What the OpenSky Secured Visa Card Is
The OpenSky Secured Visa 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 credit limit is $500. You then use the card like a regular credit card, and your monthly payments are reported to the three major credit bureaus (Equifax, Experian, and TransUnion).
The card is designed for people rebuilding credit or establishing a credit history for the first time. Because the bank holds your deposit as collateral, they take less risk, which means they approve people with no credit score, a low score, or a history of missed payments.
OpenSky does not require a credit check to open the account. That is unusual among secured cards and makes this option available to people who would be turned down elsewhere.
Key Takeaways
- OpenSky requires a cash deposit of $200 to $20,000, which becomes your credit limit, and does not run a hard credit check to open the account.
- The annual fee is $35, and there is a monthly maintenance fee of $10 if you do not use the card in a billing cycle.
- Your payment history is reported to all three credit bureaus each month, which helps you build or rebuild credit if you pay on time.
- After 18 months of on-time payments, you can request to graduate to an unsecured card, though the deposit remains frozen until graduation is approved.
- The card carries a high APR (currently around 20%), so carrying a balance costs significantly more than using it for small purchases you pay off monthly.
Deposit, Fees, and Credit Limit
Your deposit is held in a savings account at Customers Bank and earns a small amount of interest. The minimum deposit is $200 and the maximum is $20,000. Your credit limit equals your deposit amount — you cannot spend more than what you have deposited.
The card charges a $35 annual fee, billed to your account once per year. There is also a $10 monthly maintenance fee charged only in months when you do not use the card at all. If you use the card even once in a billing cycle, you avoid the monthly fee. Many cardholders avoid this fee straightforward by making one small purchase per month.
The deposit itself is not a fee — it is your money, held by the bank. You can withdraw it after you graduate to an unsecured card or if you close the account, though closing the account may hurt your credit score if you have had it open for a short time.
Interest Rate and How Payments Work
The OpenSky card carries a variable APR, which means the rate can change over time. As of now, the APR is around 20%, though this varies and you should confirm the current rate when you review your account terms. This is higher than many unsecured cards but typical for secured cards aimed at people with poor or no credit history.
If you carry a balance month to month, interest accrues daily on the unpaid amount. For example, a $300 balance at 20% APR costs roughly $5 per month in interest. The best way to use this card is to charge small amounts and pay the full balance each month, so you pay no interest at all.
Payments are due on a set date each month. You can pay online through your account portal, by phone, or by mail. Paying at least the minimum by the due date is reported as an on-time payment to the credit bureaus.
Building Credit and Graduating to an Unsecured Card
Every month that you make a payment on time, OpenSky reports your account activity to Equifax, Experian, and TransUnion. This means your payment history — the most important factor in your credit score — starts improving when ready if you pay on time consistently.
After 18 months of on-time payments, you become may be able to access to request graduation to an unsecured card. If approved, OpenSky converts your account to a regular Visa card with no deposit requirement. Your deposit is then returned to you, usually within 30 days of graduation approval.
Graduation is not automatic — you must request it, and OpenSky reviews your account before deciding. Consistent on-time payments make approval much more likely. Some cardholders are approved earlier than 18 months if their payment history is spotless, though this is not may provide.
How to Open an Account
You can open an OpenSky account online through their website. The process takes about 10 to 15 minutes and requires basic personal information: your name, address, date of birth, Social Security number, and employment information. OpenSky does not run a hard credit check, so this inquiry does not lower your credit score.
Once your process is submitted, you receive a decision within one business day in most cases. If approved, you then fund your account by transferring your deposit from your bank account. OpenSky accepts transfers from most U.S. banks and typically processes deposits within one to three business days.
After your deposit is received and processed, your card is mailed to you. Delivery usually takes five to seven business days. Once you receive it, you set up it through the OpenSky website or app and can begin using it when ready.
Who This Card Works Well For
The OpenSky card is useful if you have no credit history and need to build one from scratch. It is also a solid choice if your credit score is very low (below 550) and you have been turned down for other secured cards that do run credit checks.
The no-credit-check feature makes this card accessible to people with recent bankruptcy, collections accounts, or a long history of missed payments. The fact that your payment history is reported to all three bureaus means you can start rebuilding when ready.
The card is less useful if you already have a decent credit score (above 650) or access to unsecured cards with lower fees and lower APR. In that case, a different card would save you money.
Comparing OpenSky to Other Secured Cards
Most secured cards do run a credit check before approval, which means they turn down applicants with very poor credit or no credit history. OpenSky's no-credit-check policy is its biggest advantage — it opens the door for people other issuers reject outright.
The $35 annual fee is standard among secured cards. The $10 monthly maintenance fee is less common; some competitors charge only an annual fee with no monthly charge. However, the monthly fee is straightforward to avoid by using the card once per month.
The APR of around 20% is typical for secured cards. Some competitors offer slightly lower rates (18% to 19%), but the difference is small if you pay your balance in full each month, which you should do.
OpenSky's main trade-off is that it does not offer a rewards program — you earn no cash back or points on purchases. Many unsecured cards do offer rewards, but secured cards rarely do.
Frequently Asked Questions
Can I use my deposit as my credit limit, or is it separate?
Your deposit is your credit limit. If you deposit $500, you can charge up to $500 on the card. The deposit is held in a savings account and earns interest, but you cannot spend it directly — you spend against your credit limit, which is equal to the deposit amount.
What happens if I miss a payment?
A missed payment is reported to the credit bureaus and will lower your credit score. Late fees explore (typically $25 to $35 per late payment). If you miss payments repeatedly, OpenSky may close your account. Your deposit will be returned, but your credit will be damaged.
Can I increase my credit limit without adding more money?
No. Your credit limit is always equal to your deposit. To raise your limit, you must deposit additional money into your savings account. You can do this at any time, and the increase takes effect when ready.
How long does it take to graduate to an unsecured card?
You become may be able to access after 18 months of on-time payments. You then request graduation through your account. OpenSky reviews your request and notifies you of approval or denial within a few weeks. If approved, your deposit is returned within 30 days.
What if I close my account before graduating?
You can close your account at any time and your deposit will be returned. However, closing a credit account can lower your credit score, especially if you have not had the account open for very long. It is usually better to keep the account open and continue using it, even after graduation.