What the OpenSky Card Is and Who It's For

The OpenSky Secured Credit Card is a secured card issued by Opensky, Inc., a financial technology company. Like other secured cards, it requires a cash deposit that becomes your credit limit — typically between $200 and $3,000. The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), so responsible use builds your credit history.

OpenSky differs from many competitors because it does not require a credit check to open an account. This makes it an option for people with no credit history, recent negative marks, or who are rebuilding after financial difficulty. The card charges an annual fee and interest rates that vary based on your creditworthiness at the time you explore.

The card is designed as a stepping stone: after you demonstrate responsible payment behavior over time, you may be able to graduate to an unsecured card with a higher limit and no deposit requirement.

Key Takeaways

  • OpenSky requires a cash deposit between $200 and $3,000 that serves as your credit limit, with no credit check needed to open the account.
  • The card charges an annual fee (currently $35) plus interest rates that start around 19.99% APR and vary by applicant.
  • Your payment history and account activity report to all three credit bureaus each month, helping you build credit if you pay on time.
  • You can request a credit limit increase after six months of on-time payments, which may come with a higher deposit requirement.
  • The deposit is held in a non-interest-bearing account and remains yours — you can close the account and retrieve it at any time.

How to Open an OpenSky Account

You can open an OpenSky account online through their website. The process takes about 10 minutes and requires basic personal information: your name, date of birth, Social Security number, address, and employment status. OpenSky will ask for your income but does not verify it with your employer or pull a traditional credit report.

Once you submit your process, you will receive a decision within one business day. If approved, you choose your deposit amount and fund it through a bank transfer or debit card. OpenSky typically issues your card within 5 to 7 business days after your deposit clears.

You do not need an existing bank account with OpenSky to explore. Your deposit goes into a separate account held by the card issuer, and you manage your card through their online portal or mobile app.

Deposit, Fees, and Interest Rates

Your deposit is the foundation of your account. It must be between $200 and $3,000 and becomes your credit limit dollar-for-dollar. For example, a $500 deposit gives you a $500 limit. The deposit sits in a non-interest-bearing account — you earn no interest on it — but it remains your money. You can withdraw it or close the account whenever you choose.

OpenSky charges a $35 annual fee, billed to your card each year on your account anniversary. This fee is separate from interest charges. The card's APR (annual percentage rate) for purchases starts around 19.99% and varies based on your creditworthiness at the time you explore. There is no introductory 0% APR period.

If you carry a balance, interest accrues daily on your outstanding balance. Cash advances (if available on your account) may carry a higher APR and an additional fee. Late payments trigger a late fee and may raise your APR further.

Building Credit and Requesting Increases

OpenSky reports your account activity to Equifax, Experian, and TransUnion each month. This means every on-time payment, your account age, and your credit utilization ratio (how much of your limit you use) all factor into your credit score. Keeping your balance low and paying on time each month will help your score improve over time.

After six months of on-time payments, you can request a credit limit increase. OpenSky may approve an increase without requiring an additional deposit, or it may ask you to deposit more money to raise your limit further. A higher limit can help your credit score by lowering your utilization ratio, even if you do not spend more.

Some cardholders report graduating to OpenSky's unsecured card after 12 to 18 months of responsible use. This card has no deposit requirement and a lower APR. However, graduation is not automatic — OpenSky reviews your account history and may decline to convert your account.

How to Use Your Card and Manage Payments

Once your card arrives, set up it through OpenSky's website or app. You can use it anywhere Mastercard is accepted — in stores, online, and for recurring bills. Your card works like any other credit card: swipe, insert, or tap to pay, and the purchase appears on your statement.

Payments are due by the statement due date each month. You can pay online through OpenSky's portal, by phone, or by mail. OpenSky does not charge a fee for online or phone payments, but mailed checks may take longer to post. Set up automatic payments if you want to may support you never miss a due date.

Your monthly statement shows your balance, minimum payment due, interest charges, and any fees. The minimum payment is typically 1% to 3% of your balance, but paying more than the minimum will reduce interest charges and help your credit score.

Closing Your Account and Retrieving Your Deposit

You can close your OpenSky account at any time by contacting customer service or through your online account. Once closed, OpenSky will return your deposit to the bank account or debit card you used to fund it. The return typically takes 5 to 10 business days.

If you have an outstanding balance when you close, you will still owe it. OpenSky will not return your deposit until the balance is paid in full. Any remaining balance will continue to accrue interest at your card's APR.

Closing the account will not hurt your credit score when ready, but it does remove an active account from your credit history. If this is your only credit account, closing it may lower your score slightly because you will have less credit history overall. Consider keeping the account open even if you do not use it regularly, as long as there is no annual fee charged for inactive accounts (OpenSky does charge the annual fee regardless of use).

Comparing OpenSky to Other Secured Cards

OpenSky stands out because it does not require a credit check, making it accessible to people with no credit history or recent negative marks. However, this comes with trade-offs. The $35 annual fee is higher than some competitors, and the starting APR of around 19.99% is not the lowest available.

Other secured cards like the Capital One Secured Mastercard or the Discover Secured Card may offer lower APRs or no annual fee, but they typically require a credit check. Some cards offer cash back rewards, which OpenSky does not. The right choice depends on your credit situation, how much you can deposit, and whether you prioritize a low APR or straightforward approval.

If you have been denied for other secured cards or have no credit history at all, OpenSky's no-credit-check approach may be your best option. If you have some credit history and can pass a credit check, comparing APRs and fees across multiple cards is worth your time.

Frequently Asked Questions

Do I get interest on my deposit?

No. Your deposit sits in a non-interest-bearing account, so you earn no interest on it. The deposit is held as collateral for your credit limit, not as a savings account. You can withdraw it or close the account at any time to get your money back.

What happens if I miss a payment?

A late payment will be reported to the credit bureaus and will damage your credit score. OpenSky charges a late fee (typically $25 to $35) and may increase your APR. If you miss a payment, contact OpenSky as soon as possible to bring your account current and discuss your options.

Can I use this card to build credit if I have no credit history?

Yes. OpenSky reports to all three credit bureaus, so on-time payments and responsible use will create a credit history for you. After 6 to 12 months of good payment behavior, you should see your credit score improve and may be able to move to an unsecured card.

Is there a way to avoid the annual fee?

No. OpenSky charges the $35 annual fee every year, regardless of whether you use the card. This fee is billed to your account on your anniversary date. The fee is built into the cost of using this card, so factor it into your decision.

What if I want to increase my credit limit?

After six months of on-time payments, you can request an increase through your online account or by calling customer service. OpenSky may approve a higher limit without requiring additional money, or it may ask you to deposit more to raise your limit further.