What the OpenSky Secured Visa is and who it's built for
The OpenSky Secured Visa is a secured credit card that requires you to put cash into a savings account as collateral before you can use the card. The credit limit you receive equals the deposit you make — typically between $200 and $3,000. You use the card like any other Visa, and your payment history gets reported to the three major credit bureaus, which means responsible use can help rebuild or establish a credit score.
OpenSky targets people with no credit history, damaged credit, or those rebuilding after past financial trouble. Unlike many secured cards, OpenSky does not require a credit check to open an account, which makes it one of the few options available if your credit score is very low or if you have recent negative marks.
The card itself is not free to own. OpenSky charges an annual fee, a monthly maintenance fee, and fees for late payments or returned checks. These costs add up and matter more on a smaller deposit, so understanding the full fee structure before you open the account is essential.
Key Takeaways
- Your deposit becomes your credit limit, so a $500 deposit gives you a $500 limit — the money stays in a savings account and earns no interest.
- OpenSky charges an annual fee of $35, a monthly maintenance fee of $5, and a late payment fee of $35, which means the card costs money to hold even if you never carry a balance.
- No credit check is required to open an account, making OpenSky an option for people with very low scores or recent negative history.
- After 12 months of on-time payments, you can request an unsecured card or a deposit refund, though approval is not may provide.
- The card reports to all three credit bureaus, so your payment behavior directly affects your credit score.
How much the card costs in fees
OpenSky's fee structure is straightforward but adds up quickly. The annual fee is $35, charged once per year. The monthly maintenance fee is $5, charged every month regardless of whether you use the card. A late payment fee is $35 if you miss a due date. There is also a returned check fee of $35 if a payment bounces.
On a $500 deposit, these fees mean you are paying $60 per year in annual and monthly fees alone — 12 percent of your deposit — before any interest charges. If you carry a balance and pay interest on top of that, the true cost climbs higher. Compare this to other secured cards: some charge no annual fee, and most charge no monthly maintenance fee. OpenSky's monthly fee is unusual and expensive over time.
The card's interest rate varies by applicant but typically falls between 18 and 22 percent APR. This is higher than many unsecured cards but in line with other secured cards for people with poor credit. If you carry a balance, the combination of high APR and monthly maintenance fees makes the card expensive to use for borrowing.
How to use the card to build credit
The goal of a secured card is to prove you can handle credit responsibly. OpenSky reports your payment history to Equifax, Experian, and TransUnion — the three major credit bureaus — so every payment you make (or miss) affects your credit score. To build credit effectively, charge a small amount each month and pay it in full by the due date.
For example, if your limit is $500, charge $25 to $50 per month and pay the full balance before the due date. This shows lenders you can borrow and repay reliably. Paying in full also means you avoid interest charges, which keeps the card's cost down to just the annual and monthly fees.
Do not max out the card or carry large balances. Credit bureaus track your utilization ratio — the amount you owe divided by your limit. Using more than 30 percent of your limit can hurt your score, even if you pay on time. With a $500 limit, that means keeping your balance below $150.
When you can move to an unsecured card
After 12 months of on-time payments, you can request that OpenSky convert your account to an unsecured card or return your deposit. This is not automatic — you have to ask, and OpenSky will review your payment history. If you have made every payment on time and have not exceeded your credit limit, conversion is likely. If you have missed payments or been late, OpenSky may deny the request.
When conversion happens, your deposit is returned to you, and the card becomes unsecured — meaning you no longer need collateral to hold the account. The terms may change slightly: the annual fee, APR, or monthly maintenance fee might increase or decrease depending on your credit score at the time of conversion.
If OpenSky denies conversion, you can request again after another 6 to 12 months of on-time payments. Some cardholders keep the secured card longer than 12 months because the conversion is not may provide, and they want to build a stronger payment history before losing the deposit.
How OpenSky compares to other secured cards
OpenSky's main advantage is that it requires no credit check. If your score is very low or you have recent negative marks, many other secured cards will deny you. OpenSky will not. This makes it a real option for people with the worst credit situations.
The trade-off is cost. OpenSky's monthly maintenance fee of $5 is unusual — most competitors charge no monthly fee. Over a year, that $60 in monthly fees adds up. Cards like the Capital One Secured Mastercard and the Discover Secured Card charge no monthly maintenance fee, though they may require a credit check or have other restrictions. If your credit is not extremely damaged, those cards may be cheaper to use.
OpenSky also does not offer rewards or cash back, even after conversion to an unsecured card. Some competitors offer 1 percent cash back on all purchases once you convert. If you plan to use the card long-term, lack of rewards is a real cost difference.
What happens to your deposit while you hold the card
Your deposit sits in a savings account held by OpenSky's bank partner. The money is yours — you own it — but you cannot withdraw it while the account is open. The savings account earns no interest, which means your deposit generates no return while it is tied up as collateral.
This is important to understand: if you deposit $500, that $500 is not working for you. It is not earning interest, and it is not available for emergencies. You are paying $60 per year in fees to keep that money locked away. Before you open the account, make sure you have other savings or emergency funds available, because your deposit is off-limits.
When your account is closed or converted to unsecured, your deposit is returned to you. The return usually takes 5 to 10 business days. If you close the account voluntarily, make sure you have paid off any balance first — OpenSky will not return your deposit if you owe money.
The process process and what you need
explore for the OpenSky Secured Visa is done online through their website. You will need your Social Security number, a valid government ID, and proof of income or employment. OpenSky does not run a hard credit check, so your credit score does not affect whether you are approved — but they do verify your identity and income.
The income requirement is not published, but OpenSky typically wants to see that you have a regular income source. This can be employment, self-employment, Social Security, disability benefits, or other regular income. You will need to provide recent pay stubs, tax returns, or bank statements showing deposits.
Once approved, you fund the account by transferring money from your bank account to OpenSky. This becomes your deposit and your credit limit. The card is mailed to you, and you can begin using it once it arrives. The entire process usually takes 7 to 10 business days from approval to receiving the card.
Frequently Asked Questions
Can I increase my credit limit after I open the account?
You can request a credit limit increase by depositing additional money into your savings account. For example, if you started with a $500 deposit and add $300, your new limit becomes $800. There is no fee to increase your deposit, and the increase takes effect within a few business days. You cannot increase your limit without adding more money — the limit always equals your deposit.
What happens if I miss a payment?
A missed payment triggers a $35 late fee and is reported to the credit bureaus, which damages your credit score. If you miss a payment by 30 days or more, it appears on your credit report as a delinquency, which is serious. If you miss a payment, contact OpenSky when ready to bring the account current. Missing payments also makes conversion to an unsecured card much less likely.
Can I use this card if I have no credit history at all?
Yes. OpenSky does not require a credit history or a credit check, so it works for people building credit from scratch. You will need a Social Security number and proof of income, but no previous credit accounts are necessary. This makes OpenSky one of the few options for young adults or immigrants with no U.S. credit history.
Is my deposit protected if OpenSky goes out of business?
Your deposit is held in a savings account at a bank partner, not by OpenSky itself. Bank deposits are insured by the FDIC up to $250,000, so your deposit is protected even if the bank fails. OpenSky's business status does not affect your deposit's safety because the money is held separately.
How long does it take to rebuild my credit with this card?
Credit scores improve gradually. Most people see a noticeable increase within 3 to 6 months of on-time payments, and significant improvement within 12 months. The exact timeline depends on your starting score and what negative marks are on your report. Recent late payments or collections hurt more than older ones, so your improvement speed varies based on your history.