The
OpenSky® Plus Secured Visa® Credit Card is a very good credit card for people with bad credit or no credit history who want to begin building credit as soon as possible without a credit inquiry slowing them down. The
OpenSky® Plus Secured Visa® Credit Card won’t check your credit when you apply, so you can have high approval odds even with severely damaged credit. Plus, there’s no annual fee, so credit improvement doesn't have to cost you a thing.
The downsides to this offer are its high APR, lack of rewards, and
$300+ deposit requirement. At least the deposit is refundable when you pay off your balance and close your account.
You can find the other key details needed to make an informed decision about the
OpenSky® Plus Secured Visa® Credit Card below.
OpenSky® Plus Secured Visa® Credit Card Review Highlights
No credit check when you apply.
When you apply for most credit cards, the issuer does what’s called a “hard pull” on your credit report to check your credit history and evaluate your suitability for the card. Each hard pull can also hurt your credit score temporarily.
That doesn’t happen when you apply for the
OpenSky® Plus Secured Visa® Credit Card. Instead of checking your credit report, Capital Bank (the card’s issuer) evaluates whether you have enough money for a deposit and subsequent payments for your purchases. They’ll also confirm you meet other basic credit card requirements, like being at least 18 years old, having a Social Security number or tax ID number, and having a U.S. address.
Reports to all three major credit bureaus.
Capital Bank will report information about your
OpenSky® Plus Secured Visa® Credit Card account to Experian, Equifax and TransUnion on a monthly basis. If you pay the bill by the due date, positive information will be reported, helping you build or rebuild your credit history.
According to Capital Bank, two-thirds of cardholders improve their credit score by 48+ points after making three on-time payments. You can track your progress with
free daily credit score updates on WalletHub.
$0 annual fee.
The combination of no annual fee and no credit check is rare, but that’s exactly what the
OpenSky® Plus Secured Visa® Credit Card brings to the table.
$300+ security deposit.
The
OpenSky® Plus Secured Visa® Credit Card requires you to put down
$300+ for your deposit. The amount of your deposit then becomes your credit limit, preventing you from spending more than you can afford to repay. You’ll get your full deposit back when you bring your balance to $0 and close your account. You could also get a credit limit increase without adding to your deposit if you manage the account responsibly for at least six months.
Rewards on select purchases.
You can now earn up to 10% cash back on purchases made with your OpenSky Plus Card at 40,000+ retailers. This means you can save money with this card in the short term, in addition to building the credit history needed to save in the future. Still, you probably won’t earn rewards on every purchase, so other cards are better if you’re just after rewards.
29.99% (V) APR.
The OpenSky® Plus Secured Visa® Credit Card has a high interest rate, even compared to other secured credit cards. The secured card average is 22.86% right now.
As a result, you should plan to pay your bill in full every month. This will allow you to avoid interest charges and minimize the cost of credit improvement.
