Opensky® Secured Visa® Credit Card Review

OpenSky® Secured Visa® from Capital Bank — all information about the credit card.

By Hanna Volkava
Updated November 23, 2022

Good Choose for 18 year old

Secured Visa® OpenSky®
Apply now
Our Rating:
3.82 out of 5
scorer
Recommended credit score
No Credit History to Good (0-739)
  • Rewards Rate:
    • This card doesn't offer cash back, miles or points.
  • Intro Offer:
    • No current offer.
  • Annual Fee:
    $35 annually
  • Purchase Intro APR:
    None
  • Regular APR:
    17.39% Variable
  • Balance Transfer APR:
    None
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We recommend more cards

Rate and fee information

  • Purchase Intro APR
    • None
  • Purchase APR
    • 17.39% Variable
  • Intro Balance Transfer APR
    • None
  • Balance Transfers APR
    • None
  • APR for Cash Advances
    • 17.39% Variable
  • How to Avoid Paying Interest
    • Your due date is at least 25 days after the close of each billing cycle. You will not be charged interest on new purchases, provided you have paid your previous balance in full by the due date each month. You will be charged interest on cash advances on the transaction date.

Fees

  • Annual Fee
    • $35 annually
  • Fees for Cash Advances
    • Either $6 or 5% of the amount of each cash advance, whichever is greater
  • Return Payment
    • Up to $25
  • Late Payment
    • Up to $38
View all Rates & Fees

Pros & Cons

Pros:
  • No credit check required
  • Does not require a bank account
  • Reports to three major credit bureaus
  • Low minimum cash deposit
Cons:
  • High annual fee
  • High Foreign Transaction Fee
  • No Rewards
  • No Signup Bonus

Features

Classic
Visa
  • Payment Flexibility
  • Fraud Protection
  • Poor Credit
  • Fair Credit
  • Good Credit

About the issuer

Capital Bank has several card types depending on your needs.
Manage your Account & Pay your Bill
You can usually pay your bill online on your

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  • None
    Annual Fee
  • 22.49%
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  • None
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Opensky® Secured Visa® Credit Card Review

Opensky® Secured Visa® Credit Card is an interesting new addition to the line of secured credit cards. Most importantly, it does not require a review of your credit history and maintenance of a bank account.

You can improve or rebuild your credit history by utilizing Opensky® Secured Visa® Credit Card as it reports to three major credit bureaus in the US. The credit line can be availed by a cash deposit of as low as $200 or more (up to $3000).

Opensky® Secured Visa®: pros and cons

Pros Cons
No Credit Check Required. Opensky® Secured Visa® Credit Card is for everyone who can deposit a minimum of $200 and has been struggling to apply for another secured card due to poor credit history. The deposited amount becomes the credit line limit for the cardholder. High annual fee. Opensky® Secured Visa® Credit Card charges an annual fee of $35, which is higher than most of the other secured credit cards.
Does not require a bank account. Unlike most other credit products, the Opensky® Secured Visa® card can be obtained even by those individuals, who do not maintain a bank account. High Foreign Transaction Fee. Opensky® Secured Visa® charges a foreign transaction fee of 3%. There are some secured credit cards which don’t levy such charges.
Reports to three major credit bureaus. Healthy credit history can improve credit scores and access to other credit products in the future. Opensky® Secured Visa® reports to three major credit bureaus namely Experian, TransUnion and Equifax to build the credit history of cardholders. No Rewards. Opensky® Secured Visa® does not offer any rewards on the utilization of credit limits that can be converted to money or used to purchase goods/services.
Low minimum cash deposit. The credit line is extended against an average cash deposit of a minimum $200. However, in case of closure/cancellation of the account, the deposit is refundable. In the case of delinquency of payments, the deposit may not be refunded depending on the balance outstanding. No Signup Bonus. Opensky® Secured Visa® does not offer any signup bonus to new cardholders.

Rewards system in a nutshell

There is no rewards system for Opensky® Secured Visa® Credit Card as the purpose and target audience of the card is different. Accordingly, no reward points, flexible credit lines and sign-up bonuses are offered to Opensky® Secured Visa® cardholders.

Who can benefit from getting the Opensky® Secured Visa® Credit Card?

icon-info

Opensky® Secured Visa® Credit Card is particularly beneficial for individuals facing back taxes and/or bankruptcies as many of them won’t be allowed to get conventional credit cards due to these reasons.

This credit card provides a new starting point for such consumers who want a clean slate for their credit history and are keen to ramp it up again by making timely payments as the provider reports to three major credit history bureaus.

Are there any other benefits?

There are no other benefits of holding the Opensky® Secured Visa® Credit Card.

Conclusion

Opensky® Secured Visa® Credit Card is aimed at individuals with no or poor credit history as Opensky® does not review credit history while reviewing initial applications for Secured Visa® Credit Card.

icon-notification

The main benefits associated with the Card are low minimum deposit requirements of $200 to initiate a credit line and its usefulness for individuals in improving their credit history as it reports to three major credit history bureaus. Certain disadvantages include high annual fees, foreign transaction fees, no reward points and no signup bonus.

Overall, the card is a good option for individuals who want to build a positive credit history or keep a balance month-over-month with low APR costs. However, no reward options are a major turnoff for many.

FAQ

Is Opensky® Secured Visa® a good credit card?

It is a good credit card for individuals with poor credit scores as it allows them to improve their credit scores.

What is the customer service phone number for Opensky® Secured Visa® Credit Card?

The customer service phone number is 1-800-859-6412.

How to check my application status for Opensky® Secured Visa® Credit Card?

The application status can be checked online by filling information on the following link:
Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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