OPENSKY SECURED VISA
IN-DEPTH REVIEW 2019

Everything you need to know about OpenSky Secured Visa.

8.4

Overview

Looking to take out a new credit card but your damaged credit is getting in the way? OpenSky Secured Visa has got you covered. New customers qualify for an OpenSky secured visa credit card with no credit check to get started. Enjoy a low APR and annual fee so you can start saving and make payments on time to build excellent credit.  


If rewards are your thing, OpenSky Secured Visa may not be for you. Currently, the card has no reward scheme in place for customers. However, if you are just starting off into the world of credit, this card provides an excellent place to start. 
 

 

Who Is This Card Suitable For?

Anyone can apply for an OpenSky secured visa as they do not require a credit check. Even those with a low credit score will still receive the same APR and security deposit requirements.  


The OpenSky credit card company believes in giving almost anyone a chance at building or restoring credit. This ethos shows through in their treatment of customers and high approval odds. If you are just starting off in building credit, OpenSky secured visa provides a suitable option. 99% of their customers earn a credit score record within just six months of opening an account. As you are over 18 years old and can cover the required fees, you may apply. 


If you plan to apply, you should have the ability to make a minimum of $200 security deposit, pay a $35 annual fee, and make all of your monthly payments on time. By doing so, OpenSky will report your on-time monthly payments to three major credit bureaus as a way of building excellent credit. Customers who meet these requirements can easily apply online through the OpenSky website.  


The online application form is quick, easy, and free of charge. You simply need to provide personal information including address and contact details, your financial and security information, agree to some terms and conditions. Next, select your security deposit and make a payment to get things started. It's as simple as that.  


Your security deposit patches your credit limit, so keep this in mind when applying. Once you complete the application form, you can track your process online through the application status. This feature will let you know when you have been approved and when to expect your card. 


Features

For those with damaged credit, you can benefit from OpenSky credit card’s generous features to assist you on your journey to building good credit. Enjoy low fees and rates to help you save including: 


Security Deposit Required 
The amount you deposit initially determines your credit limit. You can put a down payment as little as $200 up to $3,000. Keep in mind that your security deposit reflects the maximum amount you can spend. For those wanting to expand their business, it would be advised to put down a higher security deposit. 


Account Reports 
Every time you meet your monthly payments on time, OpenSky will report your account to three major credit bureaus, a vital step in creating a good credit record.  

Additional Fees 
The following rates apply for OpenSky Secured Visa: 
Cash Advance: 5% 
Foreign transaction fee: 3% 
Late payment: Up to $38 
Inactive Account: $10 per month 

What is the Intro APR?  
N/A 


What is the Regular APR?  
19.64% 


What is the Annual Fee?  
$35 


What is the required Credit Score?  
Limited History 
 


 

Perks of the Card

Due to the nature of the OpenSky Secured Visa, rewards are limited. This credit card is fairly basic, accepting those with a low credit score for the purpose of building good credit. Therefore, when it comes to rewards, you won't have much choice.  


One huge benefit of the OpenSky Secured Visa is that anyone can apply as they do not require a credit check. This opens doors for those who have damaged credit or even no credit history at all. In this way, you can start building towards good credit.  All customers also benefit from fraud protection with $0 liability ensuring your safety when spending. You will receive alerts for any suspicious activity on your account.  

 

 

Customer Support

The OpenSky credit card looks out for their customers by providing relevant information on their website covering topics such as credit tips, credit education, and many more useful links for support. They have included a FAQ section that anyone can browse at their convenience to find solutions to their issues. If this doesn't help, you can contact OpenSky directly by post with any questions. One of their team of experts will be in touch. OpenSky is active on all social media platforms including Facebook, Twitter, and LinkedIn. Customers can connect with each other online to share experiences and insights on both the card and the company.  

 

Bottom Line

Individuals with damaged or no credit can benefit from this low rate credit card. However, if you are looking for rewards, like travel miles or cashback on your spending, you may want to give this card a pass.   

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Joe Schwartz

Credit Cards Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.