OpenSky is a secured card for people rebuilding credit, but it costs more than most alternatives
OpenSky is a secured credit card — you put down a cash deposit, and that deposit becomes your credit limit. You get a card to use, and the bank reports your payments to the three credit bureaus. The card itself is real Mastercard, so you can use it anywhere Mastercard is accepted.
The reason to consider OpenSky is straightforward: it does not require a credit check or a Social Security number. That makes it one of the few options if you have no credit history, a very low score, or you are not yet may be able to access for a Social Security number. The reason not to consider it is equally straightforward: the annual fee is $35, there is no grace period on purchases, and the interest rate is high. Other secured cards charge less or charge nothing at all.
Whether OpenSky makes sense depends on what other cards will accept you. If you can get a Discover It Secured or a Capital One Secured Mastercard, both of which have no annual fee, those are better choices. If OpenSky is the only card that will approve you, it works — but you should know what you are paying for that access.
Key Takeaways
- OpenSky charges a $35 annual fee and has no grace period, meaning interest starts accruing on new purchases when ready.
- You must deposit between $200 and $2,500 as collateral, and that deposit becomes your credit limit.
- The card does not require a credit check or Social Security number, which is rare among secured cards.
- Discover It Secured and Capital One Secured Mastercard both have no annual fee and may be easier to get approved for if you have some credit history.
- OpenSky reports to all three credit bureaus, so on-time payments will build your credit score over time.
How the deposit and credit limit work
You choose your deposit amount between $200 and $2,500, and OpenSky holds that money in a savings account. Your credit limit equals your deposit — if you deposit $500, your limit is $500. The deposit stays frozen the entire time you hold the card; you cannot touch it or use it to pay your bill.
OpenSky does not increase your limit based on good payment behavior. If you want a higher limit later, you have to deposit more money. That is different from unsecured cards, where your limit can rise without you putting up more cash. It is also different from some other secured cards — Capital One, for example, will graduate you to an unsecured card and return your deposit after about a year of on-time payments.
The deposit is held at a bank partner, not at OpenSky itself. Your money is FDIC-insured up to $250,000, so it is protected if the bank fails. You will earn a small amount of interest on the deposit, though the rate is typically very low — often less than 0.5% per year.
Fees and interest rates you will pay
The $35 annual fee is charged once per year, usually on your statement anniversary. That is higher than most secured cards: Discover It Secured has no annual fee, and Capital One Secured Mastercard also has no annual fee. Some regional banks offer secured cards with no annual fee as well.
The interest rate on purchases is typically in the range of 19% to 21% APR, depending on your creditworthiness at the time you open the account. That is higher than the average credit card, which hovers around 16% to 18% APR. The rate does not change based on your payment history — OpenSky does not offer rate reductions for good behavior.
There is no grace period on purchases. That means interest starts accruing on new charges the day you make them, even if you pay the full balance when your statement arrives. On a typical card, you get 21 to 25 days interest-free if you pay in full. On OpenSky, you do not. This makes the card more expensive to use for everyday spending, even if you pay on time.
Late fees are $25 for the first late payment and $35 for subsequent ones. There is also a returned payment fee of $25 if a check or ACH transfer bounces.
When OpenSky makes sense and when it does not
OpenSky is worth considering if you have been turned down for other secured cards or if you have no credit history and no Social Security number yet. The no-credit-check, no-SSN requirement is genuinely rare. Most other secured cards require at least a soft credit check or a Social Security number, which rules out some people.
OpenSky does not make sense if you can get approved for Discover It Secured or Capital One Secured Mastercard. Both have zero annual fees, and both report to all three bureaus just like OpenSky does. If you have any credit history at all — even a thin file — you should try those first. The $35 annual fee adds up: over five years, that is $175 in fees alone, not counting the higher interest rate.
OpenSky also does not make sense if you plan to carry a balance month to month. The combination of no grace period and a high interest rate means you will pay significantly more interest than on a standard card. If you need to borrow money, a personal loan or a credit-builder loan from a credit union will be cheaper.
How to use OpenSky to actually build credit
The card only helps your credit if you use it and pay on time. OpenSky reports to Equifax, Experian, and TransUnion, so your payment history will show up on your credit report. On-time payments are the single biggest factor in your credit score, so consistent, timely payments matter.
The best strategy is to put a small recurring charge on the card — a subscription or a utility bill, for example — and set up automatic payments from your bank account to pay the full balance every month. That way you use the card regularly, you never miss a payment, and you avoid interest charges entirely. Do not carry a balance just to "show" you can borrow; that costs you money and does not help your score any more than paying in full does.
After 6 to 12 months of on-time payments, you may be able to get approved for an unsecured card with a lower interest rate and no annual fee. At that point, you can close the OpenSky card and move your deposit to a regular savings account. The goal is to use OpenSky as a stepping stone, not as a permanent card.
Comparing OpenSky to other secured cards
| Card | Annual Fee | APR Range | Grace Period | Credit Check Required |
|---|---|---|---|---|
| OpenSky | $35 | 19–21% | No | No |
| Discover It Secured | $0 | 16–24% | Yes | Yes (soft check) |
| Capital One Secured Mastercard | $0 | 18–24% | Yes | Yes (soft check) |
| U.S. Bank Secured Visa | $0 | 18.9% | Yes | Yes (soft check) |
A soft credit check does not hurt your score and does not appear on your credit report. It is different from a hard inquiry, which does show up and can lower your score slightly. Most secured cards use soft checks, so you can try multiple cards without damage.
The main advantage OpenSky has over the others is the lack of a credit check or SSN requirement. If that does not explore to you, the other cards are cheaper and often have better terms. Discover It Secured, for example, has no annual fee and offers cash back on certain purchases — a benefit OpenSky does not have.
How to open an OpenSky account
You can open an account online at OpenSky.com. You will need to provide your name, address, date of birth, and email. You do not need a Social Security number, but you do need a valid government ID. OpenSky accepts a passport, driver's license, or state ID.
Once your process is submitted, OpenSky will review it and let you know within a few business days whether you are approved. If approved, you will choose your deposit amount and arrange payment. OpenSky accepts bank transfers, wire transfers, and checks. Your card will arrive in the mail within 7 to 10 business days after your deposit is received and verified.
You can manage your account online or through the OpenSky mobile app. You can view your balance, make payments, and read statements. Payments can be made online, by phone, or by mail.
Frequently Asked Questions
Can I get my deposit back?
Yes, but only if you close the account. Once you close the card, OpenSky will return your deposit to the bank account you specify, usually within 5 to 7 business days. If you have an outstanding balance, OpenSky will use part of your deposit to pay it, and you will receive the remainder. If you want to keep the card open, your deposit stays frozen.
Will OpenSky graduate me to an unsecured card?
No. OpenSky does not have a graduation program like Capital One does. You will need to close the OpenSky card and open a different unsecured card once your credit improves. After 6 to 12 months of on-time payments, you should be able to get approved for an unsecured card with better terms.
What happens if I miss a payment?
A late payment will be reported to the credit bureaus and will hurt your credit score. OpenSky charges a $25 late fee for the first missed payment and $35 for subsequent ones. If you miss a payment by more than 30 days, OpenSky may close your account and use your deposit to pay off your balance.
Can I use OpenSky internationally?
Yes, it is a Mastercard, so you can use it anywhere Mastercard is accepted. However, OpenSky charges a 3% foreign transaction fee on purchases made outside the United States. That is standard for most credit cards, but it is worth knowing if you travel frequently.
Does OpenSky offer a student version?
No. OpenSky does not have a student card or any special programs for young people. The terms are the same for everyone, regardless of age or student status.