OpenSky® Plus Secured Visa® Credit Card review: Build credit and earn rewards

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. makes it easy to rebuild a poor credit history or to build credit from scratch, with no credit check or checking account required. You can also earn rewards on eligible purchases. That said, the minimum security deposit is higher than some other secured options. Find out if it’s right for you in this 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. review.

OpenSky Plus Secured Visa Credit Card basics

• Annual fee: $0.
• Welcome bonus: None.
• Rewards: Earn up to 10% cash back rewards on everyday purchases from participating retailers (cash back varies across retailers).
• Other perks and benefits: Consideration for unsecured credit limit increases starting at six months.
• Does it report to all three credit bureaus? Yes.
• Does the issuer offer a preapproval tool? No.
• Recommended credit score: No credit check required.

OpenSky Plus Secured Visa Credit Card review

The OpenSky Plus Secured Visa Credit Card is designed for people with poor credit who may have a hard time qualifying for other secured credit cards. Since it doesn’t rely on a credit check for approval, financial difficulties such as a recent bankruptcy won’t impact your ability to open this card. 

The card also doesn’t require a checking account, which is a standard for most credit cards, making it one of the few credit cards accessible to the 6% of unbanked households in the U.S. Instead, payments can be made by money order. 

The card has no annual fee, but its APR is high. Also, the minimum security deposit is $300, which is higher than what most of the best secured credit cards require. 

If you use your card responsibly, OpenSky offers a chance to earn unsecured credit limit increases, which don’t require you to make additional deposits. You could also be eligible to “graduate” to the 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. , which is unsecured. If you accept, though, your secured card isn’t converted to an unsecured account. Instead, you’d be opening a second credit card, which happens to charge a $59 annual fee. 

In contrast, some of the other top secured cards may return your deposit and convert your card to an unsecured account with responsible use. The only way to get your security deposit back on the OpenSky Plus Secured is to close the account, which may hurt your credit. 

The OpenSky Plus Secured Visa Credit Card doesn’t offer a welcome bonus. It also doesn’t offer rewards on your everyday spending, but you can earn up to 10% cash back rewards on everyday purchases from participating retailers (cash back varies across retailers). However, there are other cards that will allow you to earn rewards on your everyday spending and build your credit at the same time, even in cases where your credit score isn’t great and you can’t risk the ding of a hard credit check. 

Ultimately, this card is most beneficial for people who want to build or rebuild credit but don’t have a checking account and, therefore, may have a hard time qualifying for most other credit card options.

Pros

• Less stringent requirements: No hard credit check or checking account required. 
• Cash-back rewards: You can earn up to 10% cash back rewards on everyday purchases from participating retailers (cash back varies across retailers). Simply log in to your account to review and activate offers, then complete the requirements to earn your rewards.
• Unsecured credit limit increases: After six months, OpenSky will consider you for a credit limit increase without requiring you to add to your security deposit. This can help you reduce your credit utilization ratio, a key factor in your credit score.

Cons

• High minimum deposit requirement: You’ll need to deposit a minimum of $300 to use the account up to a maximum of $3,000. 
• No deposit refund without account closure: Some other secured credit cards allow you to get your deposit back without closing your account, which can protect you from the negative effects of closing a credit account on your credit score. Unfortunately, that’s not an option with this card. 
• Rewards are limited: While the card now offers rewards, you’ll only earn cash back with select merchant offers. In contrast, there are other secured and unsecured credit cards for bad credit that offer rewards on every purchase in addition to their credit-building benefits.

OpenSky Plus Secured Visa Credit Card rewards

The card offers up to 10% cash back rewards on everyday purchases from participating retailers (cash back varies across retailers) made through the OpenSky Rewards program. You can find offers with select merchants in your online account, then make a qualifying purchase. 

Once you complete the offer requirements, your rewards will be posted to your account within 120 days as a statement credit. 

While it’s disappointing that the card doesn’t offer rewards on all of your purchases, the merchant offer program is better than what the card previously offered, which is nothing at all.

Credit-building features

There’s no credit check when you apply, so this card can be a good fit for people with bad or no credit. Like most other top credit cards for bad credit, the OpenSky Plus Secured Visa Credit Card reports your account activity to all three credit bureaus.

Also, the credit limit increase feature can help you build a positive credit history by making it possible to decrease your credit utilization. 

If you’ve ever filed for bankruptcy, it’s important to work on rebuilding your credit. Here’s how to start

How 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. compares to other secured credit cards 

The OpenSky Plus Secured Visa card has less stringent requirements than other secured credit cards, but its higher deposit requirement could still be a major roadblock for some people who are looking to rebuild their credit. Here are some other options to consider.

OpenSky Plus Secured Visa Credit 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’re looking to earn rewards while building credit, 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. could be a good fit. The card earns 1.5% cash back on purchases and 5% cash back on hotels and rental cars booked through Capital One Travel and doesn’t charge an annual fee. The minimum security deposit is $200 and your account will be reviewed in as little as six months for a higher credit line without any additional deposits.

Capital One will run a credit check when you apply, and you’ll also need a bank account to make your deposit.

However, with good payment behavior you may also qualify to get your deposit back and be upgraded to an unsecured version of the card without closing your account. 

OpenSky Plus Secured Visa Credit Card vs. Capital One Platinum Secured Credit Card * The information for the Capital One Platinum Secured 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 a lower security deposit than what the OpenSky Plus requires and your credit isn’t in dire shape, consider the Capital One Platinum Secured Credit Card * The information for the Capital One Platinum Secured Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. . The card has an initial deposit as low as $49, $99 or $200 to get a $200 credit limit. You’ll also need to undergo a credit check, and you’ll also need a bank account.

It also offers unsecured credit limit increases and the possibility of an upgrade and a deposit refund. 

OpenSky Plus Secured Visa Credit Card vs. SuperCash Card * The information for the SuperCash 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 avoid fees and you’re concerned about credit card debt, the credit-debit hybrid SuperCash Card could be a good alternative to the OpenSky Plus Secured Visa Credit Card. 

The card doesn’t require a credit check when you apply, and it acts like a prepaid debit card, allowing you only to spend what you load onto your account. However, this does mean that you’ll need an external bank account or debit card to load funds onto your card. 

At the same time, the card issuer reports your payments to the credit bureaus, allowing you to build credit. There are no interest charges or monthly or annual fees, and you’ll earn 10% cash back on purchases with SuperTravel, 5% cash back on purchases in the SuperShop and 2% cash back on all other purchases. 

OpenSky Plus Secured Visa Credit Card is right for you if:

• You have issues such as a recent bankruptcy that would disqualify you from other secured credit cards.
• You don’t have a checking or savings account. 
• You’re interested in earning an unsecured credit limit that increases over time. 

Frequently asked questions (FAQs)