OpenSky Plus Secured Review: No Annual Fee or Credit Check

This credit card doesn't even require a bank account. But there is a hefty $300 minimum security deposit, and you don't have ideal upgrade options when you're ready to move on.
Jae Bratton
By Jae Bratton 
Edited by Kenley Young

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NerdWallet rating 
The bottom line:

This can be an excellent pick for those who have bad credit or are unbanked. The security deposit is on the high side, but you won't pay an annual fee — and unlike annual fees, security deposits are refundable.


  • No annual fee

  • Qualify with limited/bad credit


  • Requires minimum deposit

  • No rewards

Jump to: Detailed review
Capital Bank Open Sky Plus Secured Visa Credit Card
Annual fee
Regular APR
29.99% Variable APR
Intro APR
Rec. credit score
300-850 (Poor - Excellent)
Apply now

on Capital Bank's website

  • Annual fee


  • Rewards rate


  • Bonus offer


  • Intro APR


  • Ongoing APR

    APR: 29.99% Variable APR

    Cash Advance APR: 29.99%, Variable

  • Foreign transaction fee

    3% of each Transaction in US dollars

More details from Capital Bank
  • Limited Time Offer: $200 minimum refundable security deposit. Click “Apply Now” to see additional terms and conditions.
  • No annual fee
  • No credit check to apply. Find out instantly if you are approved- Zero credit risk to apply!
  • Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments
  • Get considered for an unsecured credit line increase after 6 months - no additional deposit
  • Monitor your credit progress with free access to your FICO Credit Score.
  • Reports to all 3 major credit bureaus monthly to establish and build credit history.
  • Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
  • 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
  • Now you can make smaller partial payments towards funding your security deposit over 60 days
  • Over 1.2 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit

Compare to Other Cards

NerdWallet rating 
NerdWallet rating 
Annual fee


Annual fee


Regular APR

29.99% Variable APR

Regular APR

28.24% Variable APR

Intro APR


Intro APR

10.99% intro APR on Balance Transfers for 6 months

Recommended Credit Score
Recommended Credit Score
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Detailed review: OpenSky® Plus Secured Visa® Credit Card

The OpenSky® Plus Secured Visa® Credit Card has a lot of upside for those with poor credit (credit scores of 629 or lower). Unlike some other credit cards in its class, the annual fee is $0, you don't need a bank account to get it, and there's no credit check when you apply, meaning there'll be no temporary impact on your credit scores.

If you're unbanked and/or have struggled to get approved for a credit card, that can be a powerful combination of features. But there are some trade-offs.

Since it's a secured credit card, the OpenSky® Plus Secured Visa® Credit Card requires an upfront security deposit. Usually, the minimum requirement is $300, which is a little higher than other secured cards. And while you can get that deposit back once you've demonstrated responsible card use — such as paying your bill on time — you don't have great options for moving up to a better product with OpenSky when you're ready. In fact, none of OpenSky's credit cards earn rewards, whereas some starter credit cards do.

OpenSky® Plus Secured Visa® Credit Card: Basics

Card type: Secured.

Annual fee: $0.

Security deposit: Normally $300 minimum, $3,000 maximum. Secured credit cards require you to provide a refundable security deposit, which determines your credit limit. The issuer holds this deposit as collateral in case you don't pay your bill. The OpenSky® Plus Secured Visa® Credit Card lets you pay your deposit in installments, but terms apply. More on that below.

Rewards: None.

Sign-up bonus: None.

Foreign transaction fee: 3%.

APR: The ongoing APR is 29.99% Variable APR.

🤓Nerdy Tip

Normally the OpenSky® Plus Secured Visa® Credit Card requires a $300 security deposit. But the issuer occasionally lowers that requirement. Right now, new cardholders can apply for the OpenSky® Plus Secured Visa® Credit Card with only a $200 security deposit.

Benefits and perks

No annual fee

The OpenSky® Plus Secured Visa® Credit Card doesn’t charge an annual fee, making it less expensive to carry than other credit cards for bad credit (including its cousin, the OpenSky® Secured Visa® Credit Card). The absence of an annual fee puts the OpenSky® Plus Secured Visa® Credit Card in direct competition with other $0-annual fee secured cards such as the Capital One Platinum Secured Credit Card and the Chime Secured Credit Builder Visa® Credit Card.

