OpenSky works best if you need to build credit with no credit check and can afford a deposit you won't touch for months
The OpenSky Secured Visa Card reports to all three credit bureaus and charges no annual fee, which sets it apart from most secured cards. You deposit between $200 and $3,000 into a savings account, and that becomes your credit limit. The card itself costs nothing to hold. But OpenSky's interest rate runs 19.99% APR, and the deposit stays frozen for the entire time you carry the card — you cannot withdraw it or use it for anything else while the account is open.
Whether OpenSky is the right choice depends on what you're trying to do. If you have no credit history or a very damaged one, and you cannot pass a credit check with other issuers, OpenSky removes that barrier. If you can afford to lock away $500 or $1,000 for six months to a year while you build a payment history, the no-annual-fee structure and bureau reporting make it a functional tool. If you need a card when ready and have cash on hand, OpenSky approves most people within days. But if you have other secured card options available, or if you cannot afford to lose access to your deposit money, a different card will serve you better.
Key Takeaways
- OpenSky requires no credit check and no Social Security number, making it accessible to people with no credit history or recent damage.
- Your deposit ($200 to $3,000) becomes your credit limit and stays locked in a savings account for as long as you hold the card.
- The 19.99% APR is high, so carrying a balance costs significantly more than with most other secured cards.
- OpenSky reports to all three bureaus, so on-time payments build your credit file even if you start from zero.
- You pay no annual fee, which saves money compared to secured cards that charge $25 to $99 per year.
How the deposit and credit limit work
When you open an OpenSky account, you choose a deposit amount between $200 and $3,000. That deposit goes into a savings account held by OpenSky's bank partner. Your credit limit equals your deposit — so a $500 deposit gives you a $500 limit. You cannot increase the limit without adding more money to the deposit account.
The deposit earns no interest. It sits there untouched for as long as your account is open. You cannot withdraw it, transfer it, or use it as collateral for anything else. If you close the account, OpenSky returns the deposit to you, usually within five to seven business days. If you stop paying the card, OpenSky can use the deposit to cover what you owe.
This structure means you need cash you can afford to set aside. If you have $500 in savings and you deposit all of it, you lose access to that money for emergency use. Many people open OpenSky with a smaller deposit ($200 or $300) specifically to keep some cash liquid while still building credit.
Interest rate and fees compared to other secured cards
OpenSky's 19.99% APR is higher than most competitors. For comparison, the Capital One Secured Mastercard charges 19.99% to 27.99% depending on creditworthiness, but many people with thin credit files get approved at the lower end. The Discover Secured Card charges 19.99% APR across the board. The U.S. Bank Altitude Go Secured Visa charges 19.99% APR. So OpenSky is not an outlier on rate — it sits in the middle of the secured card market.
Where OpenSky saves money is the annual fee. It charges zero. Capital One Secured charges $39 to $99 per year. Discover Secured charges $0. U.S. Bank Altitude Go Secured charges $0. So OpenSky ties with Discover and U.S. Bank on this front, and beats Capital One.
The real cost difference shows up if you carry a balance. A $300 balance at 19.99% APR costs you about $5 per month in interest alone. If you pay in full each month, the APR does not matter — you pay zero interest. Most people building credit should aim to pay in full, which makes the rate less relevant than the fee structure and bureau reporting.
No credit check and no Social Security number requirement
OpenSky does not run a hard credit inquiry. It does not ask for a Social Security number. This makes it one of the few credit cards available to people with no U.S. credit history, including immigrants, international students, and people rebuilding after severe damage. You provide your name, address, date of birth, and a government ID. OpenSky verifies your identity but does not pull your credit file.
This also means OpenSky does not reject you based on past defaults, collections, or bankruptcy. The only real barrier is having the cash for the deposit. If you have $200 and a valid ID, you can likely open an account. Most people hear back within one to three business days.
The trade-off is that OpenSky cannot see your credit history to adjust your terms. Everyone pays 19.99% APR. Everyone gets the same fee structure. You do not get rewarded for good credit elsewhere because OpenSky has no way to know about it.
Bureau reporting and credit-building timeline
OpenSky reports your account activity to Equifax, Experian, and TransUnion each month. This means on-time payments build your credit score from the ground up. If you have no credit file, OpenSky can help you establish one. If you have a damaged file, on-time payments start the recovery process.
Credit-building with a secured card typically takes six to twelve months of consistent on-time payments before you see meaningful score movement. After twelve to eighteen months of perfect payment history, many people become may be able to access for an unsecured card or a credit limit increase. OpenSky does not automatically graduate you to an unsecured card — you have to explore elsewhere or wait for an offer from another issuer.
The monthly reporting means every payment matters. A single late payment reports to all three bureaus and can set back your score by 50 to 100 points. Conversely, twelve months of on-time payments can raise your score by 100 to 150 points if you start from zero or near-zero.
When OpenSky makes sense and when it does not
OpenSky is the right choice if you have no credit history and cannot pass a credit check elsewhere, you have cash available to deposit, and you can commit to on-time payments for at least a year. It is also useful if you need a card very quickly — OpenSky's approval timeline is faster than most competitors.
OpenSky is not the right choice if you have other secured card options available. If you can get approved for Discover Secured or Capital One Secured, compare the terms first. Discover Secured offers cash back (1% on all purchases), which OpenSky does not. Capital One may approve you at a lower APR if your credit is slightly better. If you cannot afford to lock away your deposit, or if you need the money within a few months, a secured card is not the right tool — consider a credit-builder loan instead.
OpenSky is also not ideal if you plan to carry a balance. The 19.99% APR means interest charges add up quickly. If you cannot pay in full each month, the high rate makes the card expensive. A personal loan or credit-builder loan would cost less.
How to use OpenSky to actually build credit
Opening the card is only the first step. To build credit, you need to use it and pay on time. Put a small recurring charge on the card — a subscription, a utility bill, or a monthly service — and set up automatic payments to pay the full balance each month. This creates a consistent payment history that reports to the bureaus.
Do not max out the card. Using more than 30% of your limit (so more than $150 on a $500 limit) can hurt your credit score, even if you pay on time. Aim to use 10% to 20% of your limit and pay it off in full.
Keep the account open even after your credit improves. Closing it removes the account from your credit history and can lower your score. Once you build enough credit to move to an unsecured card, keep OpenSky open with a small charge and automatic payment. The longer account history helps your score.
Frequently Asked Questions
Can I withdraw my deposit before closing the account?
No. Your deposit stays locked in the savings account for the entire time your card is open. You can only access it by closing the account, which also closes the credit card. If you need the money before you are ready to close the card, you will have to choose between keeping the account open or withdrawing the deposit.
How long does it take to get approved?
Most people hear back within one to three business days. OpenSky does not run a credit check, so approval is faster than traditional cards. You can fund the account and receive your card within one to two weeks after approval.
Does OpenSky ever convert to an unsecured card?
No. OpenSky does not automatically graduate secured accounts to unsecured status. After you build credit with OpenSky, you explore for an unsecured card from another issuer. Once you are approved elsewhere, you can close OpenSky and get your deposit back.
What happens if I miss a payment?
A late payment reports to all three credit bureaus and can lower your score by 50 to 100 points. If you miss a payment by more than 60 days, OpenSky may use your deposit to cover the debt. Late payments stay on your credit report for seven years.
Can I use OpenSky if I do not have a Social Security number?
Yes. OpenSky does not require a Social Security number, which makes it accessible to immigrants and international students. You need a valid government ID and a U.S. address. Some people use an Individual Taxpayer Identification Number (ITIN) instead of an SSN.