What the Open Sky Credit Card Is

The Open Sky Credit Card is a secured card issued by Opensky, a financial technology company. You put down a cash deposit, and that deposit becomes your credit limit — so if you deposit $500, you get a $500 limit. The card reports to all three credit bureaus (Equifax, Experian, and TransUnion), which means your payment history builds your credit score over time.

Unlike some secured cards, Open Sky does not require a bank account with them. You can open the card and manage it entirely online. The card itself is a Mastercard, so you can use it anywhere Mastercard is accepted.

This card is designed for people rebuilding credit or starting from scratch — people with no credit history, past late payments, or a low score. It is not a path to a larger limit quickly; it is a tool to demonstrate you can handle credit responsibly over months.

Key Takeaways

  • Your deposit becomes your credit limit, and you control how much you deposit between $200 and $3,000.
  • The card charges an annual fee of $35 to $45 depending on your deposit amount, plus a monthly maintenance fee of $6 to $8.
  • You pay interest on any balance you carry, currently around 19.99% APR, which is typical for secured cards.
  • Open Sky reports to all three credit bureaus, so on-time payments build your credit history from month one.
  • There is no automatic graduation to an unsecured card; you must request a review after a period of responsible use.

Deposit Amount and Credit Limit

When you open an Open Sky card, you choose your deposit amount between $200 and $3,000. That deposit sits in a savings account held by the issuing bank and becomes your credit limit. If you deposit $500, your limit is $500. If you later want to increase your limit, you can add more to your deposit — up to $3,000 total — and your limit increases by that amount.

Your deposit is not spent when you use the card. It stays in the account as collateral. If you stop paying your bill, the bank can use the deposit to cover what you owe, but they cannot take it straightforward because you carry a balance or miss a payment — only if you default completely and the debt goes unpaid for a long time.

You earn a small amount of interest on your deposit, though the rate is very low — typically under 0.5% annually. The interest accrues in your deposit account, not on your card balance.

Fees You Will Pay

Open Sky charges an annual fee based on your deposit amount. The fee ranges from $35 for deposits under $500 to $45 for deposits of $500 or more. This fee is charged once per year, usually on your account anniversary.

In addition to the annual fee, you pay a monthly maintenance fee of $6 to $8, depending on your deposit tier. This fee is charged every month, whether you use the card or not. Over a year, the monthly maintenance fee alone adds up to $72 to $96.

If you carry a balance, you also pay interest. The current APR is 19.99%, which is in line with other secured cards but higher than most unsecured cards. If you charge $300 and pay only the minimum, you will owe interest on the remaining balance each month until it is paid off.

How to Open an Account

You can open an Open Sky card online at their website. The process takes about 10 to 15 minutes. You will need to provide your name, address, Social Security number, and date of birth. Open Sky will run a soft credit check, which does not affect your credit score.

Once your process is submitted, you will receive a decision within one business day in most cases. If you are approved, you will be asked to fund your deposit. You can do this by bank transfer or by mailing a check. Bank transfers usually post within one to three business days; checks take longer.

After your deposit is received and verified, your card will be mailed to you. Physical cards typically arrive within 7 to 10 business days. You can also request a virtual card number to use online when ready while you wait for the physical card.

Using the Card and Building Credit

Once your card arrives, you can use it like any other Mastercard — at stores, online, or over the phone. Open Sky reports your account activity to Equifax, Experian, and TransUnion every month. This means every on-time payment you make is recorded on your credit report.

To build credit effectively, use the card for small purchases you would make anyway, then pay the full balance each month. This shows lenders you can handle credit responsibly without paying interest. If you carry a balance, you will pay interest, which costs you money without helping your credit score any more than paying in full would.

Your payment due date is the same each month. You can set up automatic payments through the Open Sky website or app to may support you never miss a due date. Missing even one payment will damage your credit score and may trigger late fees.

Moving to an Unsecured Card

Open Sky does not automatically convert your account to an unsecured card after a certain time. Instead, you must request a review. The company typically looks at your account after 6 to 12 months of on-time payments, though the exact timeline is not published.

To request a review, contact Open Sky customer service through their website or app. They will evaluate your payment history, how much of your credit limit you are using, and other factors. If they approve you, your deposit will be returned to you, and your card will convert to an unsecured Mastercard with a new credit limit.

There is no may provide you will be approved for conversion. If you are denied, you can request another review after additional months of on-time payments. Some cardholders convert within a year; others take longer or never convert and choose to close the account instead.

Comparing Open Sky to Other Secured Cards

Open Sky is one of several secured card options. The main difference between secured cards is the deposit requirement, the annual and monthly fees, the APR, and whether they offer a path to conversion.

Some secured cards, like the Capital One Secured Mastercard, have no monthly maintenance fee but charge a higher annual fee. Others, like the Discover Secured Card, offer cash back rewards. Open Sky's main advantage is that it does not require a bank account with the issuer and accepts deposits as low as $200.

If you are comparing cards, calculate the total cost: deposit amount plus annual fee plus monthly fees over 12 months. A card with a lower monthly fee but higher annual fee may cost less overall than one with a higher monthly fee. Also check the APR and whether the card reports to all three bureaus — Open Sky does, which is important for credit building.

Frequently Asked Questions

What happens to my deposit if I close the account?

Your deposit is returned to you, usually within 5 to 10 business days after you close the account. If you have an outstanding balance on the card, Open Sky will use your deposit to pay it first, then return any remaining amount. If your balance exceeds your deposit, you will still owe the difference.

Can I use Open Sky if I have no credit history?

Yes. Open Sky does not require an existing credit history. They do run a soft credit check and may review your banking history, but they will work with people who are building credit from the beginning. A very low deposit amount ($200) makes it accessible if you are just starting out.

Does Open Sky report late payments to the credit bureaus?

Yes. Open Sky reports your full payment history — on-time payments and late payments — to all three bureaus. A single late payment can lower your score by 50 to 100 points or more, depending on your current score. This is why automatic payments are important.

What is the difference between the credit limit and my deposit?

They are the same number. Your deposit is held as collateral and becomes your spending limit. If you deposit $500, you can charge up to $500 on the card. The deposit does not get used up; it stays in place as long as your account is open.

Can I increase my credit limit without adding more to my deposit?

No. Your credit limit is tied directly to your deposit amount. To increase your limit, you must add money to your deposit account. You can do this online through the Open Sky website or app.