Chime says the following:

  • The Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

  • To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

  1. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

  2. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

  3. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

  4. Out of network ATM withdrawal and over the counter advance fees may apply. See here for details:

No credit check required

The OpenSky® Plus Secured Visa® Credit Card joins a growing list of credit cards that don't require a credit check in order to qualify. Here's why that might matter: A hard pull on your credit report can cause your credit score to temporarily dip a few points, a less-than-ideal consequence for people who already have bad credit. By not requiring a credit check, OpenSky® Plus Secured Visa® Credit Card better serves its target consumer trying to restore their credit. 

No bank account required

You don't need to have a bank account to qualify for the OpenSky® Plus Secured Visa® Credit Card, which sets it apart from most other cards on the market. To fund the security deposit, you can use a money order or Western Union payment, and you can also pay your monthly bill with a money order if you so choose. Just be aware that these funding methods come with their own costs.

Security deposit may be paid in installments

Putting up the money (normally $300) to fund the security deposit for the OpenSky® Plus Secured Visa® Credit Card might feel daunting, but the deposit can be paid in increments, as long as it's paid within 60 days. The minimum payment amount is $25. If by the end of the 60 days the deposit hasn’t been paid, consumers will have to reapply for the card.

🤓Nerdy Tip

As with other secured cards, the security deposit you put down for the OpenSky® Plus Secured Visa® Credit Card is refundable if the account is in good standing when you close the card or upgrade it. Cardholders will receive their deposit within eight weeks after the credit card balance has been paid in full.

How it compares to the OpenSky® Secured Visa® Credit Card

The OpenSky® Plus Secured Visa® Credit Card has a sibling card: the OpenSky® Secured Visa® Credit Card. Aside from their names, the primary differences are that the Plus version charges a $0 annual fee and typically requires a $300 minimum security deposit. In comparison, the non-Plus version has an annual fee of $35, but the normal security deposit is $200. Here's how the two cards compare:

OpenSky® Secured Visa® Credit Card

OpenSky® Plus Secured Visa® Credit Card

Annual fee






Sign-up bonus




The ongoing APR is 25.64% Variable APR.

The ongoing APR is 29.99% Variable APR.

Minimum security deposit

Normally $200. Right now you can get a $200 credit line for $149.

Normally $300. Right now, $200.

Checking account required



Drawbacks and considerations

Relatively steep security deposit

Normally, the minimum security deposit for the OpenSky® Plus Secured Visa® Credit Card is $300 — significantly more than it is for the OpenSky® Secured Visa® Credit Card and for many other secured credit cards. As mentioned earlier, you can eventually get the security deposit back, and you’re able to pay for the deposit in installments. Still, a $300 out-of-pocket expense that may not be refunded until months later can be a significant financial burden.

If you can’t or don’t want to tie up hundreds of dollars to open a credit card, consider cards without a security deposit requirement, such as the Mission Lane Visa® Credit Card.

No rewards 

The primary objective of a secured card is to build or mend your credit, not earn rewards. But getting cash back on purchases made with your card is still a nice perk. If you have bad credit but want a card that earns rewards, your options are limited to a few secured cards, including the Discover it® Secured Credit Card and the Capital One Quicksilver Secured Cash Rewards Credit Card

Poor upgrade options

After six months of using the OpenSky® Plus Secured Visa® Credit Card, you can be considered for a credit line increase and a possible upgrade to an unsecured credit card called the OpenSky Gold card. No additional application or credit check is required for invitation recipients. But the OpenSky Gold card is far from the best unsecured credit card on the market. It comes with a $59 annual fee and a maximum credit limit of only $700, and it doesn’t earn rewards.

If your credit has improved after responsible use of the OpenSky® Plus Secured Visa® Credit Card, it may be worth applying for another card. Many of the best credit cards for fair credit (FICO scores of 630 and above) don’t charge an annual fee and earn rewards.

Alternate Pick: Better upgrade path
Discover it® Secured Credit Card
NerdWallet rating 
Discover it® Secured Credit Card
Cash back for bad credit

Cardholders can be eligible to upgrade to another card in Discover's extensive portfolio in as few as 7 months. The Discover it® Secured Credit Card also earns rewards and comes with a sign-up bonus.

Read our review

How to decide if it's right for you

The biggest barrier to entry for the OpenSky® Plus Secured Visa® Credit Card is the security deposit. However, for those who have the funds and don't mind temporarily tying them up, it's a solid credit-building card, free of many fees common among cards for bad credit.

on Capital Bank's website


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