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OpenSky® Secured Visa® Secured Card

Our Two Cents: OpenSky Secured Credit Card Review

The OpenSky Secured visa credit card is a great option for people looking to build credit. Back by Capital Bank, OpenSky has carved out a unique place in the market. OpenSky's most attractive feature is that customers are able to get approved without a hard credit inquiry. That means that even if you have no credit or bad credit you can still get approved. 

How does a secured card work? You'll need to put down cash as a security deposit to get a line of credit. You will be able to open an account with as little as $200, or go all the way up to $3,000. We recommend opening the biggest line of credit you can. The amount of credit you have access to plays a big role in your overall credit score, so the more you have the better. Your security deposit serves as a safeguard to OpenSky in the event that you aren't able to pay your monthly bill. Your security deposit is held in an FDIC-insured account. The full amount is returned to you after your account is closed or upgraded to a regular credit card.

Speaking of upgrading... once you’ve reached a credit score of 699 or higher, you have the option to upgrade your secured card to a normal credit card with a higher credit limit and no security deposit. This means that you'll get your original security deposit back. The OpenSky card will report to all three credit bureaus each month. The company is very transparent about wanting to work with you to build your credit score so you can reach that 699 credit score.

As far as fees are concerned, OpenSky is pretty competitive on the market. You'll see an annual fee of $35 with an APR of 19.14% variable. Late payments will result in a $27 fee, while returned payments will set you back $25. Another fee worth mentioning is the $10 inactivity fee. If your card is inactive for more than 12 months you'll be hit with a fee, so don't open this one and forget about it. You can see a complete breakdown of fees here.

Aren't there better Secured Cards out there?

Maybe. There are two other viable options for a secured card (in our opinion). 

  • The Discover it secured card offers a cash back component with no annual fee. You'll also enjoy automatic account reviews to be upgraded to an unsecured card. 
  • The Capital One secured card also offers no annual fee with reviews to be upgraded to an unsecured card, but the secured card does not have a rewards component. 

Both of these cards will use a hard credit pull in order to approve you, so there is a chance you will be declined. You'll have to weigh your comfort level with that risk before you apply.

Is there anything else you should consider?

Definitely. If you're looking to build credit, you should also take a look at Self Lender. Self Lender is a savings plan that builds credit by reporting monthly payments to the credit bureaus. Once you've reached your savings goal, you'll receive a check from the company. It's an excellent option when paired with a secured credit card. Self Lender reports as an installment account, so it will help with the types of credit you have access to. This makes up 10% of your overall credit score. There are reports of users improving their credit score by over 100 points!

OpenSky Highlights

  • $35 Annual Fee
  • $200 Minimum security deposit
  • Join a community of other people just like you to share you credit building journey
  • Terms Apply
  • Apply Online

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Indigo® Platinum Mastercard® Credit Card

  • Easy pre-qualification process with fast response
  • Less than perfect credit is okay
  • Online servicing available 24/7 at no additional cost
  • Unsecured credit card, no security deposit required
  • Account history is reported to the three major credit bureaus in the U.S.

Self Lender Credit Builder

  • Get the savings plan that helps build credit today! No checking account or security deposit required.
  • Choose the amount you want to save and make monthly payments towards your savings goal.
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Petal Credit Card

  • Credit Limits between $500 – $10,000
  • No FICO score required. Petal can use your connected bank accounts for account approval.
  • Earn up-to 1.5% cash back with responsible use
  • No annual fee