OpenSky Secured Visa Credit Card Review: No Credit Check Requirement
If you search for an ideal option to rebuild your credit once again, then The OpenSky Secured Visa Credit Card is the best choice for you. The remarkable thing about it is that you will not need any credit report if you want to apply, and your credit score also does not matter. It is not the case with other traditional credit cards, which is why it is the most decent option for you out there.
The OpenSky Secured Visa Credit Card is one of the rarest options which enable you to apply for a credit card without having a bank account or credit check. You can apply for this card if you want to establish or boost your credit by using a secured card.
If you have bad credit or no credit history but still want to build credit using a card, you should look into secured credit cards. Almost 99% of the open Sky secured Visa Card users claimed that they created their credit score within the first six months when they started using this card.
|Card||Best For||Fee & Credit||More Details|
Best for Credit Building and No Credit Check Requirement
|Annual Fee: $39 • APR: 17.39%|
What is OpenSky Secured Credit Card?
Suppose you’ve struggled to be accepted for a credit card because of a poor credit score or are concerned about the credit checks that come with each new card application. In that case, the OpenSky Secured card’s unusually short approval procedure may be the most enticing feature.
Not only is the card open to those with bad credit or no credit, but there is also no credit check required when you apply — not even a “soft pull” of your credit record. You do not even have to make a separate bank account for this purpose.
You may make your initial deposit with a money order or have someone else submit a check on your behalf. Because of this, the OpenSky Visa is a one-of-a-kind financial tool for those with low credit and other financial tools and backgrounds.
Furthermore, the possibility to choose your credit limit, subject to approval, by putting a refundable deposit of between $200 and $3,000 provides you the freedom to utilize the card while keeping your credit usage percentage within a healthy range.
How does OpenSky Secured Visa work?
The OpenSky Credit Card is a great option for someone who needs to establish credit or repair bad or damaged credit and desires a low APR and a higher initial credit limit than usual. If you’re concerned that you’ll need to regularly rotate a balance on your secured card, having the lowest APR feasible is a smart choice.
You’ll also get a bigger initial credit limit than with numerous other secured cards (if you can put down a large deposit), and no credit check is necessary.
Because of its cheap cost and simplicity of acceptance, as well as its substantial maximum credit limit, the OpenSky Secured Visa should be a good option whether you want to build or rebuild your credit. While there are probably less expensive secured card choices, the OpenSky Secured Visa should provide ample opportunity to establish your trustworthiness while keeping prices low.
Any unauthorized charges made on your card account are not your responsibility.
Collision Damage Waiver for Auto Rentals
You will be protected in the case of an accident if you hire a car and refuse collision insurance. Your primary motor insurance policy comes first, and this coverage comes second.
Towing & Recovery
In the case in which your vehicle breaks down in the middle of the road, you may call Visa for assistance, and they will send roadside assistance to your area. Any services provided by the dispatched roadside assistance provider will be your responsibility to pay for.
What are the Features of OpenSky Secured Visa?
Let’s take a closer look at the features!
Current sign-up bonus
There is no welcome incentive with the OpenSky Secured card. Like many secured cards, it is more concerned with helping you develop credit than with providing additional perks.
You may always switch to a rewards credit card and earn a sign-up bonus after your credit has improved and you are eligible for a new card.
The OpenSky Secured Card comes with several useful features. Still, they’re all geared at helping you manage your account so you can improve your credit score history and eventually qualify for an unsecured card.
Other secured cards, including unsecured cards tailored for bad credit, may provide more benefits than OpenSky’s typical features like email notifications and account management through the mobile app.
No credit check is required.
When you sign up for an OpenSky account, the firm will not run a credit check to see if you qualify for the card. Instead, you’ll have to pay a security deposit ranging from $200 to $3,000. When you terminate the account after paying everything in full, you might get your deposit back.
Your deposit reduces the lender’s risk, so it doesn’t need to examine your credit or harm your credit score with a hard draw.
Reports to all three major credit bureaus
All of your payments are reported by OpenSky to the three major credit bureaus: Experian, Equifax, and TransUnion. Because your on-time payments on the card will appear on your credit report at each of the three agencies, this reporting will assist you in building credit. Just remember to avoid late payments, as they may substantially reduce your credit score.
