What the OpenSky Plus card is and who it's built for
The OpenSky Plus Secured Visa is a secured credit card that reports to all three credit bureaus and charges an annual fee. You deposit money into a savings account held by the card issuer, and that deposit becomes your credit limit — so a $500 deposit gives you a $500 limit. The card is designed for people rebuilding credit after missed payments, collections, or a thin credit file.
Unlike many secured cards, OpenSky Plus does not require a credit check to open the account. That means you can be turned down by other lenders and still get approved here. The tradeoff is that the card costs more than competitors: the annual fee is higher, and the interest rate is steep if you carry a balance.
The card makes sense if you've been denied elsewhere, if you want to rebuild quickly and don't mind paying for it, or if you plan to use it for small purchases and pay the full balance each month. It makes less sense if you can get approved for a different secured card with lower fees, or if you're likely to carry a balance month to month.
Key Takeaways
- You need a cash deposit equal to your credit limit, and that money stays locked in a savings account while you hold the card.
- The card reports to Equifax, Experian, and TransUnion each month, so on-time payments build your credit history with all three bureaus.
- The annual fee is charged upfront and every year after, and the interest rate is significantly higher than unsecured cards.
- You can request a credit limit increase after six months of on-time payments, and some increases don't require an additional deposit.
- The card has no foreign transaction fees, which is unusual for secured cards at this price point.
Deposit requirements and how your credit limit works
OpenSky Plus requires a minimum deposit of $200 and a maximum of $2,500. The deposit sits in a savings account in your name, held by the card issuer's bank partner. Your credit limit equals your deposit amount — if you deposit $500, your limit is $500. You cannot spend the deposit itself; it only secures the card.
The deposit earns interest, though the rate is low — typically well below 1 percent annually. You can withdraw the deposit anytime, but doing so closes the account. Most people keep the deposit in place for at least 12 to 24 months while they rebuild credit, then request a conversion to an unsecured card or close the account and retrieve the money.
If you want to increase your credit limit later, you can request an increase after six months of on-time payments. OpenSky may approve a higher limit without requiring an additional deposit, or it may ask you to add more money to the savings account. There is no may provide of an increase, and the decision depends on your payment history and account activity.
Fees and interest rates you'll pay
The annual fee for OpenSky Plus is $35, charged when you open the account and every 12 months after. This is higher than many competitors — some secured cards charge $25 or less annually, and a few charge nothing. The fee is deducted from your available credit, so if you deposit $200, your usable limit drops to $165 after the first annual fee is charged.
The interest rate (called the APR, or annual percentage rate) is 18.9 percent if you carry a balance. That means if you charge $500 and pay only the minimum, you'll owe roughly $94 in interest over a year. This rate is not negotiable and does not improve based on your credit score or payment history. If you plan to carry a balance, this card is expensive.
There are no foreign transaction fees, which is a genuine advantage — most secured cards charge 1 to 3 percent for purchases made outside the United States. If you travel or shop internationally, this feature saves money compared to other secured options.
How the card reports to credit bureaus and builds your score
OpenSky Plus reports your account activity to Equifax, Experian, and TransUnion every month. This means on-time payments, your credit limit, and your balance all show up on your credit report with all three bureaus. Building a positive history with all three is faster than cards that report to only one or two.
Your payment history (whether you pay on time) makes up about 35 percent of your credit score. Carrying a low balance relative to your limit also helps — if your limit is $500 and you charge $100, that's a 20 percent utilization rate, which is good. Charging $400 on a $500 limit signals higher risk and can drag your score down even if you pay on time.
Most people see their score improve within three to six months of on-time payments, though the exact timeline depends on your starting point. If you're rebuilding from a recent default or collection, improvement is slower than if you're building from scratch with no negative marks.
When to request a credit limit increase or graduate to an unsecured card
After six months of on-time payments, you can request a credit limit increase. OpenSky will review your account and may approve an increase without asking for more money. Some cardholders have seen limits increase to $1,000 or higher after a year of responsible use, though there's no may provide.
After 12 to 24 months of on-time payments, you may become may be able to access for an unsecured card — either with OpenSky or another issuer. An unsecured card doesn't require a deposit, so you get your money back. At that point, you can close the OpenSky account and move to a card with lower fees and a better interest rate.
Some people keep the OpenSky card open even after getting an unsecured card, because closing an account can temporarily lower your credit score. The longer you keep accounts open with good payment history, the stronger your credit file becomes. If you decide to keep it, use it occasionally for a small purchase and pay it off right away, so the account stays active without costing you interest.
How to open an account and what documents you'll need
You can open an OpenSky Plus account online through their website. The process takes about 10 minutes and asks for your name, address, Social Security number, income, and employment information. OpenSky does not run a hard credit check, so explore won't lower your credit score.
Once approved, you'll need to fund the account with your deposit. OpenSky accepts bank transfers and ACH payments from a U.S. checking or savings account. The deposit typically posts within one to three business days, and your card ships after that — usually within 7 to 10 business days.
You'll need a valid government ID to verify your identity during the process process. If you're explore from outside the United States, you'll need a U.S. address and a U.S. bank account to fund the deposit.
Comparing OpenSky Plus to other secured cards
OpenSky Plus is one of several secured cards on the market. The main advantage is that it doesn't require a credit check, so approval is nearly certain if you meet the basic requirements. The main disadvantage is the $35 annual fee and 18.9 percent interest rate, which are both on the high end.
Some competitors charge lower annual fees — the Discover Secured Card charges $0, and the Capital One Secured Mastercard charges $29. However, those cards do run a credit check and may deny you if your credit is very poor. If you've been denied elsewhere, OpenSky Plus may be your only option.
If you can get approved for another secured card, compare the total cost: annual fee plus interest rate, plus any other charges. A card with a $0 annual fee and 16 percent interest might cost less over a year than OpenSky Plus if you carry a balance. But if you plan to pay your balance in full each month, the annual fee is your only cost, and the interest rate doesn't matter.
Frequently Asked Questions
Can I use the deposit to pay my bill?
No. The deposit is held separately and is not part of your available credit. You can only use the credit limit that equals your deposit amount. The deposit stays locked until you close the account or request a withdrawal.
What happens if I miss a payment?
A missed payment will be reported to all three credit bureaus and will damage your credit score. OpenSky may also charge a late fee (typically $25 to $35) and increase your interest rate. If you miss a payment, contact OpenSky when ready to bring the account current.
Can I increase my credit limit without adding more money?
Maybe. After six months of on-time payments, you can request an increase. OpenSky may approve a higher limit without requiring additional deposit funds, but this is not may provide. The decision depends on your account history and payment behavior.
How long does it take to build credit with this card?
Most people see measurable improvement within three to six months of on-time payments. Significant improvement usually takes 12 to 24 months. The exact timeline depends on your starting credit score and whether you have other negative marks on your report.
Is there a way to get my deposit back without closing the account?
No. Your deposit must stay in the account as long as the card is open. To retrieve it, you must close the account. Many people close the account after 12 to 24 months once they've rebuilt enough credit to get an unsecured card.