OpenSky Secured Visa Credit Card
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 19.64% 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 19.64%.
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.