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3. OpenSky® Secured Credit Visa® Card

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1721 reviews from Intuit Credit Karma members

3.4

⭐⭐⭐

Rating: 3 out of 5.

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Great for no credit check

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Annual fee: $35

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Member stats

Updated: November 1, 2023

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51.1%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

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37 years

Average age of members who matched this card or similar cards.

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$62,487

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Card highlights

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No credit check required

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You set the credit limit

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Can help you build credit like a traditional credit card

OpenSky® Secured Credit Visa® Card review

Updated November 17, 2023

This date may not reflect recent changes in individual terms.

Written by: Eric Rosenburg

Pros

• No credit check required
• You set the credit limit
• Can help you build credit like a traditional credit card

Cons

• Has an annual fee
• No rewards program

What you should know about the OpenSky® Secured Credit Visa® Card

The OpenSky® Secured Credit Visa® Card is a relatively simple card to understand, which is great for a secured card. Since this is a card with simple features, you can focus on the important things like on-time payments without getting distracted.

Flexible credit limit

One of the best features of this card is the option to pick your own credit limit — a common feature with secured cards. This card gives you a broad range of credit limits when getting started. Since it's a secured card, you have to put down a refundable cash deposit. With the OpenSky® Secured Credit Visa® Card, your deposit is equal to your credit limit. For example, if you want a $1,000 credit limit, you would put down a $1,000 deposit. For this card, you can choose a limit from $200 to $3,000. For a limited time, all new accounts will receive a $51 funding voucher — so you can get a $200 credit line for $149, for example.

If you close your account in good standing and with no balance, you should get your full deposit back within eight weeks. But if you’re building credit, you may not want to rush to close any credit account in good standing. Keeping cards open can help build your credit over time.

No credit check required

While many credit card issuers will check your credit scores and reports, OpenSky won’t check your credit when you apply. Because you put down a deposit equal to your credit limit, there’s little risk to the credit card company, therefore eliminating the requirement of a check of your credit. In fact, this card doesn’t even require you to have a checking account.

Annual fee

The biggest downside of this card is the $35 annual fee. Some secured credit cards don’t charge annual fees, which could make this card a more expensive option. You should also consider the interest rate on the OpenSky® Secured Credit Visa® Card before applying for it. If you ever carry a balance and pay interest on this card, the rate of 25.64% variable APR for purchases is high enough to cost you a fair amount of money.

Keeping costs under control and avoiding fees while using the OpenSky® Secured Credit Visa® Card

Depending on how you use this card, it can be expensive if you carry a balance. This is the case with virtually all credit cards. But if you use your secured card carefully, you can avoid costs and fees outside of the $35 annual fee.

To avoid interest, you should pay off the card in full every month by the due date. This helps build your credit and saves you money. Try to avoid putting big purchases on a credit card you can’t afford to pay off in full and on time.

You can avoid some of the costs associated with this card by avoiding cash advance transactions, which will cost you 5% (minimum $6) of the amount of each cash advance, foreign transaction fees of 3%, late-payment fees of up to $40 and returned payment fees.

Before you apply, think about the credit limit you would like for the card. While you can choose any limit from $200 to $3,000, you have to put down a deposit equal to that credit limit amount. Because your credit utilization percentage can be a major factor in determining your credit scores, it may be best to have the highest limit you can afford.

Who this card is good for

The OpenSky® Secured Credit Visa® Card is best for people who are new to credit or are working on rebuilding their credit. When you have bad credit or no credit, getting a new credit card can be very difficult. Secured cards give you an opportunity to get a new card, establish or reestablish your credit on the right foot and get your finances on track for a better future.

If you have good or better credit, you may find a better opportunity with a card that is not secured. The OpenSky® Secured Credit Visa® Card is designed specifically for people who may have difficulty getting approved for an unsecured credit card.

Because of the annual fee and lack of rewards, this may not be a “forever” credit card. Instead, it’s ideal for a few years while you work to improve your credit. If you can qualify for cards that offer better perks and aren’t secured, you may want to upgrade.

But keep in mind that opening and closing cards can have a temporary negative effect on your credit scores. An important thing you can do for your credit scores is keep accounts open and always paid on time for a long time.

You should also aim to use the card at least a few times per year to keep it active. If you keep a zero balance or low balance and always pay the card off in full when you use it, you can keep costs low while acting to help improve your credit by paying your bill on time.

Member reviews

Updated: November 8, 2023