options, there are several that don’t come with yearly charges.

OpenSky Secured card rewards

The OpenSky Secured Visa Card offers up to 10% cash back rewards on everyday purchases from participating retailers (cash back varies across retailers). To earn rewards, you’ll need to log in to your online account and activate offers with select merchants. Review the offer terms to ensure that you make a qualifying purchase.

OpenSky will then post the rewards to your account as a statement credit within 120 days of the transaction date. 

OpenSky Secured card credit-building features

Getting started with the OpenSky Secured Visa is easier than other credit cards as it doesn’t require a credit check. 

The ability to get an unsecured credit line increase or a second unsecured credit card can also be helpful. Increasing your available credit can help reduce your credit utilization rate and boost your credit score.

Finally, like most other top credit cards for bad credit, the OpenSky Secured Visa Card reports your account activity to all three credit bureaus. 

How the OpenSky Secured card compares to other secured credit cards 

The OpenSky Secured Visa Card is generally easier to get compared to other secured credit cards, but its annual fee and lack of a consistent rewards program could be a deal-breaker for those who can qualify for more favorable alternatives.

 As you consider whether the OpenSky Secured Visa is right for you, here are some other options you can compare.

OpenSky Secured card vs. OpenSky® Plus Secured Visa® Credit Card * The information for the OpenSky® Plus Secured Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

If you can afford a higher security deposit, the OpenSky® Plus Secured Visa® Credit Card * The information for the OpenSky® Plus Secured Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. may be worth considering. Like the OpenSky Secured Visa, the OpenSky Plus Secured card doesn’t require a credit check or checking account to get approved. It also offers up to 10% cash back rewards on everyday purchases from participating retailers (cash back varies across retailers). 

Where the OpenSky Plus Secured Visa differs, however, is that it doesn’t charge an annual fee. To save yourself that money, however, you’ll need to put up a minimum deposit of $300 instead of $200. 

Also, keep in mind that the OpenSky Plus Secured card charges a higher APR, though that won’t matter if you pay your balance in full each month. 

OpenSky Secured card vs. Capital One Quicksilver Secured Cash Rewards Credit Card * The information for the Capital One Quicksilver Secured Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

If you want to earn a more consistent rewards rate on your purchases, the Capital One Quicksilver Secured Cash Rewards Credit Card * The information for the Capital One Quicksilver Secured Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. should be on your radar. The card earns 1.5% cash back on purchases and 5% cash back on hotels and rental cars booked through Capital One Travel, and it also doesn’t charge an annual fee. 

Like the OpenSky Secured Visa, the Quicksilver Secured card’s minimum opening deposit is $200, and your account will be reviewed in as little as six months for a higher credit line without any additional deposits.

While the Quicksilver Secured card requires a credit check and a bank account to get approved, you can upgrade to an unsecured version of the card without closing your account. At that point, you’ll get your deposit funds back.

OpenSky Secured card vs. Secured Chime® Credit Builder Visa® Credit Card

The Secured Chime® Credit Builder Visa® Credit Card** can be a great choice if you want to avoid a credit check and get more flexibility with your deposit. Like a traditional secured card, your deposit will be equal to the secured account balance. However, there is no minimum deposit requirement¹, and you can add and withdraw funds from your secured account anytime you want, as long as you maintain enough to cover your current card balance. 

The Secured Chime® Credit Builder Visa® Credit Card doesn’t charge an annual fee, and it also has no interest² because it requires you to pay your balance in full every month, either from your checking account or the secured account. 

That said, you do need a Chime® Checking Account with qualifying direct deposits totaling $200 or more each month to qualify.

Is the OpenSky Secured Visa Card worth it?

The OpenSky Secured Visa charges a $35 annual fee, and while that’s relatively low, most of the best secured credit cards don’t charge an annual fee at all. If you can’t get approved for another card due to credit or banking reasons, though, that fee could be worth it.

Now that the OpenSky Secured Visa offers rewards, you may be able to earn enough to offset the annual fee each year. However, your rewards potential will depend on your spending power and relevant merchant offers. In general, it’s best to avoid spending money you wouldn’t otherwise spend just to earn rewards.

OpenSky Secured card is right for you if:

• You have major credit issues, such as a recent bankruptcy, that can prevent your approval for other secured credit cards.
• You don’t have a checking, savings or money market account.
• You’re concerned about the potential negative impact of a credit check when applying for a card.

Frequently asked questions (FAQs)

^{**Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A. The secured Credit Builder card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A.}

^{¹Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.}

^{²Out-of-network ATM withdrawal and OTC advance fees may apply. View The Bancorp agreement or Stride agreement for details; see back of card for issuer.}