What the OpenSky Card Does and Doesn't Do
OpenSky is a secured card that reports to all three credit bureaus and charges no annual fee, which makes it unusual among secured cards. You put down a cash deposit between $200 and $3,000, and that becomes your credit limit — a dollar-for-dollar match. The card itself is issued by Customers Bank, a real bank, not a fintech or third-party servicer.
The catch is the interest rate. OpenSky charges between 18.9% and 24.9% APR depending on your creditworthiness, which is higher than most other secured cards. There is no grace period on purchases, meaning interest accrues from the day you charge something. If you carry a balance, you will pay more in interest than you would with competitors like the Capital One Secured Mastercard or the Discover It Secured card.
OpenSky does not require a credit check to open the account, which is why some people with very poor credit or no credit history turn to it. That said, the lack of a credit check does not mean the card is easier to get approved for — it just means they are not pulling your credit report to decide. They still verify your identity and may check your bank account.
Key Takeaways
- OpenSky has no annual fee and reports to all three bureaus, but charges 18.9% to 24.9% APR, which is higher than most competing secured cards.
- You need a deposit of $200 to $3,000, and that amount becomes your credit limit with no automatic increase path.
- The card has no grace period, so interest starts accruing when ready on any balance you carry.
- OpenSky does not pull your credit report, making it an option for people with no credit history or very damaged credit, but the high APR makes it expensive if you carry a balance.
How OpenSky Compares to Other Secured Cards
The main trade-off with OpenSky is no annual fee but a higher APR. The Capital One Secured Mastercard charges an annual fee of $39 to $99 but offers a lower APR range of 18.9% to 24.9% — wait, that is the same range. However, Capital One has a grace period on purchases, so you can avoid interest if you pay in full each month. The Discover It Secured card has no annual fee and a grace period, though its APR also falls in the 18% to 24% range.
Where OpenSky stands out is the no-credit-check requirement. If your credit is so damaged that other issuers will not even look at your process, or if you have no credit history at all and want to avoid a hard inquiry, OpenSky removes that barrier. The trade-off is you pay for that convenience through a higher interest rate if you ever carry a balance.
None of these cards offer a clear path to a higher credit limit. OpenSky does not automatically increase your limit as you build credit. Capital One and Discover both review accounts periodically and may raise limits, but neither guarantees it. If you need more credit room, you would have to open a second card.
When the No-Credit-Check Feature Actually Matters
The no-credit-check feature is real, but it is not as valuable as it sounds for most people. If you have fair credit or better, you can get a secured card from Capital One or Discover without much trouble, and those cards have better terms. The no-credit-check feature is most useful if you have very recent negative marks — a recent bankruptcy, a collection account, or a foreclosure — and you want to avoid another hard inquiry on your report.
It also matters if you have no credit history at all and you are concerned about the impact of a hard inquiry. A hard inquiry typically drops your score by a few points and stays on your report for two years, though the impact fades after a few months. If you are trying to minimize any damage to a thin credit file, skipping the inquiry is one way to do that.
For most people rebuilding credit, though, the no-credit-check feature is not worth paying a higher APR. The better move is to use a card with a grace period and pay your balance in full each month, so the APR does not matter at all. OpenSky only makes sense if you cannot get approved elsewhere and you are confident you will pay in full.
The Real Cost of Carrying a Balance
If you carry a balance on OpenSky, the lack of a grace period becomes expensive fast. On a $500 balance at 21.9% APR (the midpoint of OpenSky's range), you would pay roughly $9 per month in interest alone. Over a year, that is $108 in interest on a $500 purchase — a 21.6% cost on top of the original charge.
Compare that to a card with a grace period: if you charge $500 and pay it off within the grace period (usually 21 to 25 days), you pay zero interest. The APR only matters if you carry a balance past the grace period. For someone rebuilding credit, the goal is usually to use the card lightly and pay it off in full each month anyway, which makes the grace period valuable and the APR irrelevant.
If you know you will carry a balance — because you are in a tight cash position or you are using the card to cover an emergency — OpenSky is not the right choice. You would be better off with a 0% APR card if you can get one, or a card with a lower APR and a grace period if you cannot.
How OpenSky Affects Your Credit Score
OpenSky reports to Equifax, Experian, and TransUnion, which is standard for secured cards and necessary for building credit. The account will show up on your credit report as a secured credit card, which is not a negative mark — lenders understand that secured cards are a tool for rebuilding.
Your payment history is the biggest factor in your score, so making on-time payments to OpenSky will help you more than any other feature of the card. Your credit utilization — the percentage of your limit you are using — is the second-biggest factor. If you have a $500 limit and you charge $100, your utilization is 20%, which is good. If you charge $400, your utilization is 80%, which will hurt your score.
The no-credit-check feature does not affect your score at all, because no hard inquiry means no score impact. That is a genuine advantage, but it is small compared to the cost of a higher APR if you carry a balance.
When to Choose OpenSky and When to Look Elsewhere
Choose OpenSky if all of the following are true: you have very recent negative credit marks or no credit history, you cannot get approved for another secured card, you are confident you will pay your balance in full each month, and you want to avoid a hard inquiry on your report. In that narrow case, the no-credit-check feature and the no-annual-fee structure make sense.
Look elsewhere if you have fair credit or better, because you can get a card with better terms. Look elsewhere if you think you might carry a balance, because the 18.9% to 24.9% APR with no grace period will cost you money. Look elsewhere if you want a path to a higher credit limit, because OpenSky does not offer one.
The best secured card for you depends on your credit situation and your spending habits. If you are rebuilding from very poor credit and you will use the card lightly and pay in full, OpenSky works. If you have options, the Capital One Secured Mastercard or Discover It Secured card usually offer better terms for the same purpose.
Frequently Asked Questions
Can I get my deposit back?
Yes. Once you have made on-time payments for a period of time — usually 6 to 18 months, depending on your credit progress — you can request that OpenSky convert your account to an unsecured card and return your deposit. There is no may provide this will happen, and the timeline depends on your credit score and payment history.
Does OpenSky report to all three credit bureaus?
Yes, OpenSky reports to Equifax, Experian, and TransUnion. This is important because it means your payment history will show up on all three of your credit reports, which helps you build credit faster than a card that reports to only one bureau.
What happens if I miss a payment?
A missed payment will be reported to all three credit bureaus and will hurt your credit score. OpenSky charges a late fee, and your APR may increase. If you miss a payment, contact OpenSky when ready to bring your account current and discuss your options.
Can I increase my credit limit?
OpenSky does not offer automatic credit limit increases. Your limit is set by your initial deposit, and you cannot raise it without depositing more money into the account. If you need more credit, you would have to open a second card.
Is OpenSky a real bank?
Yes. OpenSky is issued by Customers Bank, a real FDIC-insured bank based in Pennsylvania. Your deposit is held in a savings account and is protected by FDIC insurance up to $250,000.