Contents
Card Stats:
Minimum Security Deposit: $200
Maximum Security Deposit: $3,000
Interest Rate: 17.50%
Introductory Interest Rate: None
Grace Period: 25 days
Foreign Transaction Fees: Not listed
Annual Fees: $29
Application Fees: None
Rewards Program: None
Signing Promotion: None
Interest Earned on Security Deposit: No
Other Features:
None
Editor’s Review
This review was provided by William Charles, editor of Doctor of Credit.
The only thing exceptional about this card is how average it is. It has a $29 annual fee, no rewards program and the APR is higher than a lot of other cards on the market. There are plenty of better secured card options currently available.
The only advantage to this card is that there are no credit checks done, so anybody can be approved. They also do not do a hard pull when you apply for this card, meaning you’re credit score will not drop due to a new application.
Annual Fees
This card has an annual fee of $29, card holders have reported that they were not able to get this fee waived.
[Read: Secured cards with no annual fees]
APRs
This card has an APR of 17.50%, which is in the middle of the road when it comes to secured cards interest rates. Secured card holders should not be carrying a balance to begin with, so the APR shouldn’t be a big factor in determining which card to go for.
Rewards Program
This card doesn’t have a rewards program, click here for a full list of secured cards with rewards programs.
Credit Reporting
This card reports to all three credit bureaus, monthly. It reports as a regular credit card and not a secured card.
Adding Funds
It’s possible to add funds to this secured card, the maximum limit is $3,000. After a period of 120 days this limit is increased to $5,000. When card holders add funds to their security deposit, they increase the credit limit on the card. No hard pull is done to add to this credit limit.
UPGRADING TO AN UNSECURED CARD
Open Sky doesn’t have the option to upgrade this card to an unsecured version. If card holders want their deposit back, they have to cancel the card which is a major downfall for this card.
Approval
There is no credit check done for this card, meaning anybody can apply and be approved – quite possibly the only reason to get this card.
Final Verdict
This card is another average secured credit card. There are much better options on the market that have no annual fees AND rewards programs AND graduate to unsecured cards. The only reason you’d want to apply for this card is that there is no credit check and no hard pull when you apply.
Apply for OpenSky® Secured Visa® Credit Card
DO NOT GET THIS CARD! The only reason I chose THIS card is becasue they tell you that you do not need a bank account. I tried to make a payment and now they tell me I need a bank account. Then when I asked to cancel the card because I DON’T have a bank account they tell tha tthe balence must be at 0. So instead of them keeping the money I already paid them they want me to pay them again only to refund me money which can take up to TWO MONTHS. HORRIBLE CUSTOMER SERVICE. No response when my card took two weeks to get to me after multiple attempts in reaching them either. SAVE YOURSELF A WASTE OF YOUR TIME AND MONEY.
Hi Danny, you can get a bank account a BBVA Compass Bank. They have a special program for people who need to start over. After one year of having your account in good standing, it becomes a regular account.
The only downside is that there are limited physical locations. However, you can get around that with an American Express Bluebird debit card, which you connect to your BBVA Account.
I am a US citizen currently living in the Philippines.
Want to get a secured credit card with no credit inquiry showing on my credit report. I tried to apply for Open Sky, but the online application will only accept a US Zip code.
Any suggestions?