What the Open Sky card offers and who it's built for
The Open Sky Secured Credit Card is issued by Opensky, a fintech lender that specializes in secured cards. You deposit money into a savings account, and that deposit becomes your credit limit — so a $500 deposit gives you a $500 limit. The card reports to all three credit bureaus (Equifax, Experian, TransUnion), which means your payment history builds your credit score over time.
The card is designed for people rebuilding credit or starting from scratch. There is no credit check to open the account, and no minimum credit score required. You can open it online in minutes. The deposit stays in your account and earns a small amount of interest — currently around 0.01% annually, though this varies.
Unlike many secured cards, Open Sky does not require a Social Security number. You can open an account with an Individual Taxpayer Identification Number (ITIN), which makes it one of the few options for non-citizens building U.S. credit history.
Key Takeaways
- Your deposit becomes your credit limit, so you control how much credit you want to build with — starting at $200 and going up to $3,000.
- The annual fee is $35, charged every year regardless of whether you use the card, so the true cost depends on how long you keep it open.
- There is no credit check and no minimum credit score, making it accessible to people with no credit history or poor credit.
- The card reports to all three bureaus, so consistent on-time payments will raise your credit score if you check it regularly.
- You can graduate to an unsecured card after 6 to 12 months of on-time payments, at which point your deposit is returned.
Deposit, credit limit, and annual fees
You choose your deposit amount when you open the account, between $200 and $3,000. This deposit is held in a savings account and becomes your credit limit dollar-for-dollar. If you deposit $500, your limit is $500. The deposit earns interest, though the rate is very low — currently around 0.01% per year, which means $500 earns roughly 50 cents annually.
The annual fee is $35, charged every year on your account anniversary. This is a fixed cost that does not change based on how much you use the card or how much you charge. If you keep the card open for three years, you will pay $105 in annual fees alone. This matters when you are calculating the true cost of rebuilding credit — the longer you hold the card, the more the annual fee adds up.
There are no other monthly fees, foreign transaction fees, or penalty fees for late payments. However, late payments do damage your credit score and may trigger interest charges on your balance.
Interest rates and how payments work
The Open Sky card carries a variable interest rate, which means it can change over time. The rate is not fixed when you open the account. Current rates typically fall in the range of 18% to 22% APR, though the exact rate you receive depends on your creditworthiness at the time of process. This is higher than most unsecured cards, but typical for secured cards aimed at people rebuilding credit.
If you carry a balance month to month, interest accrues daily on the unpaid amount. For example, a $300 balance at 20% APR costs roughly $5 per month in interest. The best strategy is to pay your full balance each month to avoid interest charges entirely. This also shows lenders you can manage credit responsibly, which helps your score climb faster.
Payments are due 21 days after your statement closes. You can set up automatic payments online to may support you never miss a due date. Missing a payment by 30 days or more will be reported to the credit bureaus and will significantly damage your credit score.
How the card reports to credit bureaus and affects your score
Open Sky reports your account activity to Equifax, Experian, and TransUnion every month. This means every on-time payment you make is recorded and contributes to your credit history. If you have no credit history, this card can be your first foothold — after six months of on-time payments, you should see your score begin to rise.
The factors that matter most are payment history (35% of your score) and credit utilization (30% of your score). Paying on time every month is the single most important thing you can do. Using only a small portion of your limit — say, charging $50 on a $500 limit — also helps, because it shows you are not maxing out your available credit.
Your score will not jump overnight. Expect gradual improvement over 6 to 12 months if you pay on time and keep your balance low. Some people see their score rise 50 to 100 points in the first year, depending on where they started and what else is on their credit report.
Graduation to an unsecured card and getting your deposit back
Open Sky offers a path to an unsecured card after you demonstrate responsible use. The company reviews your account after 6 to 12 months of on-time payments and may offer you a graduation to their Open Sky Unsecured Mastercard. When you graduate, your deposit is returned to you in full, and you no longer need to maintain a savings account with the company.
Graduation is not automatic — you have to meet Open Sky's criteria, which typically include making all payments on time and keeping your balance low. Some people graduate after six months; others take longer. There is no may provide you will be offered graduation, though on-time payment history makes it likely.
Once you graduate, you lose the secured card but gain an unsecured card with a higher limit and no deposit requirement. The annual fee remains $35. At this point, you can close the secured account and move your credit-building efforts elsewhere if you choose.
How Open Sky compares to other secured cards
The Open Sky card's main advantage is that it does not require a credit check or Social Security number, making it accessible to people with no credit history or non-citizens with an ITIN. Most other secured cards require at least a soft credit pull or a Social Security number.
The $35 annual fee is in the middle range for secured cards. Some competitors charge $25 to $30 per year; others charge $50 or more. The interest rate (18% to 22% APR) is typical for this category. The deposit range ($200 to $3,000) is also standard.
Where Open Sky falls behind some competitors is in the interest earned on your deposit. Some secured cards offer higher savings rates — currently 0.5% to 1% at a few issuers — which means your money works harder while it sits in the account. Open Sky's 0.01% rate is very low by comparison.
Who should and should not use this card
Open Sky makes sense if you have no credit history, poor credit, or are rebuilding after a setback. You need access to a secured card, you do not have a Social Security number, or you want a straightforward product with no surprises. The lack of a credit check is valuable if you have been denied elsewhere.
Open Sky is less useful if you already have fair or good credit — you will may have access to for unsecured cards with lower annual fees and better interest rates. It is also not ideal if you plan to keep the card open for many years without graduating, because the $35 annual fee will compound. If you can afford to deposit $500 or more and commit to paying on time for 6 to 12 months, the card can serve its purpose and then be closed once you graduate or move to another product.
Frequently Asked Questions
Can I increase my credit limit after I open the account?
Yes, you can increase your limit by depositing more money into your savings account. If you started with a $500 deposit and later add $300, your new limit becomes $800. There is no limit to how many times you can increase it, up to the $3,000 maximum. Each deposit increase also increases the interest you earn, though the rate remains very low.
What happens if I miss a payment?
A missed payment will be reported to the credit bureaus after 30 days and will damage your credit score. Open Sky may also charge a late fee (though the company's current terms do not list one, so confirm before opening). The best approach is to set up automatic payments so you never miss a due date.
Can I use this card internationally?
Yes, the Open Sky card is a Mastercard and works at merchants worldwide. However, there are no foreign transaction fees listed, which is unusual — confirm the current terms before traveling. Using it abroad will still report to your U.S. credit bureaus and count toward your credit history.
How long does it take to build credit with this card?
You should see movement in your credit score after 6 months of on-time payments, assuming you have little or no other credit history. If you have negative marks on your report (late payments, collections), rebuilding takes longer — typically 12 to 24 months of clean payment history to offset them.
What happens to my deposit if I close the account?
If you close the account before graduating to an unsecured card, your deposit is returned to you. If you graduate and move to the unsecured card, your deposit is also returned. The only scenario where you lose the deposit is if you default on the card and Open Sky applies it to your debt, which is rare if you are making payments.