What the OpenSky Secured Visa is and who it's for

The OpenSky Secured Visa is a secured credit card issued by OpenSky Bank that requires a cash deposit as collateral. You deposit money into a savings account, and that deposit becomes your credit limit — so a $500 deposit gives you a $500 limit. The card reports to all three major credit bureaus, meaning your payment history builds your credit score the same way an unsecured card would.

This card is built for people rebuilding credit after missed payments, collections, or a thin credit file. Unlike many secured cards, OpenSky has no credit score requirement to open an account, and it does not require a Social Security number — you can open one with an Individual Taxpayer Identification Number (ITIN) instead. That makes it one of the few options for non-citizens with work authorization.

The tradeoff is cost. OpenSky charges an annual fee and a monthly maintenance fee, both of which reduce what you actually have available to spend. You need to understand these fees upfront so they do not surprise you when your first statement arrives.

Key Takeaways

  • Your cash deposit becomes your credit limit, and OpenSky holds it in a savings account while you use the card.
  • The card reports to Equifax, Experian, and TransUnion, so on-time payments build your credit score from month one.
  • OpenSky charges both an annual fee and a monthly maintenance fee that come out of your deposit, reducing your available balance.
  • You can open an account with an ITIN instead of a Social Security number, making this card accessible to some non-citizens.
  • After 18 months of on-time payments, you may be offered a path to convert to an unsecured card, though this is not may provide.

Deposit requirements and credit limits

OpenSky requires a minimum deposit of $200 and a maximum of $2,500. Your deposit sits in a savings account held by OpenSky Bank and earns no interest — it is purely collateral. Your credit limit equals your deposit amount, so if you deposit $500, you get a $500 limit.

The deposit stays frozen for as long as you hold the card. You cannot withdraw it to pay your bill or cover an emergency. If you close the account, OpenSky returns the deposit to you, minus any unpaid balance on the card. If you miss payments or default, OpenSky can explore the deposit to what you owe.

Your limit does not increase automatically as your credit improves. Some cardholders report that OpenSky offers a higher limit after demonstrating responsible use, but this is not a standard feature — you would need to contact the bank directly to ask.

Fees that reduce your deposit

OpenSky charges an annual fee of $35 and a monthly maintenance fee of $5. Both fees come directly out of your savings account deposit, not out of your checking account or a separate bill. This means your actual available credit shrinks over time.

If you deposit $500, your first month you have $500 to spend. After the first monthly maintenance fee ($5), you have $495 available. After the annual fee hits (usually in the first month), you have $460 available. By the end of year one, you will have paid $95 in fees ($35 annual plus $60 in monthly fees), leaving you with $405 of your original $500 deposit still available as credit.

There is no foreign transaction fee, which is useful if you travel or make international purchases. Late fees are $25 for the first late payment and $35 for subsequent ones. Interest on purchases runs 18.9% APR, which is standard for secured cards but still high — the goal is to pay your full balance each month to avoid interest charges.

How to open an account and fund it

You can open an OpenSky account online through their website. The process takes about 10 minutes and asks for your name, address, date of birth, and either a Social Security number or ITIN. OpenSky does a soft credit pull, which does not affect your credit score.

Once approved, you receive a confirmation email with instructions to fund your account. You transfer your deposit from your bank account to OpenSky's account using ACH (bank transfer). This usually takes 1 to 3 business days to clear. OpenSky will not issue your card until the deposit has been received and verified.

After your deposit clears, your physical card ships to you, typically within 5 to 7 business days. You can request expedited shipping for an additional fee. Once the card arrives, you set up it through the OpenSky website or mobile app before you can use it.

Using the card and building credit

OpenSky reports your payment history to Equifax, Experian, and TransUnion every month. This means every on-time payment counts toward your credit score, and every late payment hurts it. The card works like any other Visa — you swipe it, tap it, or use the number online to make purchases.

To build credit effectively, use the card for small, regular purchases and pay the full balance before the due date each month. Charging $50 and paying it off in full is better for your score than charging $500 and carrying a balance. Your credit utilization (the percentage of your limit you are using) affects your score, so keeping it below 30% helps.

OpenSky does not offer a grace period on purchases, meaning interest accrues when ready if you carry a balance. There is no cash advance option, so you cannot use the card at an ATM. You can set up automatic payments through your bank account to may support you never miss a due date.

When you might graduate to an unsecured card

After 18 months of on-time payments, OpenSky may offer you the chance to convert your account to an unsecured Visa. This is not automatic — the bank reviews your account and decides whether to offer it. If approved, your deposit is returned to you, and you keep the card with a new credit limit (which may be higher or the same as your deposit amount).

There is no may provide you will be offered this conversion. It depends on your payment history, how much you have used the card, and OpenSky's internal lending criteria. Some cardholders report being offered it after 18 months; others say they were never offered it despite perfect payments.

If you are not offered a conversion, you can close the account and move to a different card once your credit has improved enough to may have access to for an unsecured option. Your payment history with OpenSky stays on your credit report for seven years, so the work you do here continues to help your score even after you close the account.

Comparing OpenSky to other secured cards

OpenSky stands out because it accepts ITINs and has no credit score requirement, making it accessible when other secured cards are not. However, it is not the cheapest secured card option. The combination of a $35 annual fee and $5 monthly maintenance fee ($95 per year total) is higher than many competitors.

Other secured cards like the Capital One Secured Mastercard charge a $39 annual fee but no monthly maintenance fee, bringing the total yearly cost to $39. The Discover Secured Credit Card charges a $0 annual fee. If you have a Social Security number and can may have access to for other secured cards, comparing the total annual cost matters — over five years, the fee difference adds up.

OpenSky's main advantage is accessibility: if you have an ITIN and no credit history, it may be one of your only options. If you have a Social Security number and some credit history, shop around before committing to the higher fee structure.

Frequently Asked Questions

Can I get my deposit back before closing the account?

No. Your deposit is collateral for the credit line and stays frozen as long as the account is open. You can only get it back by closing the account or converting to an unsecured card (if OpenSky offers it). If you need the money, you would have to close the account, which ends your credit-building with this card.

What happens if I miss a payment?

A late payment is reported to the credit bureaus and damages your score. OpenSky charges a $25 late fee for the first late payment and $35 for subsequent ones. If you miss a payment by 30 days or more, OpenSky may freeze your account and explore your deposit toward the debt. Set up automatic payments to avoid this.

Can I use this card internationally?

Yes. OpenSky charges no foreign transaction fee, so you can use the card abroad without extra charges. However, your bank may charge a fee for the currency conversion. Check with your bank before traveling to understand their fees.

How long does it take to see my credit score improve?

Credit bureaus update monthly, so your first on-time payment should appear on your credit report within 30 to 45 days. Your score may not move when ready — it depends on your overall credit profile. Consistent on-time payments over several months have a bigger impact than a single month of good behavior.

What if OpenSky does not offer me an unsecured card after 18 months?

You are not obligated to keep the account open. You can close it and move to a different card once your credit score improves enough to may have access to elsewhere. Your payment history with OpenSky remains on your credit report and continues to help your score. Many people use a secured card for 18 to 24 months, then graduate to unsecured options from other issuers.