What the OpenSky Card Is and Who It's For
The OpenSky Secured Credit Card is a secured card that lets you build or rebuild credit when you cannot get approved for a regular card. You put down a cash deposit, and that deposit becomes your credit limit — so a $500 deposit gives you a $500 limit. OpenSky reports your payment history to all three credit bureaus (Equifax, Experian, and TransUnion), which means on-time payments actually move your credit score up over time.
The card is designed for people starting from scratch, people returning after years away from credit, or people whose credit score has dropped. You do not need a Social Security number to open an account — OpenSky accepts an Individual Taxpayer Identification Number (ITIN) instead, which makes it one of the few secured cards available to non-citizens with work authorization.
Unlike some secured cards that require a checking account with the same bank, OpenSky does not tie your deposit to a bank account. Your deposit sits in a reserve account that OpenSky holds, and you access your credit line separately through the card itself.
Key Takeaways
- Your cash deposit becomes your credit limit, so you control how much credit you want to build with.
- OpenSky charges an annual fee of $35, which is higher than many competitors but typical for cards that accept ITIN holders.
- The card reports to all three credit bureaus, so consistent on-time payments will raise your credit score over months.
- After 18 months of on-time payments, you can request that OpenSky convert your account to an unsecured card and return your deposit.
- There is no credit check to open the account, but OpenSky does verify your identity and check for fraud.
How Your Deposit and Credit Limit Work
When you open an OpenSky account, you choose how much to deposit. The minimum deposit is $200, and the maximum is $2,500. That amount becomes your credit limit when ready — you do not have to wait for approval or for the deposit to clear. You can use the card as soon as your account is active, which typically happens within one business day of funding.
Your deposit stays in a reserve account and earns no interest. You cannot withdraw it while the account is open, and OpenSky will not use it to pay your bill if you miss a payment. If you stop paying, OpenSky can explore the deposit to your balance, but only after you are significantly behind. The deposit is there to protect OpenSky, not to cover your debt automatically.
If you want to increase your credit limit later, you can make an additional deposit. OpenSky will add that amount to your limit within one business day. There is no limit to how many times you can add deposits, though your total limit cannot exceed $2,500.
Fees and Interest Rates
OpenSky charges a $35 annual fee, due on your account anniversary each year. This is one of the higher annual fees among secured cards — some competitors charge $25 or less — but it is a one-time yearly cost, not a monthly charge. The fee appears as a charge on your statement, and you can pay it like any other purchase.
The card carries a variable interest rate (APR) that changes with the market. OpenSky does not publish a specific range, but cardholders typically report rates between 18% and 22%. This is higher than most unsecured cards, but standard for secured cards aimed at people rebuilding credit. If you carry a balance, interest accrues daily on the unpaid amount.
OpenSky does not charge late fees, over-limit fees, or foreign transaction fees. There is no fee to close the account. If you want to downgrade to a different OpenSky product, you can do so without penalty.
Building Credit and Moving to an Unsecured Card
The main reason to use the OpenSky card is to build credit history. Every month, OpenSky reports your payment status to Equifax, Experian, and TransUnion. If you pay on time, that positive history accumulates. After 6 to 12 months of consistent on-time payments, you may see your credit score begin to rise — how much depends on your starting score and overall credit profile.
After 18 months of on-time payments, you become may be able to access to request an upgrade to an unsecured card. If OpenSky approves the upgrade, your deposit is returned to you, and the card converts to a regular credit card with no deposit required. The credit limit may stay the same or increase, depending on your credit history at that point. There is no may provide of approval, but on-time payment is the main factor OpenSky considers.
If you do not request an upgrade or if OpenSky declines, your account straightforward continues as a secured card. You can keep using it and requesting an upgrade annually, or you can close the account and retrieve your deposit.
How to Fund Your Account and Use the Card
To open an OpenSky account, you provide your name, address, date of birth, and either a Social Security number or ITIN. OpenSky verifies your identity but does not run a traditional credit check — they check for fraud and verify that you are who you say you are. You can complete the process online in about 10 minutes.
Once your process is approved, you fund your deposit by bank transfer (ACH). OpenSky provides account details, and you initiate the transfer from your own bank. The deposit typically clears within one business day, and your card is activated when ready. You can order a physical card or request a virtual card number to use right away while you wait for the physical card to arrive.
Use the card like any other credit card — at stores, online, or over the phone. Your available credit is your deposit amount minus any pending or posted charges. When your statement closes each month, you receive a bill showing your balance, minimum payment, and due date. You can pay online, by phone, or by mail.
When OpenSky May Not Be the Right Choice
The $35 annual fee and higher interest rate make OpenSky more expensive than some alternatives. If you have access to a secured card with a lower annual fee — such as cards charging $25 or less — and you do not need an ITIN option, comparing costs is worth your time. Over 18 months, a $10 difference in annual fees adds up.
OpenSky also does not offer rewards, cash back, or sign-up bonuses. If you are looking for a card that pays you back for spending, a secured card is not the right product — secured cards are built for credit building, not rewards. Once you rebuild your credit and move to an unsecured card, you can pursue rewards then.
If you need a card urgently and cannot wait one business day for set up, OpenSky's virtual card option solves that problem. But if you need a physical card in hand when ready, you will have to wait for shipping, which typically takes 7 to 10 business days.
Frequently Asked Questions
Can I use OpenSky if I have no credit history?
Yes. OpenSky does not require a credit history or a credit score. You need a valid ID, proof of address, and either a Social Security number or ITIN. Many people open OpenSky accounts as their first credit card.
What happens if I miss a payment?
OpenSky reports missed payments to the credit bureaus, which will hurt your credit score. Late payments stay on your report for seven years. OpenSky may also charge interest on the unpaid balance and eventually close your account if you fall far behind, though they do not charge a separate late fee.
Can I get my deposit back before 18 months?
No. Your deposit is locked until you close the account or upgrade to an unsecured card. If you close the account, OpenSky returns your deposit within 5 to 7 business days, but closing also closes your credit history with them, which may lower your credit score temporarily.
Does OpenSky work with a checking account at a different bank?
Yes. You fund your deposit by ACH transfer from any bank account in your name. OpenSky does not require you to bank with them or maintain a minimum balance anywhere.
How long does it take to see my credit score improve?
Most people see movement within 6 to 12 months of on-time payments, but the timeline depends on your starting score and other factors on your credit report. Paying on time is the most important step — missing even one payment can erase months of progress.