OpenSky Secured Visa Credit Card
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The two reasons you may want to apply for the OpenSky Secured Visa Credit Card is if you don’t own a checking account, but still want access to a credit card, or if you’re looking for a secured card with a decent annual percentage rate.
There’s a very narrow band of consumers this applies to, we imagine.
For everyone else, the $35 annual fee should make this card a non-starter.
That being said, OpenSky Secured Visa can help you build or rebuild your credit, as the issuer, Capital Bank, reports your monthly payments to the three major credit bureaus — Equifax, Experian and TransUnion.
Applicants do not have to have a credit history, and Capital Bank will not run a credit check.
As with most secured credit cards, your credit limit is determined by the amount you deposit, between $200 and $3,000.
We like that the annual percentage rate for purchases isn’t as bruising as with some secured cards. You’ll pay 18.39% APR, which is higher than standard credit card interest rates, but lower than the 20% APR or higher you’ll find on other cards.
But there’s no reason for most people to pay the $35 annual fee. We caution most consumers to avoid paying such fees on secured cards, as there are plenty of fee-free options for consumers with limited credit.
Who should get this card
If you don’t have a bank account and/or your credit check would make a traditional credit card issuer avoid your calls, an OpenSky secured credit card may be just what you’re looking for.
Fees and APR
- The annual fee is $35.
- You’ll pay a 3% foreign transaction fee for all purchases made outside the U.S.
- The annual percentage rate is a variable 18.39%.
Extras and perks
OpenSky’s secured credit card offers a lot of flexibility for funding an account, which makes it a great option for those who have thin or less-than-optimal credit files. You can choose from using a debit card, writing a check, or for the unbanked, a Western Union transfer or mailing in a money order.
How this card compares
We give kudos to the Capital One Secured MasterCard for not charging an annual fee and being one of the only secured cards that potentially lets you deposit less than your credit limit.
If you can’t afford a $200 security deposit all at once, Capital One Secured is a great option for its installment plan. This makes the Capital One card a solid choice for someone trying build (or rebuild) their credit history.
If you have a bank account but limited or poor credit history, the Discover it Secured Card is a terrific choice to help build your credit and earn cash-back rewards, too.
We also like that you can quickly graduate to an unsecured Discover card with just eight months of good payment behavior.
If you or a loved one will be deployed soon, the USAA Secured Card American Express could prove a real help. Think about applying for this card before you head overseas so you can take advantage of the generous benefit offered active-duty military personnel.
The card has a special low APR for deployed members of the U.S. armed forces — much lower than standard credit card interest rates — and, unlike most other unsecured cards, offers travel and auto protections and extended warranty coverage.
Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines, or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.