What the OpenSky Card Is and Who It's For
The OpenSky Secured Visa Card is a secured credit card issued by OpenSky, a financial technology company. You deposit money into a savings account, and that deposit becomes your credit limit — so a $500 deposit gives you a $500 limit. You then use the card like any other credit card, making purchases and paying a monthly bill.
OpenSky markets this card to people rebuilding credit after missed payments, collections, or no credit history at all. Unlike many secured cards, OpenSky does not require you to have a bank account elsewhere, does not perform a hard credit pull during the process process, and does not have an income requirement. The card reports to all three credit bureaus (Equifax, Experian, and TransUnion), so on-time payments build your credit file.
The trade-off is the cost. OpenSky charges an annual fee of $35, a processing fee of $35 when you open the account, and a monthly maintenance fee of $6. These fees are deducted from your deposit, so they reduce your available credit when ready.
Key Takeaways
- Your credit limit equals your cash deposit, which stays in an OpenSky savings account while you hold the card.
- OpenSky charges $35 to open the account, $35 annually, and $6 per month in maintenance fees — all taken from your deposit.
- The card reports to all three credit bureaus, so consistent on-time payments will show up on your credit report within 30 to 60 days.
- You can request a credit limit increase after six months of on-time payments, and OpenSky may increase it without requiring an additional deposit.
- There is no income requirement, no hard credit pull, and no requirement to have another bank account.
How to Open an OpenSky Account Online
Visit the OpenSky website and click the button to open a new account. You will be asked for your name, date of birth, Social Security number, and current address. OpenSky will perform a soft credit inquiry, which does not affect your credit score. This step takes about five minutes.
Next, you choose your deposit amount. The minimum is $200 and the maximum is $3,000. Remember that OpenSky will deduct $35 for the processing fee and $6 for the first month's maintenance fee before your card is activated, so a $200 deposit becomes $159 in available credit. Choose an amount you can afford to leave in the account for at least several months.
You will then set up a username and password for your online account, verify your email address, and provide your bank account details so OpenSky can pull your deposit. The deposit itself is made via ACH transfer from your bank account to OpenSky's bank partner. This transfer usually takes three to five business days to complete.
Once the deposit clears, OpenSky will mail your physical card to the address you provided. The card typically arrives within seven to ten business days. You can begin using the card as soon it arrives, or you can request a virtual card number to use online before the physical card shows up.
What Documents and Information You Need
You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address. A recent utility bill, lease, or bank statement works for the address. You will also need access to a bank account so you can transfer your deposit to OpenSky.
OpenSky does not require proof of income, employment history, or a credit report from a traditional lender. If you have been denied by other card issuers, that does not prevent you from opening an OpenSky account. The soft credit inquiry means OpenSky is checking your credit file for basic information, but it will not lower your credit score.
Understanding the Fees and How They Reduce Your Credit Limit
OpenSky's fee structure is straightforward but adds up quickly. The $35 processing fee is charged when you open the account. The $6 monthly maintenance fee is charged every month you hold the card. The $35 annual fee is charged once per year on the anniversary of your account opening.
All three fees are deducted directly from your deposit, which means they reduce your available credit. If you deposit $500, OpenSky when ready deducts $35 for processing, leaving $465. Then $6 is deducted for the first month, leaving $459. After one year, the $35 annual fee and twelve months of $6 maintenance fees ($72 total) will have reduced your balance to $352 — even if you never use the card.
This fee structure makes OpenSky more expensive than some other secured cards, but it also means you do not have to worry about paying bills separately. The fees come out of your deposit automatically, so you cannot miss a payment on the card itself.
How to Use the Card and Build Your Credit
Once your card arrives, use it for small, regular purchases — a gas station, a grocery store, a subscription service. Charge something every month, even if it is only $10 or $20. Pay the full balance by the due date shown on your statement, every single month.
OpenSky reports your payment history to Equifax, Experian, and TransUnion. On-time payments will show up on your credit report within 30 to 60 days. Late payments also report, so missing even one payment will damage the credit file you are trying to rebuild. Set up automatic payments from your bank account if that helps you stay on schedule.
After six months of on-time payments, you can request a credit limit increase. OpenSky may increase your limit without requiring you to deposit additional money. Some cardholders have seen increases after six months, though OpenSky does not may provide this. If your limit is increased, your deposit remains the same — the increase comes from OpenSky's own credit decision.
When to Move to an Unsecured Card
After 12 to 18 months of on-time payments with OpenSky, your credit score should improve enough to may have access to for an unsecured card from another issuer. At that point, you can close the OpenSky account and recover your deposit. OpenSky will return your remaining deposit balance to your bank account within 7 to 10 business days after you close the account.
Closing the OpenSky card will remove an active account from your credit report, which can cause a small, temporary dip in your credit score. However, the account will remain on your report for seven years as a closed account in good standing, which continues to help your credit history. The benefit of moving to an unsecured card — no annual fee, no monthly fees, potentially better rewards — usually outweighs this temporary score dip.
If you decide to keep the OpenSky card open after moving to an unsecured card, you can do that too. Keeping it open and using it occasionally will maintain an older account on your credit report, which helps your credit score over time. The monthly fees will continue, so weigh whether the benefit to your credit history is worth the $72 per year in maintenance and annual fees.
Frequently Asked Questions
Can I use OpenSky if I have no credit history at all?
Yes. OpenSky does not require you to have an existing credit file or credit score. The soft credit inquiry is just to verify your identity and check for fraud. Many people with no credit history have opened OpenSky accounts and used them to build credit from scratch.
What happens if I miss a payment?
OpenSky will report the late payment to all three credit bureaus, which will damage your credit score. You will also be charged a late fee (typically $25 to $35, depending on your state). If you miss a payment, contact OpenSky when ready to bring your account current and ask about hardship options.
Can I withdraw money from my deposit while I hold the card?
No. Your deposit is held in a savings account at OpenSky's bank partner and cannot be withdrawn while the card is active. You can only recover the deposit by closing the account. The deposit is there to find the card, not to be used as a line of credit.
How long does it take to receive the physical card?
After your deposit clears (three to five business days), OpenSky mails the card. Physical delivery typically takes seven to ten business days. You can request a virtual card number to use online while you wait for the physical card to arrive.
Will OpenSky convert my card to unsecured after a certain time?
OpenSky does not automatically convert secured cards to unsecured cards. You must close the account and open a new unsecured card with a different issuer. However, after 12 to 18 months of on-time payments, your credit score should be strong enough to may have access to for unsecured cards from other lenders.