opensky® Plus Secured Visa® Credit Card
- Best for: Applicants no major issuer will approve who can deposit $300 or more
- What Sets It Apart: Approval without a credit report or a linked bank account, and no yearly fee to keep it
- Features: Monthly reporting to Equifax, Experian, and TransUnion; a higher line possible after six months of on-time payments, without a new deposit or a credit check; free FICO score
- Annual Fee: $0
- Security Deposit: $300, or up to $3,000 with approval, refundable; it sets your credit line
- APR: 28.49% variable
- Cost: 3% foreign transaction fee
- Credit Needed: None: no credit check to apply
- Pros: No annual fee; no linked bank account needed; higher lines without a new deposit or a credit check
- Cons: $300 minimum deposit; higher APR than the regular opensky; deposit back only when you close the account
Get the opensky® Plus Secured Visa® Credit Card if no major issuer will approve you and you can spare a $300 refundable deposit. It skips the credit check and has no annual fee, unlike the regular opensky card, which charges $35 a year. If a major issuer approves you, take its no-fee secured card instead.
Capital Bank, which issues opensky’s cards, approves the Plus on a verified identity and income that covers your expenses, not on your credit history. You don’t need a linked bank account to apply, and you can fund the deposit by debit card when you apply, or later by Western Union, check, or money order.
Key Features
- $0 annual fee
- Refundable deposit of $300, or up to $3,000 with approval, which sets your credit line and earns no interest
- 28.49% variable APR, the interest rate on any balance you carry
- Monthly reporting to Equifax, Experian, and TransUnion
- A no-deposit opensky card possible after six months, as a second card approved after a credit check
Pros
- No annual fee, where the regular opensky Secured Visa charges $35 a year
- A higher line possible after six months of on-time payments, then every three months, without a new deposit or a credit check
- Free FICO credit score online and in the app
Cons
- $300 minimum deposit, where the no-fee First Latitude Assent asks $200 and applying for it doesn’t affect your credit score
- 28.49% APR, above the regular opensky’s 24.14%
- Never becomes a no-deposit card, so the deposit comes back only when you close the account and pay it off
- 3% foreign transaction fee
- Cash back only through offers at participating merchants, not on every purchase
For applicants no major issuer will approve, a $300 deposit opens a card that reports to all three bureaus and charges no yearly fee. Anyone a major issuer approves should take that issuer’s no-fee secured card, such as the Capital One Platinum Secured, with deposits from $49, and anyone with only $200 should take the First Latitude Assent.
Learn more about the opensky® Plus Secured Visa® Credit Card or see how it compares to the best secured credit cards.
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