OpenSky® Secured Visa® Credit Card

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Picture of OpenSky® Secured Visa® Credit Card
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By : Mr Credit Card
Last Update : Jun/10/2018

Pros


  • No credit checks - guaranteed approval
  • Reports To All 3 Bureaus
  • Reports As Unsecured
  • Reasonable Annual Fee
  • Can fund account with Western Union and Debit Card
  • Can sign up for recurring payment

Cons

  • Opensky has no unsecured credit card so you cannot graduate


Bottom Line

This is one of the best credit cards for rebuilders, especially if you have been declined by all the other usual suspects like Capital One secured, Discover secured and even cards like Credit One etc. If you want to avoid another hard pull, this is the card to get. Because there is no credit check, approval is guaranteed as long as you fund your card and your provide the correct details in your application.

Application Tips

The quickest way to get your card is to fund it with your debit card. After you fill in your details and submit your application, you will get an email to either fund now or later. If you choose to fund now, have your bank debit card ready. Once that is done, your card will be shipped to you. If you choose to fund later, you can either use bank wire transfer, checks or money orders or Western Union. Those will take longer to clear and you will receive your card later.


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Card Details
Card Details

Annual Fee: $35

APR: 18.89%

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.

Funding Your Card
Funding Your Card

One of the ways this card is different from other secured credit card is that you can fund the card in a few different ways. The most efficient and quickest way to fund your card is by a debit card (either a bank debit card or just a regular debit card). If you choose to fund it this way, you will get your card sent out to you immediately once the funds go through. Alternative, you could choose wire transfer, check or money order and even Western Union.
 

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Peer Comparison
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
Opinion and Verdict

The OpenSky® Secured Visa® Credit Card 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
Application Forms

Below is a screenshot of the application of the Opensky® Secured Visa® Credit Card. It is pretty intuitive. You fill in the usual details like your name, date of birth, SSN, email and phone address. For the part on financial information, you need to fill in your monthly rent or mortgage. When it comes to funding your account, you will be given a choice to fund it now or to wait. As mentioned earlier, when you choose to fund it now, you have to provide your debit card details. This is the fastest way to funding and you will get your card shipped out the fastest. If you choose to fund later, then you have to fund either via bank wire transfer, check or money order or by Western Union.

 

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