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Wells Fargo Secured Credit Card vs. OpenSky® Secured Visa® Credit Card

Are you looking for a secured card with a high credit limit or no credit check?

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Fact checked

The Wells Fargo Secured Credit Card and the OpenSky® Secured Visa® Credit Card are both middle-of-the-road cards suitable for someone trying to establish or rebuild their credit. The main difference is that Wells Fargo Secured Credit Card comes with a higher credit limit and a cheaper annual fee, but the OpenSky® Secured Visa® Credit Card boasts availability for people who have no credit history whatsoever.

Wells Fargo Secured Credit Card

Wells Fargo Secured Credit Card

Rates & Fees

OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

Rates & Fees

finder.com's rating
finder.com's rating

★★★★★

4.1 / 5.0

★★★★★

3.8 / 5.0
Best for
Best for
  • Low annual fee for credit-building card
  • No credit check or credit history required
Welcome offer
Welcome offer

N/A

N/A

Rewards
Rewards

N/A

N/A

Purchase APR
Purchase APR

20.49% variable

0% intro APR for 6 months, and then 17.39% variable

Annual fee
Annual fee $25 $35
Balance transfer APR
Balance transfer APR

20.49% variable

N/A

Cash advance
Cash advance

APR: 25.49% variable

Fee: $10 or 5% of the transaction, whichever is greater

APR: 17.39% variable

Fee: $6 or 5% of the transaction, whichever is greater

Foreign transaction fee
Foreign transaction fee 3% of each transaction or $3, whichever is greater 3% of each transaction
Late payment fee
Late payment fee $37 Up to $38
Additional cardholder fee
Additional cardholder fee $0 $0
Interest-free period
Interest-free period 25 days 25 days
Minimum interest
Minimum interest $1 $1
Minimum credit score
Minimum credit score 300 300
Card type
Card type Credit Credit
Learn more
Learn more

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Which card should you choose?

Wells Fargo Secured Credit Card

Wells Fargo Secured Credit Card

  • Build credit with reporting to credit bureaus
  • Upgrade to an unsecured Wells Fargo card with responsible card use
  • US residency not required
  • $10,000 credit limit

The Wells Fargo Secured Credit Card's annual fee is $25 — cheaper than many other secured credit cards on the market. For approval, you'll need to front a $300 minimum security deposit. And if you're looking for a card to build credit, you'll be happy to know that the bank reports your Wells Fargo Secured Credit Card activity to the three major credit bureaus.

OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

  • Build your credit. The card reports to all three major credit bureaus, which can help strengthen your credit. All you have to do is keep your utilization low and make timely payments.
  • No credit check. OpenSky only uses your ID to confirm your identity — it won’t do a credit pull.
  • Credit line. You have full control over your credit line, as it’s the sum of your security deposit. You can make a deposit from $200 up to $3,000.

The OpenSky® Secured Visa® Credit Card is a contender if you've never had any form of credit in the past. Compared with the Wells Fargo Secured Credit Card, this card offers a lower 17.39% variable APR and requires a lower minimum security deposit of $200. And you can easily fund your deposit with a debit card, wire transfer or money order.

How do I choose the right card for me?

A good place to start is to look at your credit history. If you have no credit history whatsoever, the OpenSky® Secured Visa® Credit Card is probably your best bet, at least for accessibility.

If you have a past credit history and want to upgrade your card in the future, the Wells Fargo Secured Credit Card makes a good choice. In time, you can increase your credit limit and upgrade to a secured card directly through Wells Fargo. This card is also great if you’re not a US citizen.

Without rewards to worry about, both cards are solid choices for helping rebuild your credit. And since you should be paying off your statement balance in full each month, the APR difference between the two shouldn’t prove a huge deal.

Compare secured credit cards

Here are a few more secured credit cards to give you an idea of your full range of options.

Name Product Filter values Minimum deposit required Purchase APR Annual fee Recommended minimum credit score
First Progress Platinum Select MasterCard® Secured Credit Card
Starting at $200
13.99% variable
$39
300
No minimum credit score and no credit history required.
Green Dot primor® Visa® Gold Secured Credit Card
Starting at $200
9.99% fixed
$49
300
Fast, easy application process with no processing or application fees.
OpenSky® Secured Visa® Credit Card
Starting at $200
0% intro for the first 6 months (then 17.39% variable)
$35
300
A rare secured card with a 0% intro APR on purchases for the first 6 months, then 17.39% variable.
Green Dot Platinum Visa® Secured Credit Card
Starting at $200
19.99% fixed
$39
300
The power to build your credit with reporting to the three major credit bureaus.
First Progress Platinum Elite MasterCard® Secured Credit Card
Starting at $200
19.99% variable
$29
300
Build your credit with all three major credit bureaus.
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Bottom line

In the end, both cards offer a solid opportunity to rebuild your credit, with the main determining factor on which is best for you laying with your credit history. But if you’re not too crazy about either card, compare the features of other secured cards until you find the one that’s right for your needs. Learn more about secured cards in our comprehensive guide.

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