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Opensky Secured Visa vs First Progress Secured Credit Cards

 
 
 
 
 
 
 
 
Card Name
OpenSky® Secured Visa® Credit Card
First Progress Platinum Elite MasterCard® Secured Credit Card
First Progress Platinum Select Mastercard
First Progress Platinum Prestige Mastercard® Secured Credit Card
Annual Fee
$35
$29
$39
$49
APR
25.64%*Variable
24.74%*V
18.74%*V
15.24%*V
Security Deposit (Credit Limits)
$200 - $3,000
$200 - $2,000
$200 - $2,000
$200 - $2,000
Credit Limit Increase without additional security deposit
Yes - Evaluated after 6 months
No
No
No
Graduates To Unsecured
Yes - Evaluated after 6 months
No
No
No


 

2 Secured Credit Cards with No Credit Checks

Both the Opensky and First Progress credit cards have one thing in common, and that is they do not check your credit when you apply. It means that you will definitely be approved if you fund your security deposit. It makes both these cards ideal for rebuilders who have been previously denied by other secured credit cards (yes, you can be denied a secured credit card even though you are supposed to put up a security deposit). In this comparison, we will look at both Opensky and First Progress and see which is the better card.


The Basics

Opensky Basics

Opensky is a secured credit card that does not perform any credit checks and approval is guaranteed as long as you fund your security deposit. The annual fee is $35 and you can deposit anywhere between $200 and $3,000 as your security deposit (which becomes your credit limit). One of the unique features of the Opensky credit card is that you may get a credit limit increase without having to top up your security deposit after 6 months. Better yet, you may even graduate to an Opensky Gold Unsecured credit card after 6 months.

First Progress Basics

First Progress actually have three credit cards. Each comes with a slightly different annual fee and regular APR. What they do have in common is that you can deposit anywhere from $200 to $2,000. They also have a mobile app (though it is for android phone users only). Here are the three different versions of their cards.

First Progress Elite Mastercard - This version has an annual fee of $29 and a regular APR of 22.24%.

First Progress Select Mastercard - This version has an annual fee of $39 and a regular APR of 16.24%.

First Progress Prestige Mastercard - This version has an annual fee of $49 and a regular APR of 12.24%


Similarities

  • No credit checks - Both Opensky and First Progress do not perform any credit checks and you will definitely be approved as you will receive your card as long you fund your security deposit.

  • Same Min Secuirty Deposit - Both require only a minimum of $200.


Differences

  • Opensky may increase limits without more deposits - Opensky may increase your credit limits without you adding additional security deposits after 6 months. First Progress does not offer this feature.

  • Opensky may graduate to an unsecured card - Opensky may graduate you to an unsecured credit card as early as 6 months. First Progress does not have any unsecured credit cards in their offerings.


Which is better?

Both the Opensky and First Progress credit cards are ideal for rebuilders who want to rebuild with a secured credit card but have been denied repeatedly and do not want to risk another hard inquiry. Because both do not check your credit report, approval is assured as long as you fund your security deposit.

In many ways, they are both identical. But recently (late 2021), Opensky added a couple of features that really made it standout. Firstly, they might increase your credit limit without you having to increase your security deposit after 6 months, thus making your card a partially secured credit card. They will also consider graduating you to a Opensky Gold Unsecured Card after 6 months. More likely, most cardholders are likely to go through those two processes. Firstly, you are likely to get a credit limit increase without having to add additional security deposit. You are then likely to be graduated to an unsecured credit card after this. This is all contingent on you paying your bills on time (and preferably in full) and getting your scores up over time.

To sum up, though both First Progress and Opensky do not check your credit when you apply and will definitely approve you, the Opensky is the better card to get because you can get a credit limit increase without additional deposits and also be graduated to their unsecured credit card. First Progress does not offer these features.