Opensky® Plus Secured Visa® Credit Card with $0 Annual Fee
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Card Details

Annual Fee	$0
Regular APR	29.99% *Variable
Security Deposit	$300 to $3,000

Key Features and Benefits

Below are the key features and highights on the card.

1. No Annual Fee - This is a huge one. The original version of the Opensky credit card had a $35 annual fee. Over time, this became less competitive as new secured credit cards and even mainstream credit card issuers offered secured credit cards with no annual fee. This move by Opensky neutralized this and matches all top secured credit cards in this area.

2. No Credit Checks - Opensky does not check your credit. You will definitely be approved but you will only get your card when Opensky receives your security deposit. Opensky has this edge over secured credit cards from mainstream issuers like Discover and Citi, who may actually decline you and ding you with a hard inquiry if your credit scores are really bad or if you have just discharged from a bankruptcy. This is also good news for rebuilders who have either have a really bad scores and too many unsettled charge offs and collections or those who have just been discharged from their bankruptcy and want to immediately start rebuilding their credit.

3. Credit Limit Increase - Opensky will evaluate your account for a credit limit increase without additional security deposit after 6 months. Many folks have gotten between $100 to $300 increases within 6-12 months. When this happens, it becomes a partially secured credit card. This point is often overlooked because many secured credit cards make you jump through hoops if you want to add security deposit to increase your credit limit.

4. Graduate to Opensky's Unsecured Credit Card - Opensky has an unsecured credit card called the Opensky Gold Card, which has an annual fee of $59 and a starting credit limit of $500. It is only available to holders of Opensky's secured credit card if they have a good payment history. If you have been paying on time on your Opensky Plus secured credit card, you will technically be "invited" for the Opensky Gold Card. There will be no credit checks or hard inquiry and no application as well. Once you are invited, you will get the card.

5. Free FICO Score - Opensky is one of the rare credit cards that gives you a true TransUion FICO score for free and you can check your scores every month to monitor your progress in your rebuilding efforts. Though many credit cards provide "free credit scores", Opensky's credit score is an actually FICO score and not Vantage score that others offer.
6. Has Mobile App and Can Set Up Autopay - This may seem like a trivial issue for many people but some subprime issuers still do not have mobile apps. And some still do not have autopay for their customers. Opensky has both a mobile app and you can also set up autopay so you will never miss a payment.

Competition

Card	Annual Fee	Security Deposit	Credit Checks	Other Requirements
Opensky Plus	$0	$300 - $3,000	Yes	No
Opensky	$35	$200 - $3,000	Yes	No
First Progress Select	$39	$200 - $2,000	No	No
Chime	$0	No min or max range	No	No
Sable One	$0	$10 - $10,000	No	No

I am now going to compare the Opensky Plus with other secured credit cards that do not perform any credit checks as this is the key feature that differentiates Opensky Plus and it's competitors from regular secured credit cards.

Opensky Plus vs Regular Opensky

The original Opensky has the same features as the Opensky Plus except in 2 areas. Firstly, the Opensky Plus does not have any annual fee whereas the regular Opensky has a $35 annual fee. Furthermore, while the regular Opensky has a minimum deposit requirement of $200, the Opensky Plus minimum security deposit is a tad higher at $300. However, the Opensky Plus gives you up to 60 days to fund your security deposit and even in increments.

Aside from these two differences, they are identical in all other ways. You may/can get credit limit increases without the need for additional security deposit and you may graduate to the Opensky Gold Card, which is Opensky's unsecured credit card in as little as 6 months.

From an annual fee perspective, the Opensky Plus is the better card.

Compared to Traditional No Credit Check Secured Credit Cards

The most similar credit card to Opensky are the credit cards from First Progress. First Progress has three credit cards, each with a different annual fee and APR. We will take the one in the middle (which is the First Progress Platinum Select Mastercard) to compare with the Opensky Plus.

All First Progress secured credit cards have annual fees. The "Select Version" has an annual fee of $39 whereas the Opensky Plus does not have any annual fee. Like Opensky, First Progress may increase your credit limit without the need for additional security deposit. You can deposit up to $2,000 and hence set your own credit limit to that level. First Progress can increase your credit limit without additional security deposit and bring your total credit limit up to $5,000. Opensky Plus may also increase your credit limit without the need for additional security deposit though they never explicitly state what is the maximum credit limit you can get on the card.

Opensky Plus may graduate you to the Opensky Gold Card, which is Opensky's unsecured credit card in as little as 6 months. The process involves no hard inquiry and you will definitely be approved once you are "invited". First Progress, on the hand, has partnered with First Digital Mastercard. If you pay your first 6 bills on time with First Progress, you will be offered the First Digital credit card. While the Opensky Gold Card has a $39 annual fee and a starting credit limit of $500, First Digital has a starting credit limit of $300 and charges annual fee, program fee and a monthly fee from the second year onwards. From a fee and credit limit perspective, the Opensky Gold Card is better than the First Digital Mastercard. The Opensky graduation process does not involve any credit checks whereas the First Progress offer to apply for First Digital Mastercard involves an actual application and hence a hard inquiry. Having said that, First Progress will definitely offer you the First Digital Mastercard if you pay your first 6 bills on time whereas Opensky does not make such a hard promise.

There is one feature that the First Progress Select and Prestige have which Opensky Plus does not have, and that is you can earn 1% cash back on all purchases with two of First Progress secured credit cards (the Select and Prestige versions).

In terms of payment methods, I think the Opensky Plus is better than First Progress because at the moment, you cannot set up autopay with First Progress (hard to believe isn't it?) whereas, you can easily set up autopay with Opensky.

