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OpenSky® Secured Visa® Credit Card
REVIEW

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32 CARDHOLDER REVIEWS
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By : Mr Credit Card
  • No credit check to apply and find out instantly if you are approved.
  • OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years
  • Get considered for a credit line increase after 6 months, with no additional deposit required
  • You could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months
  • Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card
  • Nearly half of OpenSky cardholders who make on-time payments improve their FICO score 30+ points in the first 3 months
  • Easy application, apply in less than 5 minutes right from your mobile device
  • Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule


No Credit Checks and Graduation Opportunity after 6 Months

The Opensky secured credit card is one of the most reputable secured credit cards for rebuilders. And there are plenty of reasons. Firstly, they do not check your credit when you apply so you will definitely get your card when you fund your security deposit. Opensky now offers two other features that make it even more attractive. They will consider you for a credit limit increase without any additional security deposit after 6 months. You will also be considered for a graduation to Opensky's unsecured credit (which is not available for direct application) after as few as 6 months. This makes Opensky really unique in the rebuilder secured credit card space. You also do not need a checking account to get the card. Opensky allows you to pay your bills and fund your security deposit with Western Union.


Card Details

Annual Fee $35
Regular APR 18.14% *Variable
Security Deposit $200 to $2,000


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 when you apply for the card. 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.

3. Graduation to Unsecured Credit Card - Opensky will also consider your account for a graduation to their unsecured credit card in as little as 6 months. You can only get this unsecured credit card from a graduation from their secured card and cannot apply directly.


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 when you apply 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 graduating to an unsecured credit card.


Pros: Much to Like

  • No Credit Checks - Opensky does not perform any hard inquiry when you apply. You will definitely be approved when you apply. 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 Graduate to Unsecured Card - Opensky will also evaluate your account for an opportunity to graduate to Opensky's 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

The Opensky secured credit card is one of the most reputable secured credit card in the rebuilder community. It's appeal is that they do not check your credit report and score when you apply so you will definitely be approved. This is a very important feature because many rebuilders have been denied regular secured credit cards. You would think that it would be easy to get a secured credit card because you would have to put up a security deposit. But that is not always the case for a rebuilder.

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 an upgrade to their unsecured credit card as soon as 6 months. If you do graduate to their unsecured card, you would have avoided two hard inquiries (one when applying for a conventional secured credit card and another when you apply for an unsecured credit card).

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 graduate you to an unsecured credit card (and thus saving you two hard inquiries).

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 when you apply, 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 graduate to an unsecured credit card and thus saving another hard inquiry. 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.


Other Card to Pair with Opensky

If you do decide to get the Opensky, you should also consider these other "no credit check" cards to pair with them in your rebuilding efforts.

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

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When does Opensky report to credit bureaus?

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When does Opensky report to credit bureaus?

When your online statements get generated.

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When does payment post?

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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.

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Does Opensky pay interest on your security deposit?

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Does Opensky pay interest on your security deposit?

No, they do not. But it is FDIC insured.