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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 Name | OpenSky® Secured Visa® Credit Card |
|---|---|
| APR for Purchases ( Purchase Rate ) | 18.64% variable |
| Annual fee | $35 |
| Cash Advance Rate | 18.64% variable |
| Card Type | Visa |
| Interest Free Period The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement. | Up to 25 days |
| Returned Payment Fee | $25 |
| Foreign Currency Conversion Fee (VISA) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 3% of transaction value |
| Minimum Interest | $1 |
| Minimum Age | 18 years of age |
|---|---|
| Min credit limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $200 |
| Max credit limit This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account. | $3,000 |
| Annual fee | $35 |
|---|---|
| Returned Payment Fee | $25 |
| Late Payment Fee | $27 |
| Cash Advance Fee | $6 or 5% of the amount of each Cash Advance; whichever is greater |
Pros
- Rebuild credit
- Meet your financial goals
- No credit history required to apply
Cons
- Maximum credit line: $3,000
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 p.a. 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.
- 18.64% 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, the APR goes up to % variable. You’ll have a $27 late payment charge as well. - 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?
Always consider your options and your financial situation before you apply for a credit card.
- Go to the OpenSky website.
- Fill out all of the required information.
- Read through and accept the terms and conditions.
- Click the “Submit” button.
- 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. But for people with higher than average credit scores who are looking to earn rewards, there could be better options out there.
When I. Cancel the card will it hurt my credit
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.
Cheers,
Anndy