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Issued by Capital Bank, it offers a way to build your credit by using what's known as a secured card. That means you put down a refundable deposit, which becomes your credit limit on the card.
Is the OpenSky® Secured Visa® Credit Card an actual credit card?
Yes, the OpenSky® Secured Visa® Credit Card is an actual credit card. But unlike a traditional "unsecured" card that requires no collateral, it's a “secured card,” so it requires an upfront deposit. You can determine the size of the deposit, which is also your credit limit and can be as low as $200. The maximum amount is $3,000 and you can get the deposit back when you close the account in good standing.
Does the OpenSky® Secured Visa® Credit Card charge an annual fee?
The card does carry an annual fee, which is $35.
Does the OpenSky® Secured Visa® Credit Card require a credit check?
According to the issuer, the application doesn't require a credit check, and it can be completed in under five minutes.
It's rare to find credit cards — even secured cards — that don't perform a hard pull of your credit when you apply.
Does the OpenSky® Secured Visa® Credit Card report to the U.S. credit bureaus?
Yes. As you use the card, your payment history is reported each month to all three major credit bureaus: Equifax, Experian and TransUnion.
This reporting helps build your credit over time, as long as you continue making on-time payments.
Does the OpenSky® Secured Visa® Credit Card offer an upgrade path?
Capital Bank, the issuer of the OpenSky® Secured Visa® Credit Card, says cardholders may be eligible for an unsecured card, the OpenSky Visa® Gold Card, in as little as six months. You can't apply for the Gold card separately; it's available only as a "graduation" option for holders of the secured card.
Does the OpenSky® Secured Visa® Credit Card earn rewards?
No, the OpenSky® Secured Visa® Credit Card doesn’t earn rewards, which is typical for cards aimed at those with poor credit (FICO scores of 629 or lower).
For a limited time when you apply for the OpenSky® Secured Visa® Credit Card, you can qualify for an automatic $50 unsecured credit line increase after three on-time payments, up to $200 in your first year, with no additional deposit required. Terms apply.
What else makes the OpenSky® Secured Visa® Credit Card unique?
Not only can you bypass a credit check during the application process, but you also don't need a bank account to qualify for this card.
However, you do need to provide a Social Security number or individual taxpayer identification number and show that your monthly income exceeds your monthly expenses.