For borrowers looking to rebuild their credit, the OpenSky® Secured Visa® Credit Card is one option. This card requires a flexible, refundable deposit of $200 to $3,000 and reports to all three major credit bureaus, allowing borrowers to gradually improve their credit score through a history of on-time payments.

Since the OpenSky Secured Visa doesn’t require a credit check, even borrowers with poor credit or no credit history at all can qualify. The card comes with a $35 annual fee and doesn’t offer much in terms of additional bells and whistles, which means it’s not the best option for consumers with fair or better credit.

But for those who find themselves unable to qualify for another secured credit card — or are interested in avoiding a credit check, setting their own credit limit or receiving a comparatively lower variable APR — the OpenSky Secured Visa may be a good choice.

When is the OpenSky Secured Visa Credit Card worth it?

You have poor credit

This card doesn’t require a credit check (also known as a credit inquiry), which makes it an attractive option for borrowers with a bad credit score who may have been rejected from other cards. Instead, the card requires a refundable cash deposit.

You have a short or no credit history

Even borrowers with no previous credit history can qualify for this card. This means that it may be a good option for young people and those who’ve been under- or unbanked but want to start building credit.

You want a higher credit limit — or to set your own

Unlike some secured credit cards, the OpenSky Secured Visa offers a relatively high potential credit limit, as long as you have enough cash for the deposit. The OpenSky Secured Visa allows borrowers to deposit up to $3,000, subject to approval.

You’re looking for a lower variable APR

If you anticipate carrying a balance on your credit card, you may be better off with the OpenSky Secured Visa. Compared to the other secured credit cards on the market, the OpenSky Secured Visa has a lower variable APR of 22.14 percent — otherwise known as the interest rate you’ll be charged if you carry a balance. Similar secured cards charge higher variable APRs, such as the Capital One Platinum Secured Credit Card (29.99 percent) and Self – Credit Builder Account with Secured Visa® Credit Card (26.24 percent).

When is the OpenSky Secured Visa Credit Card not worth it?

While holding the OpenSky Secured Visa does have some perks, it may not be the best fit for all borrowers. In particular, some borrowers may be able to qualify for a credit card that doesn’t require a deposit or one that earns rewards.

You don’t want to have to provide a cash deposit

It’s easier to qualify for secured credit cards, but they come with a price. In order to open this card, you’ll need to provide a refundable cash deposit of at least $200. This may be less than ideal for borrowers who are tight on cash, or who simply don’t want to tie up their savings in a secured credit card at the moment.

Those who want to avoid a secured card may want to consider credit cards designed for borrowers with less-than-stellar credit or no credit history, like Petal® 1 “No Annual Fee” Visa® Credit Card. The Petal 1 doesn’t charge an annual fee and features access to a card-linked offer program called Petal Perks — but there is a much higher variable APR range between 24.74 percent and 33.24 percent.

You want to avoid an annual fee

The OpenSky Secured Visa credit card comes with an annual fee of $35. While this fee isn’t terribly high in the grand scheme of things, it can still add up for borrowers on a budget. No-annual-fee cards like the Capital One Quicksilver Secured Cash Rewards Credit Card and Discover it® Secured Credit Card may be better options for borrowers who qualify. Both cards are targeted toward individuals with no credit history and earn cash back rewards.

You want to earn rewards

This card doesn’t earn any rewards, which is fairly common for a secured credit card designed for credit-building. Either way, borrowers should still check to see if they qualify for a card with rewards-earning potential.

The Quicksilver Secured earns 1.5 percent cash back on all purchases, plus a heightened 5 percent rate on hotels and rental cars booked through Capital One Travel. Further, the Discover it® Secured Credit Card earns 2 percent cash back at gas stations and restaurants (on up to $1,000 in combined purchases each quarter, then 1 percent) and 1 percent back on all non-category purchases.

Note, the OpenSky Secured does offer a lower variable APR (22.14 percent) compared to these two cards (27.74 percent for the Discover it® Secured Credit Card and 29.99 percent for the Quicksilver Secured), should you anticipate carrying a balance.

Should you get the OpenSky Secured Visa Credit Card?

If you have poor or no credit history and are particularly interested in a comparatively lower variable APR, avoiding a credit check or gaining the ability to set your own credit limit, the OpenSky Secured Visa Credit Card can certainly be worth it.

That said, if you’re more interested in earning ongoing rewards on your purchases, or are dead set on avoiding an annual fee, there are other secured cards that can better fit your needs. It really comes down to what credit card perks are most important to you, given many secured cards have similar approval requirements.

The bottom line

The OpenSky Secured Visa is designed for borrowers who need help building up their credit score, and it admirably serves that purpose. The card reports to all three credit bureaus, so borrowers who consistently pay off their balance each month can improve their score.

If you’re having trouble qualifying for other cards and are looking for a way to start improving your credit, the OpenSky Secured Visa could be a good choice. Be sure to read through our OpenSky Secured Visa Credit Card review for more detailed information on this card’s offerings, as well as our list of the best secured credit cards on the market.