Set your credit limit
You may establish a monthly spending limit with the OpenSky Secured Visa, up to $3,000 per month (a much higher cap than many other secured cards). The amount you deposit into the account determines your credit limit. If your initial investment is less than $3,000, you can increase your limit at any time by depositing more funds into your OpenSky account.
Traditional Visa perks
You’ll get a charming list of Visa advantages, including $0 criminal liability, 24/7 pay-per-use roadside dispatch, and 24-hour help if your card is lost or stolen and you require a renewal, as with other Visa network base-level cards.
If you’re concerned about identity fraud, the ID Navigator tools you’ll get can search the dark web for your private details and notify you if there’s anything suspect.
The security measures on this card are industry standard. To manage your account, you can utilize the OpenSky app. On the other hand, the OpenSky website makes it difficult to discover contact information, which might be an indicator of the company’s poor customer service.
Calling the phone number given on the back of your card should get you in touch with customer support.
What is the Credit Score Requirement of OpenSky Secured Visa?
Those who can now qualify for a secured credit card with no annual fee or a secured credit card with incentives should think about alternative choices before applying.
The OpenSky secured visa card includes an individual taxpayer identification number with an applicant’s credit approval option and a higher credit line option with a minimum security deposit. You can look at the credit check required reports with own proprietary website rules and good secured credit card issuers.
It comes with a recommended credit score of 300-689 poor to average score as told by three credit bureaus.
How much does OpenSky Secured Visa Cost?
Let’s take a look at the cost! It’s a secured type card that will charge annual fees of about $35. Besides this, the valid social security number and security minimum deposit is $200 minimum to $300 maximum.
Secured cards allow you to get a rewards program and refundable security deposit feature with its own credit limit. The credit building and balance transfers include free credit scores with higher credit history and assurance.
Here’s something about the interest rate! It has a variable APR of 17.39%. There is a foreign transaction fee of 3% on the whole. Moreover, it comes with a cash advance fee of 5% or a minimum fee of $6. The card features payment information with major credit bureaus to build an effective credit line for assurance.
Who is OpenSky Secured Visa Best For?
The OpenSky Secured Visa Credit Card may be an excellent alternative for those wishing to start developing or restoring their credit. It gives an option for folks who cannot obtain credit because of unfavorable information on their credit report. The application procedure for this card does not include a credit check.
The possibility to set your credit limit depending on the amount of your refundable deposit, subject to approval, will help you stay on top of your credit usage. This, together with on-time payments, may assist you in establishing an excellent credit score.
OpenSky Secured Visa Pros and Cons
Let’s take a closer look!
► A Bank account is not required
Traditional and central banks need a bank account to apply for a credit card. The advantage you will get by using this card is that this requirement is unnecessary, and you can apply for it easily. However, matters will be more challenging for you to pay your Credit Card bill without having a bank account.
It can be very challenging to get proof for credit cards when you do not have any credit. However, this will not be a problem if you choose the open Sky secured visa credit card. This card does not check your credit when you are applying for it. However, your card can be declined for some other reasons.
All of your credit information from the card is reported every month to Equifax, Transunion, and Experian. That is why it enables you to rebuild your credit once again. When you practice good credit habits and pay your bill each time, things will get easier for you.
However, negative credit information is reported, making it crucial to pay your bills on time, and only then will you be able to avoid high credit utilization.
► Cannot upgrade to an unsecured card
If you have a secured credit card, you have the option to upgrade to an unsecured credit card. It is with the same company once you have proved that you are worthy of taking the credit risk by the financial institution. The OpenSky Secured Visa Credit Card does not give you that feature.
If you choose this card, you will be logged in to the secured credit card until you keep your account open. The primary issue with this is that you will be stuck paying the annual fee when you plan to make this card your first and oldest credit line.
► Charges an annual fee
This card charges $35, which is not a hefty amount for a secured credit card. On the other hand, you can find a secured credit card that does not have an annual fee at all.
