What the OpenSky Card Offers and Who It's Built For
The OpenSky Secured Credit Card is a secured card that reports to all three major credit bureaus — Equifax, Experian, and TransUnion — which means your payment history can help rebuild credit if you've had past problems. You put down a cash deposit that becomes your credit limit, ranging from $200 to $3,000. There is no credit check to open the account, which is why people with no credit history or damaged credit often turn to it.
The card charges an annual fee of $35, which is higher than some competitors but typical for secured cards with no credit check requirement. You'll also pay interest on any balance you carry — the APR varies based on your creditworthiness at the time you open the account. The card does not offer a rewards program or cash back, so you're paying for the credit-building function, not earning benefits on purchases.
OpenSky is owned by Customers Bank and operates entirely online. There is no physical branch to visit, and all account management happens through their website or mobile app. This works well if you're comfortable banking digitally, but it means you'll need to handle disputes and questions through their online portal or by phone.
Key Takeaways
- OpenSky requires a cash deposit of $200 to $3,000 that becomes your credit limit, with no credit check needed to open the account.
- The $35 annual fee is higher than some secured cards, and the APR you receive depends on the creditworthiness information OpenSky has about you.
- Your payment activity reports to all three credit bureaus, so on-time payments can help rebuild your credit score over time.
- The card has no rewards, no cash back, and no sign-up bonus — you're paying for access to credit reporting, not earning benefits.
- Account management is entirely online through their website or app, with no physical locations to visit.
How the Deposit and Credit Limit Work
Your deposit is held in a separate savings account at Customers Bank and earns a small amount of interest — currently around 0.01% APY, though this rate changes. The deposit is not used to pay your bill; instead, it sits as collateral. Your credit limit equals your deposit amount, so if you deposit $500, your limit is $500.
You can increase your deposit and credit limit after you've had the card for a while and made on-time payments. OpenSky will sometimes offer to increase your limit without asking for an additional deposit, which is a sign they see you as lower risk. When you close the account in good standing, your deposit is returned to you.
The deposit requirement is the main barrier to getting this card. If you don't have $200 to $3,000 in cash available right now, you won't be able to open the account. Some people save up specifically to open a secured card, treating it as an investment in rebuilding their credit.
Fees and Interest Charges You'll Actually Pay
The $35 annual fee is charged once per year and appears on your statement. This is not refundable, even if you close the account after a few months. Some secured cards charge $25 or less, so OpenSky is on the higher end — but many secured cards with no credit check charge $35 or more.
The APR you receive is not fixed and depends on information OpenSky has about you at the time you open the account. If you have no credit history, you might receive a higher APR — sometimes in the mid-20s. If you have some credit history but damaged credit, your APR could be lower. OpenSky does not publish a range, so you won't know your exact rate until you open the account.
If you carry a balance, interest accrues daily and is added to your statement. The best way to avoid interest charges is to pay your full balance by the due date each month. Since the card has no rewards, there's no benefit to carrying a balance — you're only paying interest with nothing to show for it.
How OpenSky Reports to Credit Bureaus and Helps Your Score
OpenSky reports your payment history, credit utilization, and account age to Equifax, Experian, and TransUnion. This means every on-time payment you make is recorded and visible to lenders who check your credit. Over time, a pattern of on-time payments can raise your credit score, especially if you have little or no credit history.
Credit utilization — the percentage of your limit you're using — also affects your score. If your limit is $500 and you carry a $250 balance, your utilization is 50%, which is considered high. Keeping your balance below 30% of your limit is better for your score. Since the card has no rewards, the smartest approach is to use it for small purchases you'd make anyway, then pay it off in full each month.
The account itself — its age and the fact that you have an active credit account — also helps your score. The longer you keep the card open and use it responsibly, the more your score can improve. Many people graduate from a secured card to a regular unsecured card after 12 to 24 months of on-time payments.
