By : 
Mr Credit Card
Mr Credit CardNo Credit Checks and Unsecured Opportunity after 6 Months
Card Details
| Annual Fee | $35 |
| Regular APR | 25.64% *Variable |
| Security Deposit | $200 to $3,000 |
Key Features
The Opensky has 3 key features that make it such an attractive card for rebuilders.1. 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.
2. 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.
3. Pre-approved for Unsecured Credit Card - After 6 months, Opensky will also consider your account for their unsecured Gold credit card and pre-approve you. The annual fee for the unsecured Gold credit card is $59 and it has a starting credit limit of $500.
Competition
| Card | Annual Fee | Security Deposit | Graduate to Unsecured | Credit Checks |
|---|---|---|---|---|
| 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 |
Compared to Traditional No Credit Check Secured Credit Cards
There are actually quite a few secured credit cards that do not check your credit. Examples include First Progress and Applied Bank . While they all do not check your credit and have roughly similar annual fees and security deposit range, they all do not offer features like credit limit increases without additional security deposit and they do not offer any graduation to an unsecured credit card.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 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. However, despite being better than Opensky in the area of having no annual fee, they do not offer any credit limit increase without having to put additional security deposit. They also do not offer any chance of getting pre-approved for any in-house unsecured credit card.Pros: Much to Like
- No Credit Checks - Opensky does not perform any hard inquiry. You simply have to fund your security deposit to get your card.
- Credit Limit Increase - Opensky will evaluate your account for a credit limit increase without the need for additional security deposit after 6 months.
- Opportunity to apply for Opensky Gold unsecured credit card - Opensky will also evaluate your account and they might pre-approve you for their Gold unsecured credit card.
- Reports to Credit Bureaus - Opensky reports to all three major credit bureaus.
- Mobile Apps and AutoPay - While these are common features for a prime card, you would be surprised that many rebuilder cards do not have these features.
Cons: What We Don't Like
- Annual Fee - To be fair, Opensky has a very reasonable annual fee and they are common in secured credit cards. But there are a few no credit check secured credit cards that do not have annual fee. In the big scheme of things, this is a minor complaint.
Our Take: One of the Best Rebuilder Secured Credit Card That Graduates
Aside from avoiding a hard inquiry, you will also be evaluated for a credit limit increase without additional security deposit after 6 months (hence making it a partially secured credit card). Your account will also be evaluated for pre-approval for Opensky's own Gold unsecured credit card as soon as 6 months.
There are quite a few secured credit cards that have no credit checks and the newer ones also have no annual fee. But none of them will give you a credit limit increase without the need for additional security deposits and none will provide you a pathway to their own unsecured credit card. Here are a couple of cardholder comments:
I started off with $500 on Opensky in 2021. I just checked my app and saw that my new credit limit is now $700. It is now 7 months so I got a $200 CLI after 7 months (as a reference point).
I got that opensky gold pre approved message as well yesterday. 500 credit limit and $59 annual fee are the terms offered.
To sum up, after reviewing and evaluating the Opensky Secured Visa, we have decided to give it a 4.5 star out of 5 for the fact that there is no credit checks, that you can fund your security deposit with Western Union, get a credit limit increase without coughing up more deposit and also the chance to get pre-approved for their own unsecured credit card. Furthermore, Opensky also has a mobile app and allows you to set up autopay. The fact that it has an annual fee prevents us from giving it a full 5 star rating. If you are a rebuilder, the Opensky is one of the few cards we will happily recommend.
Further Reading: See application instructions for Opensky for instructions and tips.
Other Card to Pair with Opensky
1. Self Credit Builder - Self Credit Builder Loan reports as an installment loan in your credit report and gives you a better "mix" as far as your credit profile goes. There are no credit checks so you will definitely be approved.
2. Buy On Trust Lending - Buy on Trust Lending is a lease to own electronics store where you can purchase electronics that are available and fulfilled by your nearest Best Buy Store. There are no credit checks though you need a minimum income of at least $1,000 from the same source for the last 3 months. What is attractive is that you can get a $5,000 credit limit which will help your overall credit limit and utilization score. The way to use this card is to make a small purchase that you need and pay it off quickly in a few months.
FREQUENTLY ASKED QUESTIONS
When does Opensky report to credit bureaus?
When does Opensky report to credit bureaus?
When your online statements get generated.
When does payment post?
When does payment post?
Payment will post immediately if you do not pass the time of day deadline. Credit is available almost immediately for most consumers even though Opensky states it may take up to 5 days.
Does Opensky pay interest on your security deposit?
Does Opensky pay interest on your security deposit?
No, they do not. But it is FDIC insured.
