This credit card is best for someone who’s looking to build credit with a card that doesn’t require a credit check or even a bank account at all to get started. Secured cards in general don’t require good credit to be approved, but they’ll usually still check your credit. The OpenSky Secured card stands apart in that it doesn’t run any credit check at all.
Not having any credit and not having a bank account often run hand-in-hand, and if that’s you, this might be another good reason to consider this card. It’ll be easiest to make your security deposit with your bank account debit card. But if you don’t have one, you can use a Western Union transfer or get a check made, too, although a fee may apply.
No credit check needed
No bank account needed
Reports to three credit bureaus
No FICO score
No path to move up to a better product
- No credit check needed: Many secured credit cards require a credit check, which further dings your credit score and may result in a rejected application. Because this card doesn’t, you eliminate the worry of further credit damage or a rejection.
- No bank account needed: Unlike most other cards, you won’t need a bank account to get started. You have several options to fund your account, although some of those options may charge modest fees.
- Reports to all three credit bureaus: You don’t always get a say in which credit bureaus your creditors report your information. But with the OpenSky Secured card, your payment information will be reported to all three of them, building your credit in all the places it counts.
- No rewards: Some other secured cards offer cash-back rewards on your spending. The OpenSky Secured card doesn’t.
- No FICO score: The whole reason you’d be interested in this card is to build your FICO score, and indeed, many other secured cards offer you a free monthly update as a way to see your progress. Sadly, this card doesn’t come with that perk.
- No path to move up to a better product: If you choose a larger, more well-known issuer you can often simply upgrade to a better card once your credit is better without closing down the account. This helps preserve your credit score. Not so with this card; if you close down this account once your credit is better you may see a dip in your score that you’ll have to work to overcome again.
How to Get the Most Out of This Card
The OpenSky Secured Visa card is meant to be a stepping stone. You'll know you've reached the next step when you're comfortable managing your card responsibly and your credit score has improved, which you'll need to keep track of through a free credit score service since you don’t get access to your credit score through OpenSky.
Remember the following basic credit-building principles as you use this card:
- Keep your balance below 30% of your credit limit
- Pay on time every month
- If you have to pay late, do so within 29 days of your due date
Once your account is 30 days past due, your credit score may drop.
It's best to transition to a better card as soon as you're comfortable and able so that you can start building credit outside of a secured card with an annual fee.
You can contact OpenSky customer service by phone or access your account through your card’s online platform or the OpenSky Mobile app.
Since this is a Visa card, you get zero liability, card replacement, and fraud protection that comes standard with all Visa cards. However, the card lacks some common industry security features like the ability to lock your card or two-factor authentication.
Fees to Watch Out For
The OpenSky card interest rate and annual fee are right around what you'd expect for a secured card. However, there are several fees that are out of the ordinary. You'll pay $10 to make an expedited payment by phone, $3 to get statements mailed to you and $5 to receive copies of paperwork already mailed to you.