What the OpenSky Card is and who it's for
The OpenSky Secured Credit Card is a secured card that reports to all three credit bureaus and requires a cash deposit as collateral. Unlike many secured cards, OpenSky does not require a credit check to open an account — it only checks ChexSystems, a banking history system. This makes it reachable for people with poor credit, no credit history, or recent financial problems.
The card is issued by Customers Bank and marketed directly through OpenSky's website. You fund a deposit account, receive a credit line equal to that deposit, and use the card like any other credit card. As you pay your bills on time, the activity reports to the credit bureaus and builds your credit history.
OpenSky is most useful if you have been denied by other secured card issuers, have a very thin credit file, or want to rebuild after a major setback. It is not the cheapest secured card option — the annual fee is higher than some competitors — but the no-credit-check approval and direct deposit control make it straightforward to understand what you are getting.
Key Takeaways
- OpenSky requires a cash deposit between $200 and $3,000, which becomes your credit limit, and does not run a hard credit check.
- The card charges a $35 annual fee and a $25 annual account maintenance fee, totaling $60 in yearly costs.
- Your deposit earns no interest and sits in a deposit account you control; you can withdraw it only after closing the card or converting to an unsecured card.
- Payment history reports to Equifax, Experian, and TransUnion each month, so on-time payments directly build your credit score.
- After 6 to 12 months of on-time payments, you may be able to convert to an unsecured card and recover your deposit.
Deposit amount and credit limit
You choose your deposit amount when you open the account, and that amount becomes your credit limit. OpenSky allows deposits from $200 to $3,000. If you deposit $500, your credit limit is $500. If you deposit $2,000, your credit limit is $2,000.
The deposit sits in a deposit account held by Customers Bank. You can view the balance online, but you cannot withdraw it while the card is active. The deposit earns no interest, so the money does not grow while it sits there. Your only path to recovering the deposit is to close the card account or convert to an unsecured card later.
Choose a deposit amount you can afford to lock away for at least 6 to 12 months. Many people start with $300 to $500 to keep the cost low while they rebuild, then add more later if they need a higher limit.
Fees and costs
OpenSky charges two annual fees: a $35 card annual fee and a $25 account maintenance fee, totaling $60 per year. Both are charged to your account, not deducted from your deposit. If you carry a balance, you also pay interest on that balance at a variable rate that OpenSky discloses when you explore.
There are no foreign transaction fees, no late fees, and no over-limit fees. However, if you miss a payment, OpenSky reports it to the credit bureaus, which damages your credit score. Late payments also trigger a higher interest rate on future balances.
The $60 annual cost is higher than some competitors — for example, Discover Secured charges no annual fee — but OpenSky's no-credit-check approval often makes it the only option for people with very poor credit or recent defaults.
How to open an account
Visit OpenSky's website and click the button to open an account. You will provide your name, address, Social Security number, and date of birth. OpenSky checks your ChexSystems record — a banking history report — but does not run a hard credit inquiry, so the process does not lower your credit score.
If you are approved, you will choose your deposit amount and provide banking details to fund the account. You can transfer money from a bank account or mail a check. OpenSky typically funds the account within 1 to 3 business days of receiving your deposit. Once funded, your card ships within 5 to 7 business days.
You do not need to have a bank account with Customers Bank or any other bank to open the card. You only need a way to send the deposit — either an electronic transfer from another bank or a mailed check.
Building credit with on-time payments
OpenSky reports your payment history to Equifax, Experian, and TransUnion each month. This means every on-time payment you make builds your credit history and raises your score over time. Conversely, any late payment is also reported and damages your score.
To maximize the benefit, use the card for small purchases you would make anyway — groceries, gas, a monthly subscription — and pay the full balance each month. This shows lenders you can manage credit responsibly. Carrying a balance and paying interest does not build credit faster; it only costs you money.
Most people see their credit score improve within 3 to 6 months of on-time payments. After 6 to 12 months of consistent, timely payments, you become a candidate for conversion to an unsecured card, at which point you recover your deposit.
Converting to an unsecured card or closing the account
After 6 to 12 months of on-time payments, OpenSky may offer to convert your account to an unsecured card. When this happens, your deposit is returned to you, and the card continues to work without the deposit requirement. The annual fees remain the same.
Conversion is not automatic — OpenSky reviews your account and decides whether to offer it. If you are not offered conversion after 12 months, you can contact OpenSky and ask them to review your account. Some people are converted sooner; others take longer depending on their payment history and credit profile.
If you want to close the account before conversion, you can do so at any time. Your deposit will be returned to the bank account you specify, usually within 5 to 10 business days. Closing the account does not hurt your credit, but it does stop the positive payment history from being reported, so your score may level off or decline slightly if you have no other active accounts.
Comparing OpenSky to other secured cards
OpenSky's main advantage is the no-credit-check approval. If you have been denied by other issuers or have a very recent default, OpenSky is often the only option. The trade-off is the $60 annual fee, which is higher than cards like Discover Secured (no annual fee) or Capital One Secured (no annual fee for the first year).
Other secured cards may require a credit check, which means a hard inquiry and a temporary dip in your score. Some also have higher interest rates or lower maximum deposit amounts. If you have fair credit or a longer history, you may be approved for a cheaper secured card elsewhere. If you have very poor credit or a recent default, OpenSky's no-check approval may be worth the extra cost.
Compare the total cost: deposit amount, annual fees, and interest rate if you plan to carry a balance. A card with a lower annual fee but a higher interest rate may cost more if you do not pay in full each month.
Frequently Asked Questions
Does OpenSky do a hard credit check?
No. OpenSky checks ChexSystems, a banking history system, but does not run a hard credit inquiry. This means the process does not lower your credit score. You can open an account even if you have been denied by other lenders or have no credit history.
Can I withdraw my deposit while the card is active?
No. Your deposit is held as collateral and cannot be withdrawn while the card account is open. You recover the deposit only by closing the account or converting to an unsecured card. The deposit earns no interest while it sits in the account.
What happens if I miss a payment?
A missed payment is reported to all three credit bureaus and damages your credit score. OpenSky may also charge a higher interest rate on future balances. To rebuild credit, you need a consistent record of on-time payments, so missing even one payment sets back your progress.
How long until I can convert to an unsecured card?
OpenSky typically reviews accounts after 6 to 12 months of on-time payments. Conversion is not may provide and depends on your payment history and credit profile. If you are not offered conversion after 12 months, you can contact OpenSky and ask them to review your account again.
Can I increase my credit limit?
Your credit limit is fixed at the amount of your deposit. You cannot increase it without adding more money to your deposit account. Some people deposit additional funds to raise their limit, but this is optional and not required by OpenSky.