Build good credit with OpenSky® Secured Visa® Credit Card |

OpenSky® Secured Visa® Credit Card review – August 2018

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No credit check and a low annual fee.

The OpenSky® Secured Visa® Credit Card offers a simple way to quickly build credit. But unlike a traditional unsecured credit card, you are required to provide a refundable security deposit as collateral.

Product NameOpenSky® Secured Visa® Credit Card
Card TypeVisa
Annual Fee$35
APR (Annual Percentage Rate) for Purchases19.14% variable
Cash Advance Rate19.14% variable
Cash Advance Fee$6 or 5% of the cash advance amount, whichever is greater
Foreign Transaction Fee3% of the transaction value
Interest Free PeriodUp to 25 days
Minimum Interest$1
Late Payment Fee$27
Returned Payment Fee$25
Additional Cardholder Fee$0
Minimum Age18 years of age

The basics

The OpenSky® Secured Visa® Credit Card is great for people who need a simple credit card to help them build credit. This Visa from Capital Bank is fast and easy to apply for: The whole process takes about 10 minutes online, and Capital Bank doesn’t run a credit check on applicants or require them to have a credit history.

Applicants can receive a credit line from $200 up to $3,000, depending on the cash you put down as a security deposit. That security deposit, which equals your credit limit, is what makes this card different from an unsecured card. If you default on payments, the bank uses that security deposit as collateral, and as long as you pay on time, you will get your deposit back when you close the account.

It’s a very barebones card with little to offer in the way of features, but could be good for a first credit card to build your credit for the future.

The perks

This card is great for those who want to open up their first credit card and build up their credit quickly.

  • Low annual fee:
    $35 per year is very middle-of-the-road when it comes to secured credit cards. There are cards with smaller yearly payments — Discover and Citi’s secured credit cards have no annual fee — but $35 per year is definitely possible on many budgets.
  • Applicants set their credit limit:
    When applying, the cash amount you pay for the security deposit (from $200 to $3,000) becomes your credit limit.
  • No credit check:
    When applying, applicants do not need a credit history, and a credit check is not done.

What to watch out for:

There are definitely some pitfalls that you should be aware of before adding this card to your wallet.

  • 19.14% variable APR.
    While not particularly high for a secured card, it can still lead to a large some of money being spent on interest. To avoid having this impact you, be sure to pay off your balance in full every month.
  • Steep penalties for late payments.
    If you miss a payment, you’ll get a $27 late payment charge.
  • No rewards.
    If earning cash back or points toward gas or groceries is a must, this is not the right card for you. It’s worth noting that you are unlikely to find a secured card that offers rewards; however, once your credit has built up with this card, it’s not a bad idea to see if you qualify for an unsecured card with more benefits.

What information do I need to apply?

  • Basic identifying information (name, address, telephone number, date of birth)
  • Social Security number
  • Your annual income
  • Monthly housing payment

How do I apply for this card?

  1. Go to the OpenSky website.
  2. Fill out all of the required information.
  3. Read through and accept the terms and conditions.
  4. Click the “Submit” button.
  5. You will be notified via email that your application has been sent. Now you wait!

How likely is approval?

More than likely. With no credit check or checking account necessary when you apply (which is unusual), this card is available to anybody willing to pay a security deposit of at least $200. However, your monthly income must be greater than your monthly expenses, and you must have the ability to repay the estimated monthly payment you require for this card.

I got the card. Now what?

  • Making payments.
    Capital Bank has an app available for free. If you decide to download it, make sure to download the app made by Capital Bank N.A. From there, you can make payments and access your account. If you don’t want to download the app, you can still make payments on the Capital Bank website or via phone. Or you can mail your payment to OpenSky PO Box 660924, Dallas, TX 75266-0924.
  • Avoiding interest.
    As with any credit card, it’s a great idea to pay off your balance in full every month so you can avoid any interest.
  • Avoiding fees.
    Make your payment on time in order to avoid the $27 late payment fee.
  • Customer service.
    You can reach OpenSky’s customer service by calling 1‑800‑859‑6412.
  • Graduating to an unsecured card.
    OpenSky does not provide a direct path to an unsecured card; however, if you use your card responsibly and raise your credit score, you can apply for an unsecured card with a different bank.

What customers are saying about the OpenSky® Secured Visa® Credit Card

The OpenSky® Secured Visa® Credit Card gets good reviews, with many customers siting its straightforwardness and no hidden fees as a plus. One customer warns that it takes up to four days for your monthly payment to register, so make sure you give yourself plenty of time to make your due date.

Bottom line

This is a great card for people with poor or very little credit. As long as this card is used responsibly and paid off every month, it will quickly build credit. If you’re still unsure if this is the card for you, be sure to compare your other secured credit card options and find the right one for you.


Megan Horner

As the assistant publisher of credit cards at, Megan is passionate about helping you compare and find the best credit cards for your situation, whether that is earning great rewards or improving your credit score. In her previous position, Megan worked as an assigning editor at Credit Karma, where she focused on editing and publishing educational articles on credit cards. Megan started her career as a writer at a comparison website, so she has a longstanding background in surfacing the best deals and helping people make decisions. In her spare time, Megan likes to hike, camp, surf, and read.

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2 Responses

  1. Default Gravatar
    TerellJune 29, 2017

    When I. Cancel the card will it hurt my credit

    • finder Customer Care
      AnndyJune 29, 2017Staff

      Hi Terell,

      Thanks for your question.

      Generally, if you close your credit card following our guide here, it will not have a negative impact on your score.

      However, if you close your account while you still have an outstanding balance, it will leave a negative mark on your file.


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