OpenSky Secured Visa Card review: Building credit for beginners

Editor’s note: This is a recurring post, regularly updated with new information and offers. 

OpenSky Secured Visa Credit Card overview

Are you looking to build credit and don’t mind paying an annual fee? While it lacks substantial perks, the OpenSky® Secured Visa® Credit Card can increase your credit rating without needing a credit check. With an easy approval process, this card may provide the key to a better financial path. However, be sure to consider other secured card options. Card rating*: ⭐⭐⭐

*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

For those new to the world of credit cards, secured cards are a great entry point. They allow you to improve your credit score and build your way up to better financial footing, making you eligible for more lucrative rewards credit cards later on.

Whether you have a limited credit history or have made some credit mistakes in the past, the OpenSky Secured Visa is an intriguing option. It’s one of the few secured cards you can qualify for without a bank account or credit check.

That means if you’re grappling with past financial mistakes or just have a bad-to-poor credit score, this card should be on your radar. It also allows those without any credit history, like students, to build credit from scratch.

The catch? It’s one of the few with an annual fee. It’s relatively low at $35 per year, but this could be a deterrent for some.

Let’s take a deeper dive into the OpenSky Secured Visa to see if this card makes sense for you.

OpenSky Secured Visa pros and cons

OpenSky Secured Visa welcome offer

Unfortunately, the OpenSky Secured Visa does not have a welcome offer. While this is disappointing, it’s pretty common for a secured credit card.

Related: How to check your credit score for free

OpenSky Secured Visa benefits

While there are no “perks” in the traditional sense, like purchase protection or a welcome offer, the OpenSky Secured Visa offers incredible flexibility for those looking to begin their credit journey.

First, there are fairly high approval odds for the OpenSky Secured Visa. As mentioned, there is no hard credit pull; you only have to fund the account via a deposit. Everyone who is approved for the card gets the same credit limit range.

If you decide to close the account, you will receive the full deposit amount back, typically within 4-8 weeks. However, if you’re after building credit, consider keeping the account open, as it can help you build credit over time.

Options for your cash deposit include:

• Debit card
• Money order
• Mailing a check

The OpenSky Secured Visa has a refundable security deposit range of $200 to $3,000. This deposit then becomes your credit limit on the account. Any time you want to increase your limit (up to $3,000), you must add funds to your security deposit.

This helps the bank with liability since you’d be on the hook for missed payments.

Earning and redeeming rewards with the OpenSky Secured Visa

The OpenSky Secured Visa recently introduced a rewards program that lets you earn up to 10% cash back on everyday qualifying purchases made with your card.

Details can be found in your account on what purchases and retailers qualify for cash back rewards, as OpenSky doesn’t publicly state what purchases qualify.

Rewards earned will automatically be posted to your account as a statement credit within 120 days of the purchase. Full details of the rewards program can be found here.

Which cards compete with the OpenSky Secured Visa?

If you’re looking to build or repair credit, a range of other secured cards should also be on your radar.

• If you want to earn straightforward rewards: The Discover it® Secured Credit Card is one of the few secured credit cards that earns rewards. It made our list of the best secured cards since you can earn 2% cash back at gas stations and restaurants on up to $1,000 in purchases each quarter and 1% cash back on everything else. Discover will also match all the cash back you’ve earned at the end of your first year with the card. To learn more, check out our full review of the Discover it Secured.
• If you want more benefits: The Capital One Platinum Secured Credit Card is one of the best secured cards with extra perks. With no annual fee (see rates and fees), this card offers a few notable benefits, such as no foreign transaction fees (see rates and fees), fraud coverage, emergency card services and Mastercard ID Theft Protection. To learn more, see our full review of the Capital One Platinum Secured.
• If you don’t want a secured card: The Chase Freedom Flex® is a great card for beginners. With strong earning categories, purchase protection, secondary auto rental coverage and trip cancellation/interruption insurance, it’s a great choice for beginner travelers who can’t yet get a premium card with stronger protections. To learn more, see our full review of the Freedom Flex.

For additional options, check out our full list of secured credit cards.

Related: Why I got the Chase Freedom Flex

The information for the Discover it Secured card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Is the OpenSky Secured Visa worth it?

Despite its annual fee, the OpenSky Secured Visa offers tons of flexibility for those new to the credit card space and is potentially worth the $35 annual price tag. However, other secured cards could offer a fee-free way to boost your credit score, so be sure to check out our full list for additional options before making your choice.

Bottom line

The OpenSky Secured Visa card helps you build (or rebuild) your credit without needing a credit check. While the annual fee is a drawback, using this card (and paying on time) is an effective method to increase your credit score. If you’re new to credit cards or rebuilding your credit, the card definitely should be on your list to check out.

Finally, once you have a “good” credit score, consider upgrading to a different cash-back or travel rewards card.

Apply here: OpenSky Secured Visa

Related: How to apply for a credit card

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.