Comparing OpenSky to Other Secured Cards
Several other secured cards exist, and they differ in annual fee, APR, deposit requirements, and whether they offer rewards. The Capital One Secured Mastercard charges a $49 annual fee but offers the possibility of cash back rewards after you graduate to an unsecured card. The Discover Secured Card charges no annual fee and offers 2% cash back on dining and gas, 1% on everything else — but it does perform a credit check, so you need some credit history to may have access to.
The Chime Credit Builder Visa requires no deposit and no annual fee, but it's designed for people who already have a Chime bank account and works differently — it's more of a credit-building tool than a traditional secured card. The Self Visa Card lets you choose your own deposit amount and reports to all three bureaus, but it also charges a $25 annual fee.
OpenSky's main advantage is that it requires no credit check and accepts people with very poor or nonexistent credit. Its main disadvantage is the $35 annual fee and lack of rewards. If you have any credit history at all, a card with no annual fee or one that offers rewards might be a better choice. If you have no credit history or very recent negative marks, OpenSky may be one of your only options.
How to Open an Account and What to Expect
You explore entirely online through OpenSky's website. You'll need your Social Security number, a valid government-issued ID, and proof of income or employment. OpenSky does not perform a hard credit pull, so the process won't hurt your credit score. The process takes about 10 minutes.
After you submit your process, OpenSky reviews it and notifies you of approval or denial within one to two business days. If you're approved, you'll be asked to fund your deposit. You can transfer money from a bank account or send a check. Once your deposit is received and cleared, your card is activated and you can start using it.
Your first card arrives by mail within 7 to 10 business days. You can set up online account access when ready after approval, so you can monitor your balance and make payments before the physical card arrives. Most people use the card for small recurring purchases — a subscription, a gas station, groceries — and pay the full balance each month.
Common Reasons People Choose or Avoid OpenSky
People choose OpenSky when they have no credit history (new immigrants, young adults), when they've had recent negative marks like late payments or collections, or when they've been denied by other secured card issuers. The no-credit-check requirement is the main draw. It's also a good choice if you want to build credit quickly and don't mind paying the annual fee.
People avoid OpenSky because of the $35 annual fee, the lack of rewards, and the higher APR that often comes with it. If you have any credit history at all — even if it's damaged — you may may have access to for a card with no annual fee or better terms. The online-only model also frustrates people who prefer to handle banking in person or over the phone.
Another reason to avoid it: if you can't afford to lock up $200 to $3,000 in a deposit right now, this card isn't for you. Some people open it anyway and then struggle to pay their monthly bill because they've stretched their budget to make the deposit. The deposit should be money you can afford to lose access to for at least a year or two.
Frequently Asked Questions
Can I get my deposit back if I close the account?
Yes, if you close the account in good standing — meaning you've paid all your bills on time and have no outstanding balance — OpenSky will return your deposit to the bank account you specify. If you close the account with a balance owed, they'll use your deposit to pay it first. The process usually takes 5 to 7 business days after the account is closed.
Will OpenSky increase my credit limit without asking for more money?
Yes, after you've made on-time payments for several months, OpenSky may offer to increase your limit without requiring an additional deposit. This is a sign they see you as lower risk. You can also request a limit increase yourself, and OpenSky will review your payment history. Some people eventually graduate to an unsecured card and close the OpenSky account entirely.
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 (typically $25 to $35) and may increase your APR. If you miss a payment, contact OpenSky when ready to bring your account current. One missed payment can undo months of credit-building progress, so set up automatic payments if you're worried about forgetting.
Does OpenSky offer a grace period before interest is charged?
Yes, OpenSky offers a grace period of at least 21 days from your statement closing date. If you pay your full statement balance by the due date, no interest is charged. Interest only accrues if you carry a balance past the due date. This is standard for credit cards and applies to OpenSky as well.
Can I use OpenSky if I'm not a U.S. citizen?
OpenSky requires a valid government-issued ID and a Social Security number or ITIN (Individual Taxpayer Identification Number). Many non-citizens have an ITIN and can open an account. You'll need to check OpenSky's current policy or contact them directly, as requirements can change. Some secured cards are more flexible than others on this point.