What the OpenSky Secured Visa Card is

The OpenSky Secured Visa Card is a secured credit card issued by Opensky, a financial technology company. You put down a cash deposit—between $200 and $3,000—and that deposit becomes your credit limit. You use the card like any other Visa, paying a monthly bill. The deposit stays in a separate account and is not touched unless you stop paying your bill.

The card is designed for people rebuilding credit or establishing a credit history for the first time. Because the deposit reduces the bank's risk, OpenSky approves people with no credit score, a low score, or a recent bankruptcy. The card reports your payment history to the three major credit bureaus—Equifax, Experian, and TransUnion—so on-time payments help your credit score climb.

Key Takeaways

  • Your cash deposit becomes your credit limit, ranging from $200 to $3,000, and stays in a separate account untouched as long as you pay your bill on time.
  • The annual fee is $35, and there is no foreign transaction fee, making it cheaper than many other secured cards for international use.
  • OpenSky reports to all three credit bureaus, so consistent on-time payments build your credit history from month one.
  • After 12 to 18 months of on-time payments, you may be able to graduate to an unsecured card or request your deposit back.
  • There is no credit check required to open the account, though OpenSky does verify your identity and check ChexSystems, a banking history database.

Fees and Interest Rates

The OpenSky card charges a $35 annual fee, due every year you hold the card. There is no monthly fee, no foreign transaction fee, and no fee for late payments beyond standard interest charges. The interest rate (APR) varies by applicant and is not published in advance; OpenSky tells you the rate when you explore.

If you carry a balance, you will pay interest on the amount owed. The card does not offer a grace period on purchases, meaning interest accrues from the day you make a purchase if you carry any balance. This is different from most unsecured cards, which give you 21 to 25 days interest-free. Paying your full balance each month avoids interest charges entirely.

How to Open an Account

You can explore online at OpenSky's website. The process takes about 10 minutes. You will need your Social Security number, a valid government ID, and a current mailing address. OpenSky checks ChexSystems (a banking history database) but does not run a traditional credit check, so a low credit score or no credit history will not disqualify you.

Once approved, you fund the account by transferring money from a bank account or sending a check. OpenSky holds your deposit in a separate savings account. The card itself arrives by mail within 7 to 10 business days. You can begin using it as soon as it arrives.

Building Credit with the OpenSky Card

Every on-time payment you make is reported to Equifax, Experian, and TransUnion. This means the card builds your credit history from your first statement. If you have no credit score yet, consistent on-time payments over several months will generate a score that other lenders can see.

The card also helps your credit mix—the variety of credit types you use. Credit bureaus view a mix of credit cards, installment loans, and other accounts as a sign of responsible borrowing. Using the OpenSky card alongside other credit accounts (if you have them) strengthens your profile.

Your credit utilization ratio—the amount you owe divided by your total credit limit—also affects your score. Keeping your balance below 30% of your limit helps more than carrying a higher balance. For example, if your limit is $500, keeping your balance under $150 is better for your score than carrying $400.

When You Can Graduate to an Unsecured Card

After 12 to 18 months of on-time payments, you may be able to graduate to an unsecured card or request your deposit back. OpenSky does not automatically upgrade your account; you must contact them to ask. Some cardholders report being upgraded after 12 months, while others wait longer.

When you graduate, your deposit is returned to you by check or bank transfer, usually within 5 to 7 business days. You keep the card open and it continues to report to the credit bureaus, which helps your credit history length—a factor that improves your score over time.

Comparing OpenSky to Other Secured Cards

OpenSky's main advantage is that it requires no credit check and accepts people with recent negative marks like bankruptcy or collections. The lack of a foreign transaction fee is also unusual for secured cards, making it better for international travel.

The $35 annual fee is mid-range for secured cards. Some competitors charge less ($0 to $25), while others charge more ($50 to $95). The lack of a grace period on purchases is a disadvantage compared to unsecured cards, but it is common among secured cards. The interest rate varies by applicant, so comparing rates across cards is difficult without explore to each one.

Frequently Asked Questions

What happens to my deposit if I miss a payment?

Your deposit is not automatically taken if you miss a payment. Instead, you will be charged interest and late fees on the unpaid balance. If you continue to miss payments, OpenSky may close your account and use your deposit to cover the debt. After that, any remaining balance becomes a debt you owe.

Can I increase my credit limit without adding more money?

OpenSky does not automatically increase your limit. You can request a limit increase by depositing additional funds into your account, which raises your limit by the amount deposited. There is no way to increase your limit without adding money.

Does OpenSky report to all three credit bureaus?

Yes, OpenSky reports to Equifax, Experian, and TransUnion. This means your payment history shows up on all three of your credit reports, which is important because different lenders check different bureaus.

What if I want to close my account?

You can close your account at any time by contacting OpenSky. Your deposit will be returned to you, usually within 5 to 7 business days. Closing the account does not hurt your credit, but keeping it open helps your credit history length, so many people keep it open even after graduating to an unsecured card.

Is there a minimum deposit amount?

Yes, the minimum deposit is $200. The maximum is $3,000. Your deposit becomes your credit limit, so you choose how much to deposit based on how much credit you want to use.