What the OpenSky Card Is and Who It's For
The OpenSky Credit Card is a secured credit card issued by Customers Bank that requires a cash deposit to open. You deposit money into a savings account, and that deposit becomes your credit limit — if you deposit $500, your limit is $500. You then use the card like any other credit card, and your payment history gets reported to all three credit bureaus (Equifax, Experian, and TransUnion).
OpenSky is designed for people rebuilding credit from scratch or after damage like missed payments, collections, or bankruptcy. Unlike many secured cards, OpenSky does not require a credit check to open the account, which makes it accessible even if your credit score is very low or you have no credit history at all.
The card is not free to use. It carries an annual fee, a monthly maintenance fee, and interest charges on balances you carry. Understanding these costs upfront matters because they directly affect whether the card helps or hurts your credit-building plan.
Key Takeaways
- OpenSky requires a cash deposit between $200 and $2,500 that becomes your credit limit, with no credit check required to open.
- The card charges an annual fee of $35, a monthly maintenance fee of $6.95, and a variable interest rate (APR) that changes over time.
- Your deposit sits in a savings account earning no interest, so you are paying fees to use money that is already yours.
- Payment history reports to all three credit bureaus, which is the main reason to use this card instead of a prepaid card.
- After 18 months of on-time payments, you can request the card be converted to an unsecured card, though approval is not may provide.
Deposit Requirements and Credit Limits
You must deposit between $200 and $2,500 to open an OpenSky account. This deposit is held in a savings account at Customers Bank and serves as collateral — it is not spent when you use the card. Your credit limit equals your deposit amount, so a $500 deposit gives you a $500 limit.
The deposit earns no interest. This is a real cost: if you deposit $1,000 and hold it for two years, you earn nothing on that money while paying the monthly maintenance fee. Some other secured cards (like the Capital One Secured Mastercard or Discover It Secured) offer deposit accounts that earn interest, so this is a disadvantage worth weighing.
You can increase your deposit and credit limit after six months of on-time payments, though you must request this increase and meet OpenSky's requirements at that time. There is no may provide the increase will be approved.
Fees You Will Pay
OpenSky charges multiple fees that reduce the value of the card:
- Annual fee: $35 per year, charged once.
- Monthly maintenance fee: $6.95 per month, charged every month regardless of whether you use the card.
- Interest (APR): A variable rate that changes over time. As of recent data, this has ranged from 18.9% to 24.9%, depending on market conditions and your account status.
- Late payment fee: Up to $38 if you miss a payment.
- Over-limit fee: Up to $38 if you exceed your credit limit.
The monthly maintenance fee is the most unusual cost. You pay $6.95 every month even if you never use the card. Over a year, that is $83.40 in maintenance fees alone, plus the $35 annual fee. If you carry a balance, you also pay interest on top of these fees.
Compare this to the Capital One Secured Mastercard, which has no monthly maintenance fee and a $39 annual fee, or the Discover It Secured card, which has no annual fee and no monthly maintenance fee. The OpenSky card is more expensive to hold, which is why it makes sense only if other cards have turned you down.
How the Card Reports to Credit Bureaus
OpenSky reports your payment history to Equifax, Experian, and TransUnion every month. This is the core reason to use a credit card instead of a prepaid card — prepaid cards do not report to credit bureaus at all, so they do nothing for your credit score.
What gets reported: your payment date, whether you paid on time, your balance, and your credit limit. If you pay on time every month, this positive history accumulates and gradually raises your credit score. If you miss a payment, that negative mark also reports and damages your score.
The monthly maintenance fee does not appear on your credit report, so it does not directly hurt your score. However, it does mean you are paying money every month just to maintain the account, which reduces the net benefit of using the card.
Converting to an Unsecured Card
After 18 months of on-time payments, you can request that OpenSky convert your account to an unsecured card. If approved, you get your deposit back and keep the card without the collateral requirement. This is the exit point — the moment the card has done its job and you move on to a regular credit card.
Approval for conversion is not automatic. OpenSky reviews your payment history, and if you have missed payments or carried high balances, the request may be denied. Even if denied, you can request again later, and some cardholders report success on a second or third attempt after more months of perfect payments.
If your account is converted, you lose the deposit but keep the card. At that point, you should compare the OpenSky card to other unsecured cards and consider moving to one with lower fees or better rewards if you may have access to.
When to Use OpenSky vs. Other Secured Cards
OpenSky makes sense if you have been turned down by other secured card issuers. The no-credit-check requirement means you can open it even with a very low score, recent bankruptcy, or no credit history. If Capital One, Discover, or other issuers have denied you, OpenSky is often the next option.
OpenSky does not make sense if you can open a different secured card. The monthly maintenance fee and higher annual fee mean you are paying more to build credit. The Capital One Secured Mastercard ($39 annual fee, no monthly fee) and Discover It Secured (no annual fee, no monthly fee) are cheaper alternatives if you can may have access to.
If you are rebuilding after bankruptcy or a long period of no credit activity, the higher cost may be worth it for the certainty of approval. If you have some credit history but a low score, try other cards first.
How to Use the Card to Build Credit Effectively
Opening the card is not enough — how you use it determines whether your credit score improves. The most important rule: pay the full balance on time every month. A single late payment damages your score and costs you a late fee. Set up automatic payments if possible so you never miss a due date.
Keep your balance low relative to your credit limit. If your limit is $500, try to keep your balance below $50 to $100. Credit bureaus track your utilization ratio (balance divided by limit), and high utilization hurts your score even if you pay on time. Using the card for small purchases you pay off when ready is more effective than carrying a balance.
Do not close the card after conversion or after your credit improves. Closing it removes the account from your credit history and can lower your score. Keep it open with occasional small purchases to maintain the positive history.
Frequently Asked Questions
Can I get my deposit back before 18 months?
No. Your deposit is held for the life of the account. You can close the account and retrieve your deposit at any time, but closing the account also closes the credit line, which stops the positive payment history from reporting. It is better to keep the account open and request conversion after 18 months.
What happens if I miss a payment?
OpenSky reports the missed payment to all three credit bureaus, which damages your credit score. You also pay a late fee (up to $38) and interest on the unpaid balance. Missing a payment makes it much harder to get the card converted to unsecured later.
Does the monthly maintenance fee go toward my balance?
No. The $6.95 monthly maintenance fee is a separate charge. It is deducted from your deposit account, not credited to your card balance. You still owe your full card balance in addition to the maintenance fee.
Can I use OpenSky if I have active collections or a recent bankruptcy?
Yes. OpenSky does not run a credit check, so recent bankruptcy or collections do not disqualify you. However, the card is designed to help you rebuild after these events, not to solve them. Collections accounts should ideally be paid or settled before you open the card.
What is the interest rate, and does it change?
OpenSky charges a variable APR that changes over time based on market conditions. Recent rates have ranged from 18.9% to 24.9%. The rate you receive depends on your creditworthiness at the time you open the account. You can check your current rate in your account online or by calling customer service.