OpenSky Secured Visa Compare to other Cards
|Credit Card||Annual Fee||Rewards||Welcome Bonus|
|OpenSky Secured Visa||$35||No Credit Check||Not Specified|
|Chase Sapphire Preferred||$95||Up to 100,000 Rewards Points||Up to 60,000 Bonus Points|
|Capital One Venture Rewards||$95||Up to 100,000 Rewards Points||Up to 60,000 Bonus Points|
|Citi Premier Credit Card||$95||3X Points||Up to 80,000 bonus points|
OpenSky Secured Visa vs. Chase Sapphire Preferred
The OpenSky Credit Card is a great option for someone who needs to establish credit or repair bad or damaged credit and desires a low APR and a higher initial credit limit than usual. However, the Chase Sapphire Preferred is suited for regular and infrequent travelers alike. It can help both seasoned point and mile collectors and those just getting started.
The OpenSky Secured Card comes with several useful features. Still, they’re all geared at helping you manage your account so you can improve your credit score history and eventually qualify for an unsecured card. In contrast, the Sapphire Preferred has a low annual fee of $95 per year, which means you’ll pay $95 each year you have the card.
OpenSky Secured Visa vs. Capital One Venture Rewards
OpenSky Secured Visa has a $35 annual fee for this card, and it does not provide credit card rewards or an unsecured card that you may switch to later. However, the Capital Bank credit card includes no annual fee with few benefits like auto rental damage insurance, accident insurance, and warranty protection.
The OpenSky Secured Card comes with several useful features. Still, they’re all geared at helping you manage your account so you can improve your credit score history and eventually qualify for an unsecured card. But wait! Capital bank’s secure site offers credit utilization and is a Platinum Secured credit card with a credit line limit and recommended credit score record.
Good thing about OpenSky is that, there is no Credit check requirement when you apply. Whereas the Capital Bankcard comes with a higher credit limit with credit scores to make combined purchases.
OpenSky Secured Visa vs. Citi Premier Credit Card
The OpenSky Credit Card is a great option for someone who needs to establish credit or repair bad or damaged credit and desires a low APR and a higher initial credit limit than usual. However, the Citi Premier credit card helps earn a 60,000 bonus after spending $4000 on purchases within three months after opening the account.
There is no credit score requirement in OpenSky visa cards with a low ongoing APR for better assurance. Besides this, the Citi Premier card comes with annual hotel savings and no foreign transaction fees on different purchases. But OpenSky has an annual fee of $35 on purchases.
Conclusion: Is OpenSky Secured Visa Worth it?
It is also the right thing to do if you are looking forward to raising your credit score in the long run. First of all, you have to provide a security deposit, and then you have to make some other charges. It is essential to keep in mind that you have to pay the bill every month on time, and only then will you be able to raise your credit score.
There are many reasons for getting a secured credit card. If you had never had an accredited before, if you suddenly had a bankruptcy recently, then you can apply for it.
The OpenSky Secured Visa Credit Card is unique because it does not require a bank account. It is perfect for those going through bankruptcy or any other issue.
OpenSky Secured Visa FAQs
What is the highest credit limit for OpenSky Secured Visa?
You may establish a monthly spending limit with the OpenSky Secured Visa, up to $3,000 per month (a much higher cap than many other secured cards). The amount you deposit into the account determines your credit limit.
If you have the funds to make a greater deposit, a high-limit secured card like the OpenSky Visa will help you improve your credit score significantly. That’s because of credit usage — the amount you’ve borrowed compared to your total available credit. The second-most important credit scoring element, accounting for 30% of your FICO credit score, second only to payment history at 35%.
Does OpenSky Secured Visa give credit increases?
You must request all credit increases. You may extend your credit limit for free up to $3,000 in your first year by mailing in an extra deposit. Any modifications to your credit limit will cost you $25 in your second year.
This cost appears to be both needless and expensive, given that your credit limit is already linked to your deposit. Because the issuer may always draw from your deposit to settle any outstanding payments, there is no danger to the issuer that you will not pay.
Is Quicksilver One good for building credit?
The Capital One Quicksilver One card is a great option for people just starting with their credit. Despite the yearly charge, you may receive incentives while working to repair your credit. It doesn’t impose a foreign transaction fee, usually 3% of every overseas transaction.
Capital One transmits account information to the main credit agencies each month. Thus the Capital One Quicksilver Cash Rewards Credit Card does help build credit. However, you might add an authorized user to the account who has no or terrible credit and help them establish credit from the ground up.