Opensky Plus vs Opensky

2 Key Differences - Annual Fee and Minimum Security Deposit

There are two key difference between the Opensky Plus and the Opensky secured credit card.

Annual Fee - One has annual fee, the other has not

The key difference between the Opensky Plus and the regular Opensky is their annual fee. The original Opensky Secured Visa has a $35 annual fee whereas the new Opensky Plus has no annual fee at all. The Opensky Plus has made the brand even more competitive as more and more secured credit cards are doing away with their annual fee and consumers are beginning to pick up on that.

The One with No Annual Fee has Higher Security Deposit Requirement

The original Opensky has a minimum deposit requirement of $200. The new Opensky Plus has a higher deposit requirement of $300. So while you do not pay any annual fee for the Opensky Plus, the minimum deposit requirement is higher by $100. I suspect that should not be an issue for most of you.

Both Opensky Credit Cards Have Similar Great Benefits

Aside the the key differences mentioned, both Opensky credit cards share all the similar traits that make them a favorite with rebuilders.

No Credit Checks, No Hard Inquiries

Both Opensky credit cards do not perform any credit checks and you will definitely be approved after you apply. The part that you have to do is to fund your security deposit after you are approved in order to get the card to be mailed to you.

Chance for Credit Limit Increase without the need for Additional Security Deposit

Unlike most secured credit cards, both Opensky credit cards may actually give you a credit limit increase without you having to top up your security deposit. If this happens, then your card becomes a partially secured credit card since your credit limit will be greater than your security deposit. Opensky may offer you this credit limit increase in as little as 6 months.

Chance to graduate to to Opensky's unsecured credit card in as little as 6 months

Both Opensky credit cards may offer you a chance to graduate to their own unsecured credit card. Yes, Opensky has their own unsecured credit card called the Opensky Gold Unsecured Visa. The unsecured card has a $35 annual fee and a starting credit limit of $500.

You cannot apply directly for the Opensky Gold Card but have to get it through a graduation from either of Opensky's secured credit card. You can graduate in as little as 6 months according to Opensky.

Which is better? Opensky Plus or Opensky?

If I had to pick between the two, I would definitely choose the Opensky Plus over the regular Opensky because the Opensky Plus has no annual fee. And as someone who is either building or rebuilding my credit, I want to minimize fees that I pay on any rebuilder credit card. Yes, the minimum security deposit of $300 for the Opensky Plus is $100 higher than the $200 required for the regular Opensky card. But that is really a small difference.

The Opensky Plus shares all the other great features as the Opensky and with no annual fee, it is a no-brainer. Approval rate for both card is 85% according to Opensky. You would expect close to 100% approval but you may be denied if you have burnt a previous Opensky card in a bankruptcy or if there are discrepancies in your address or name in your credit report.

If you are a rebuilder, I would definitely recommend either Opensky credit card but especially the Opensky Plus version.