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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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

  • Qualify with limited/bad credit

Cons

  • Has annual fee
  • Requires minimum deposit
  • No rewards

Alternate Pick: Rewards and upgrading

Discover it® Secured Credit Card
NerdWallet rating 

Discover it® Secured Credit Card

Rare benefits in a secured card

This no-fee card gets a lot of attention for its rewards: 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and 1% on all other purchases. But what really makes it special is its clear path to an upgrade, with automatic account reviews starting after eight months.

Read our review

Compare to Other Cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual fee

$35

Annual fee

$0

Annual fee

$39

Regular APR

17.39% Variable APR

Regular APR

22.99% Variable APR

Rates & Fees

Regular APR

13.99% Variable

Intro APR

N/A

Intro APR

10.99% intro APR on Balance Transfers for 6 months

Intro APR

N/A

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score

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Full Review

The  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.

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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 , 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:

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.

Most cards require you to have a bank account, putting them out of reach for the unbanked. The 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.

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.

Most secured cards from major issuers don't charge an annual fee. In contrast, the charges an annual fee of , 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.

The 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 ) or keep it open (which is costly since you'll still be paying the annual fee and your deposit will remain tied up).

The , 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 has a annual fee and even offers a cash-back rewards program. Then, once your credit is in good shape, you could qualify for one of our .

The minimum deposit on the is $200, which gets you a credit line of $200. With the , 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 payments on time, and you may gain access to a higher credit line in as little as six months with no additional deposit needed.

The 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.

Frequently asked questions