The OpenSky® Secured Visa® is a great option for anyone looking to build or rebuild their credit. Starting from scratch can be tough—especially if you have limited history or past credit challenges. This card offers a secure, straightforward way to establish your credit with the backing of a trusted bank. Here’s what you need to know!
Instant Approval
As a secured credit card, the OpenSky® Secured Visa® requires a refundable security deposit that becomes your credit limit. There’s no credit check, no long approval process, and no need for a strong credit history. It’s a simple way to start building credit fast.
That’s why instant approval is one of this card’s biggest advantages. You can get started with a minimum deposit of $200, going up to $3,000, depending on the credit limit you want. It’s a good idea to keep spending low in the beginning to help improve your credit profile, but if you need a higher limit, just make a larger deposit.
Because there’s no hard credit pull when you apply, your current credit score won’t be affected—making it an easy and stress-free way to get started.
Rewards and Benefits
While the OpenSky® Secured Visa® doesn’t offer fixed cashback on everyday purchases, it does include access to a partner rewards program, where you can take advantage of discounts and occasional deals. That means you save money and may even earn some credits back.
It also comes with several useful benefits:
- Reports to all three major credit bureaus—Experian, Equifax, and TransUnion—which helps build your credit profile month by month;
- Path to unsecured credit: With responsible use, you may qualify for other unsecured credit cards in the future;
- Free access to your FICO® Score, so you can track your progress over time;
- Spending and credit monitoring tools available through the mobile app;
- Visa benefits, like purchase protection and exclusive partner discounts.
If you’re looking to build or rebuild your credit with a straightforward and accessible option, the OpenSky Secured Visa ® is one of the top choices on the market. Whether you’re starting from scratch or recovering from past credit challenges, this card offers a clear path forward. If you’ve already explored its benefits and feel ready to apply, here’s everything you need to know before getting started.
Fees and Interest Rates
Before submitting your application, it’s important to understand the fees associated with the OpenSky® Secured Visa®. While terms can vary slightly depending on your location and other factors, the current structure is simple and transparent.
The card charges a $35 annual fee, which is considered low compared to many other secured cards. You can typically pay it in full or in installments, depending on your preference. The variable APR is around 24.6% for both purchases and cash advances. While this rate is on par with other cards in its category, it’s still important to pay your balance in full each month when possible to avoid interest charges.
Additional fees to be aware of include a 3% foreign transaction fee for international purchases, as well as a $25 fee for actions like closing your account, account inactivity, or adjusting your credit limit (since this is tied to your security deposit). So, it’s wise to plan ahead if you anticipate making changes to your account.
Who Can Apply?
One of the biggest advantages of the OpenSky® Secured Visa® is how accessible it is. You don’t need a credit history or even a credit check to be approved. That makes it ideal for those with poor credit or no credit at all—typically individuals with a score between 0 and 599.
To qualify, you must be at least 18 years old, have valid identification, and provide proof of permanent residency in the U.S. There is no minimum income requirement, and since OpenSky doesn’t run a credit check, your past credit issues won’t affect your chances of being approved.
How to Apply for the OpenSky® Secured Visa®
The application process is quick and can be done online through the OpenSky website or mobile app. You’ll need to fill out a basic form and provide your security deposit, which will determine your credit limit. Once the deposit is processed, your card will be issued and mailed to your address.
Since there’s no credit check, the approval process is fast and largely automatic. After receiving your card, start using it responsibly—aim to keep your balance below 30% of your limit and make all payments on time. Doing so helps you build a solid credit history and may open doors to unsecured credit options in the future.
Is the OpenSky® Secured Visa® Worth It?
If your goal is to establish or rebuild credit safely, the OpenSky® Secured Visa® is a solid choice. It doesn’t require a credit check, offers wide accessibility, and reports to all three major credit bureaus each month—helping you build or improve your credit score over time.
While the card doesn’t come with fixed cashback or reward programs, it does occasionally feature discounts and partner deals. And for those who manage their credit well, it may be possible to graduate to an unsecured card later on.
Overall, it’s best suited for beginners or those recovering from credit setbacks. If that sounds like you, the OpenSky® Secured Visa® can be a smart first step toward financial stability.
All information in this and other BOISLA articles is subject to change over time. Please check for updates directly with the institutions and companies mentioned. Approval is subject to the institution’s review.
REFERENCES:
Read more about credit cards in https://boisla.com/category/credit-cards/
