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OpenSky® Secured Visa® Credit Card
Consumer Reviews: 29
Regular APR
18.64%*V
 
 
4.0

OpenSky® Secured Visa® Card
REVIEW

Advertiser Disclosure
Picture of OpenSky® Secured Visa® Credit Card
Apply Here
A Secured Card For Those Who Have Been Declined For Other Secured Cards
  • Because it has no credit checks
  • Reports To All 3 Bureaus
  • Reports As Unsecured

By : Mr Credit Card

Introduction

The OpenSky Secured Visa Card is one of the rare cards (let alone secured card) that does not do any credit checks for it's applicants. That means that if you fill out your details correctly and have the money to fund your deposit account, then you should be good to go. This is perhaps the best appeal for this card (especially for those with really bad credit and baddies on their report) because many secured cards turn down applicants if they have less than perfect scores.
 

Card Details

Annual Fee: $35

APR: 18.39% (variable rate)

Reports As: Unsecured

Automatic Upgrade To Unsecured Card: No

Funding Methods: Debit/Prepaid Card, Bank, Western Union, Snail Mail Check or Money Order.

Interest Earned On Deposit: 0%.

Minimum and Maximum Deposit Range: $200 to $3,000.  

Peer Comparison

For most card reviews, I normally compile a table of relevant comparable cards and list their features side by side. However, I feel that there is no need to do it for this review. If I were to make a list of secured credit cards, there would be over 100 of them. But most secured cards are quite similar. They have annual fees that range from $0 to $45. Their interest rates could go as low as 9.99% to 23.99% (thereabouts). Most require about $250 to $300 as a minimum deposit. Some report as secured while some report as unsecured. Some issuers allow you to graduate to an unsecured card automatically after one year while others do not.

However, what sets this card apart from it's peers is that there is no credit check. This is important because though secured cards are meant to be "secured" in that your credit line is based on your collateral, many issuers have been known to turn down applications due to poor credit scores and dings on your credit report. Many mainstream bank issuers like Wells Fargo and US Bank have been known to turn down applicants with poor credit for their secured card products. Even BK friendly issuers like Capital One have declined folks for their secured cards.
 

Opinion and Verdict

The OpenSky is perhaps the secured card to turn to if you have been declined of other secured and sub-prime unsecured cards. Issuers like US Bank, Wells Fargo, Capital One and many credit unions all perform hard pulls on your credit report. The fact that it does not check your credit means that as long as you have filled in the correct information and can fund your account, you should be approved.

When you have a 750 credit score, you could take a 5 to 15 point hit on your score because of a hard pull. But when you score is in the low 500s or even 400s, with a couple of collections, charge offs and delinquent accounts, that ding on your score because of a hard pull sure hurts.

If your credit is really bad and/or if you have been declined other secured cards, this would be the card that I would apply for.
 

Application Forms

Below is a snapshot of their online application forms.

opensky application form part 1opensky application form part 2

 

 



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