The OpenSky Credit Card is a good credit card for people with bad credit who want high approval odds because there is no credit check when you apply. The downside of the OpenSky Card is its
$35 annual fee, but that can be worth it for the chance to rebuild your credit.
Without a credit check, the OpenSky Card’s main approval requirements are being 18+ years old and having enough income to afford a
$200+ security deposit, along with monthly bill payments.
Below, you can find additional information to help you make up your mind about applying for the OpenSky Secured Visa.
OpenSky Secured Credit Card Review Highlights
No credit check is great news for credit-rebuilders
Nearly all credit cards – including secured cards – require a credit check and have certain approval criteria that applicants must meet. For example, it can be difficult to get many secured cards if you have a recent bankruptcy or tax lien on your record. But that’s not the case with the OpenSky Credit Card.
OpenSky simply needs to verify your identity. This saves you from a
hard credit inquiry that could temporarily lower your credit score, while enabling you to begin adding positive information to your credit reports as soon as possible.
$35 annual fee isn’t cheap or expensive
OpenSky’s annual fee is about average for a secured card, according to WalletHub data. So it isn’t necessarily a deal-breaker. But there are some
secured cards with no annual fee, which you should definitely check out if your credit isn’t too severely damaged.
$200 minimum security deposit
The OpenSky Visa is a secured credit card, which means you will be required to place a refundable security deposit, the amount of which will act as your credit limit. This limits the issuer’s risk, giving applicants higher approval odds and fairly low fees.
Rewards on select purchases
You can now earn up to 10% cash back on purchases made with your OpenSky card at 40,000+ retailers. This adds a whole new dimension to the offer and can make rebuilding credit less costly overall. To find out more, you can visit OpenSky Rewards in the OpenSky app for participating retailers or visit their site.
Other fees to watch out for
For example, the OpenSky Secured Credit Card charges a 3% foreign-transaction fee and a late fee of up to $40.
Average APR, but financing still isn’t wise
Carrying a balance from month to month with a secured card doesn’t make much sense because it’s basically the equivalent of charging yourself for a loan. But if you’re unable to pay your bill in full during a given month, your balance will accrue interest at a rate of 25.64% (V), which is slightly above what the average secured card charges, according to WalletHub’s latest Credit Card Landscape Report.
For more help finding the best credit card to rebuild your credit, plus specific credit-improvement advice, sign up for a free WalletHub account. You can also track your progress with free credit scores and reports.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.