BEST CREDIT CARDSBEST CREDIT CARDSOPENSKY PLUS SECURED REVIEW: NO ANNUAL FEE OR CREDIT CHECK

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 Author Avatar
Mar 29, 2024 9:40 a.m. PDT
Edited by
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The Bottom Line

4.4

NerdWallet rating

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.

OpenSky® Plus Secured Visa® Credit Card Image
Apply Now
on Capital Bank's website
on Capital Bank's website
OpenSky® Plus Secured Visa® Credit Card
Annual Fee
$0
Rewards Rate
1%-10%
Cashback
Intro Offer
N/A
Recommended credit score
Intro APR
N/A
Regular APR
29.99% Variable APR
Recommended credit score
Annual Fee
$0
Rewards Rate
1%-10%
Cashback
Intro Offer
N/A
Recommended credit score
Intro APR
N/A
Regular APR
29.99% Variable APR
Recommended credit score
  • Annual fee

    $0

  • Rewards rate

    1%-10%

  • Bonus offer

    None.

  • Intro APR

    N/A

  • Ongoing APR

    APR: 29.99% Variable APR

    Cash Advance APR: 29.99%, Variable

  • Foreign transaction fee

    3% of each Transaction in US dollars

  • New feature! Earn up to 10% cash back on everyday purchases
  • 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
  • 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
  • Secure your credit line with a refundable security deposit - as low as $300.
  • Easy application, apply in less than 5 minutes right from your mobile device
  • Offers 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 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit

Pros and Cons

Pros

No annual fee

Qualify with limited/bad credit

Cons

Requires minimum deposit

Detailed Review

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.

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: Up to 10% back on select purchases.

Sign-up bonus: None.

Foreign transaction fee: 3%.

APR: The ongoing APR is 29.99% Variable APR.

Compare to Other Cards

ANNUAL FEE
$0
INTRO APR
N/A
REGULAR APR
29.99% Variable APR
RECOMMENDED CREDIT SCORE
ANNUAL FEE
$0
INTRO APR
10.99% intro APR on Balance Transfers for 6 months
REGULAR APR
28.24% Variable APR
RECOMMENDED CREDIT SCORE
ANNUAL FEE
$35
INTRO APR
N/A
REGULAR APR
25.64% Variable APR
RECOMMENDED CREDIT SCORE
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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 secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.

  • To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime® 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 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 2022 and October 2022 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 OTC advance fees may apply. View The Bancorp agreement or Stride agreement for details; see back of card for issuer.

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:

Empty Table Header

OpenSky® Secured Visa® Credit Card

OpenSky® Plus Secured Visa® Credit Card

Annual fee

$35.

$0.

Sign-up bonus

None.

None.

APR

The ongoing APR is 25.64% Variable APR.

The ongoing APR is 29.99% Variable APR.

Minimum security deposit

$200.

$300.

Checking account required

No.

No.

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.

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.

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.

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.

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Alternate Pick: Better upgrade path
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.


Methodology

NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.

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