Compared to New Fintech Secured Credit Cards

There are some new secured credit cards from Fintech firms that also has no credit checks and they also have no anual fee. They do however, require that you open an online bank account and in some cases, set up a direct deposit as well before you can get the secured credit card. Examples of such firms and cards include the Chime Credit Builder Secured Card and Sable One Secured Card. I think the Opensky Plus is better than these credit cards because it also has no annual fee and does not perform any hard inquiries, but more importantly, Opensky does not require you to open any bank account with them (they do not have a bank) nor set up any direct deposit. Opensky may also graduate you tos their unsecured credit card. Both Chime and SableOne do not graduate you to an unsecured credit card. The Opensky Plus may increase your credit limit without the need for additional security deposit. These new FinTech secured credit cards do not offer this perk or feature.

Our Take: Opensky Plus is Arguably One of the Best Secured Credit Cards for Rebuilders

Opensky is one of the most reputable rebuilder secured credit cards because it does not perform any credit checks and because the customers are generally happy with customer services, the ease of their payment system (the same cannot be said of other subprime issuers). Recently, Opensky introduced their Opensky's own Gold unsecured credit card for existing Opensky secured card holders who have shown good payment history and have steadily increased their credit score. For existing cardholders, this is a chance to graduate to an unsecured credit card and for Opensky, it is an opportunity to keep their secured credit card customers even as they move on to an unsecured credit card.

Opensky then also began to increase some cardholder's credit limit without the need for any additional deposit. Now, they have upped the game again by introducing the Opensky Plus, which has no annual fee. And I think this is a winner.

With no annual fee, no credit checks, the possibility of a credit limit increase without the need for additional security deposit, the chance to apply for a decent unsecured credit card by Opensky and free access to your TransUnion FICO score, the Opensky Plus gets our highest recommendation. You could find a couple of things to be picky about. For example, there have no reward program whereas some secured credit cards do. But seriously, I doubt any rebuilder is really concerned about having a reward program. The other thing you might have an issue with is that the minimum security deposit for the Opensky Plus is $300 whereas it was only $200 with the regular Opensky credit card. But the Opensky Plus allows you up to 60 days from approval to fund your security deposit and you can do so in increments as well.

If you are a rebuilder with a lot of unresolved charge offs and collections on your credit report, chances are that you have been denied other rebuilder credit cards (including secured credit cards from mainstream issuers). If this describes you, I highly recommend that you save up or cough up at least $300 for a security deposit and get the Opensky Plus secured credit card. As there is no credit check and hard inquiry, you will definitely be approved. All you have to do is to fund your security deposit and you are off to the races to rebuild your credit.

To sum up, after evaluating and reviewing the Opensky Plus Secured credit card, we have decided to give it a 4.5 star out of 5 for it's absence of annual fee, the possibility of a credit increase without adding new deposit, the chance to get an unsecured credit card, free FICO score and a decent mobile app. We would have given this card a full 5 star out of 5 rating if not for it's lack of reward program and $300 minimum security deposit (higher than the usual $200).

How to Use the Opensky Plus Credit Card

Here are a few tips on how to set up and use your Opensky Plus card once you have gotten it. As Opensky may give you a credit limit increase and invite you to apply for their unsecured credit, it is important you use your secured credit card wisely for the get go.

1. Fund your secured credit card with enough security deposit - Most credit bureaus recommend that you only utilize 30% of your available credit. Hence, you have to figure out how much you will spend on your card every month and deposit an amount of security deposit such that you will only be spending 30% of that amount. For example, if you intend to charge $300 a month on your card, then you should deposit $1,000. This buffer is also important because when you rent a car or fill up your gas at some stations, a payment hold will be put on your card temporarily and you want to have enough credit limit for that.

Set up autopay immediately - Since you could be rewarded by Opensky with an increased credit limit or an unsecured credit card, you should set up autopay immediately after you have funded your account even if you are still waiting for the credit card to arrive in the mail. You set up your online account and mobile app and make sure you are familiar with their payment system.

Strategy for small credit limits - If all you could afford right now is a $300 security deposit and hence $300 credit limit, then you should just charge a recurring bill (netflix for example) to the card and not anything else. That way, you keep your credit utilization very low and increase your chance of a quick improvement in your credit score.

Other Cards to Pair with Opensky Plus without Hard Inquiry

Most rebuilders should be looking at getting a couple of secured credit cards to rebuild their credit, move their scores up to mid 600 within a year or two and then aim for no annual fee or low annual fee unsecured credit cards. Aside from Opensky Plus, here are a couple of other goods cards to pair the Opensky with.

Self Credit Builder Loan and Secured Credit Card - The Self Credit Builder Loan is a great pairing with the Opensky Plus Secured Visa. You start off as a credit builder loan and once you have saved a minimum of $100, you can get their secured credit card and use your "savings" as a security deposit. Like the Opensky Plus, there are no credit checks and hard inquiries for both their credit builder loan and secured credit card. This is one of the most popular pairing for rebuilders who are just starting out their rebuilding journey.

Extra Debit Card - For those of you who do not want to put too much deposit on the Opensky Plus. do not want to have the temptation to carry a balance, then the Extra Debit Card could be a good pairing and addition to your credit rebuilding stack. It is a debit card that actually reports to both Experian and Equifax. It does have a monthly fee but also a 1% flat rate cash back program that can help offset the monthly fee.

FREQUENTLY ASKED QUESTIONS

How long does it take for Opensky Plus to increase your credit limit?

How long does it take for Opensky Plus to increase your credit limit?

How long does it take before I can be invited to apply for the Opensky Gold Card?

How long does it take before I can be invited to apply for the Opensky Gold Card?

When does Opensky report to credit bureaus?

When does Opensky report to credit bureaus?

When does payment post?

When does payment post?

Does Opensky pay interest on your security deposit?

Does Opensky pay interest on your security deposit?

Can I change my due date

Can I change my due date