Editorial Review

OpenSky Secured Visa Review: No Credit Check Necessary

You can qualify for this secured card with no credit check and no bank account. However, there's an annual fee, and the card doesn't give you a way to upgrade to a regular unsecured card.

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THIS PAGE MAY BE OUT OF DATE

This page includes information about one or more products not currently available on NerdWallet:

  • Deserve® Pro Mastercard

  • Capital One® Secured Mastercard®

  • Citi® Secured Mastercard®

As a result, offers described on this page may be out of date. See our NerdWallet’s Best Credit Cards page for updated offers.

Our Take

4.6

NerdWallet rating 

The bottom line: If you've struggled to qualify for a secured card because of poor credit or lack of a bank account, this card is a good option. But if you aren't facing such obstacles, you'd be better served by a secured card that upgrades you to a regular unsecured card after months of responsible use and doesn't charge an annual fee.

Capital Bank Open Sky Secured Credit Card

on Capital Bank's website

Annual Fee

$35

Regular APR

17.39% Variable APR

Intro APR

N/A

Recommended Credit Score

Quick Facts

Pros & Cons

Pros

  • No credit check required

  • Doesn't require a bank account

  • Reports to the three major credit bureaus

Cons

  • Has annual fee

  • High ongoing APR

  • Requires $200 mininum deposit

Alternate Pick: No deposit required

Deserve® Pro Mastercard

Qualify with no credit history

The Deserve® Pro Mastercard offers cash-back rewards for an annual fee of $0. While the card isn't available to those with bad credit, it's possible to qualify with no credit. It's also available to foreign citizens in the U.S. on L-1, O-1 or H-1B visas and immigrants with green cards.

Read our review

Compare to Other Cards

Capital One Secured Mastercard Credit Card

Capital One® Secured Mastercard®

Citibank Citi® Secured Mastercard® Credit Card

Citi® Secured Mastercard®

Annual Fee

$35

Annual Fee

$0

Annual Fee

$0

Regular APR

17.39% Variable APR

Regular APR

26.99% Variable APR

Regular APR

22.49% Variable APR

Intro APR

N/A

Intro APR

N/A

Intro APR

N/A

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score

Full Review

The OpenSky® Secured Visa® Credit Card stands out as one of the few secured credit cards that you can qualify for without a bank account or a credit check. That makes it a good option for a specific type of consumer: someone looking to establish or boost credit using a secured card but struggling to qualify for one because they lack a bank account or have poor credit.

Aside from being relatively easy to get, though, the card is unextraordinary. Unlike most secured cards from major issuers, the card comes with an annual fee. It also doesn't offer an option to upgrade to an unsecured card after months of responsible use, which means you'll have to close the account to get your security deposit returned.

Nerd tip: If you can qualify for a bank account, it’s worth applying for a low-fee checking account or a second chance checking account. Such an account could open the door to better credit cards and save you money on fees, compared with what you might otherwise spend on money orders, prepaid debit cards or check-cashing. You'll likely need one later if you plan on graduating to an unsecured credit card with another issuer.

OpenSky® Secured Visa® Credit Card: Basics

  • Card type: Secured.

  • Annual fee: $35.

  • Security deposit: $200 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.

  • Interest rate: The ongoing APR is 17.39% Variable APR.

  • Rewards: None.

  • Foreign transaction fee: 3%.

  • Cash advance fee: 5% of the amount of the advance (minimum fee $6).

  • Credit bureau reporting: This card reports payment information to all three major credit bureaus, so good payment habits can help you build credit.

Why you might want the OpenSky® Secured Visa® Credit Card

NO CREDIT CHECK REQUIRED

Bad credit can make it hard to qualify for credit cards — even secured credit cards, in some cases. It won't stop you from qualifying for the OpenSky® Secured Visa® Credit Card, though, which doesn't run a credit check when you apply.

To be sure, approval isn’t guaranteed. To qualify, you'll still need to meet certain requirements. For example, you’ll need to:

  • Provide a Social Security number or individual taxpayer identification number.

  • Be a U.S. citizen or permanent resident.

  • Have a monthly income greater than your monthly expenses.

  • Pay a security deposit, which will be refunded if the account is closed in good standing.

Overall, though, it's relatively easy to get approved for this card. And if you've racked up rejections already, the lack of a credit check might make this card a compelling choice.

NO BANK ACCOUNT REQUIRED

Most cards require you to have a bank account, putting them out of reach for the unbanked. The OpenSky® Secured Visa® Credit Card doesn't. You can pay the security deposit with a money order or a Western Union payment. Credit card bills can also be paid by money order. However, if you already use these services, you know that they cost money, which adds up over time.

ACTIVITY REPORTED TO all three CREDIT BUREAUS

A card that reports your activity to all three major credit bureaus, as this one does, is a good thing when you make your payments on time and stay well below your credit limit. The three major consumer credit bureaus — TransUnion, Equifax and Experian — gather the information to calculate your credit scores.

A good credit score — one that's 690 or higher — can make life easier and save you money in the long run. For example, such a score could help you get approved for an apartment, get cell phone service without an upfront deposit, qualify for credit cards with richer rewards and perks, and get mortgages and car loans with lower interest rates.

Why you might want another card

Annual fee

Most secured cards from major issuers don't charge an annual fee. In contrast, the OpenSky® Secured Visa® Credit Card charges an annual fee of $35, making it a more costly option — and much less appealing for those who are able to qualify for other cards. But it's still a much better option than certain unsecured cards for people with bad credit that charge annual fees of $75 or $99.

NO path to UPGRADE

The OpenSky® Secured Visa® Credit Card doesn’t have an option to upgrade your account to an unsecured credit card — one without a security deposit. So once your credit improves enough to qualify for a better card, you'll have to either close your account (which could hurt your credit score by increasing your utilization ratio) or keep it open (which is costly since you'll still be paying the annual fee and your deposit will remain tied up).

The Discover it® Secured, on the other hand, automatically starts reviewing your account after eight months to see whether you're eligible for an upgrade. You’ll need a bank account, however, and the issuer runs a credit check. The Discover it® Secured has a $0 annual fee and even offers a cash-back rewards program.

LOWER DEPOSIT may be available

The minimum deposit on the OpenSky® Secured Visa® Credit Card is $200, which gets you a credit line of $200. With the Capital One® Secured Mastercard®, you could qualify for a $200 credit line with a deposit of just $49, $99 or $200. Cardholders can also pay their deposit in installments over time to fully fund the card. Make your first five payments on time, and you may gain access to a higher credit line with no additional deposit needed. The annual fee is $0.

Is the OpenSky® Secured Visa® Credit Card right for you?

The OpenSky® Secured Visa® Credit Card card is great if you can't pass a credit check or don't have a bank account. Otherwise, go with a different secured card.

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