You can have many objectives for which you need to go with a secured credit card service, it can be that you have made some financial mistakes earlier, you are bankrupt, you may have taxes debt, skipped previous payments, and rising to a fall in your credit score. But of the main reason is you don’t have a credit score because you never had credit earlier.
Here OpenSky offers you credit card services without checking your credit or even it doesn’t require a bank account to be approved. The Open Sky Secured Credit Card is best suitable for all, who are bankrupt and have back taxes, generally other secured cards will not allow you for the same reasons. As per Open Sky Credit Card Reviews, you can restart your new financial journey with it irrespective of your past experiences.
Open Sky Secured Credit Card Reviews
OpenSky is one of the few cards for which getting approved is not a difficult task. This means it proves to be very helpful for those people whose credit is not good and whose credit history is also disappointing.
We will provide you with information about the OpenSky Credit Card reviews so that it becomes easy for you to know whether you should get this credit card or not.
Features of Open Sky Credit Card
It has features that make it one of the most famous secured credit cards. Here are the features that it provides:
Increase Credit Card Limit
The amount you put down as a deposit determines your initial credit limit, which can be anywhere from $200 to $3,000. It offers you a wide range of options, so you can customize your deposit amount and ultimately credit limit to best suit your needs.
On this card, you will also have to pay the annual fee which is pretty minimal at $35. APR which is set at 21.14% (Variable) for a specified credit score range is low as compared to other cards. One more thing, here you don’t have to pay any monthly fee.
Absolutely No Credit Check
Open Visa has a no-credit-check feature, in other words, when you apply for this card, your lender will not take any steps to investigate your credit history. Not only will this help you get higher chances of approval if you have a bad credit report, but it also prevents you from facing hard inquiries.
Repair Bad Credit Score
The Open Sky Visa Credit Card can help you improve your all-important credit score because it provides monthly reporting to all three largest consumer credit reporting bureaus: Experian, Equifax, and TransUnion.
Don’t Check Your Account
If one is not financially strong then choosing an Open Sky card is a good option as it does not involve any process like account verification and this type of facility is offered by very few lenders in their credit cards.
For people with bad credit or first-time borrowers, the Open Sky Visa Credit Card is a more affordable option than many other credit cards. As a result, we rate it as one of the best credit cards for bad credit, particularly among credit cards that offer guaranteed approval and have credit limits of over $1,000.
OpenSky Visa Credit Card Reviews on “Fees”
The OpenSky Credit Card has a low annual fee. Along with this, no monthly fee or account opening fee is taken. According to borrowers, the other charges that come with this credit card are also quite affordable. Meaning that in this you will not have to spend as much as other cards. This credit card proves to be especially great for borrowers who opt for credit cards with heavy fees due to their poor or insufficient credit history.
- Fee for Cash Advance: 5% or $6 of the total, whichever is greater
- Fee for foreign transactions: 3%.
- Annual Fee: $35
- Returned installment expense: Up to $25.
- Fee for late payment: Up to $38.
Open Sky Credit Card Reviews on “Interest Rates”
The interest rates on credit cards are often quite high for borrowers with bad credit. But we can say that the Open Sky Visa card will prove to be good for them in this case because its APR is relatively better. Even though carrying a large balance can still be costly, this is not the most expensive card for interest in a long time.
- Cash advance APR- 21.14% (variable)
- Purchase APR- 21.14% (variable)
- Lowest Interest Charge- $1
Open Sky Secured Credit Card Reviews on “Rewards”
Unfortunately, Open Sky Credit Card does not offer any rewards facility to its customers. This means that you never get any return for spending anything expensive or cheap from this card. However, this is not uncommon for credit cards that approve applicants with bad or no credit, you can find other secured credit cards with rewards that are comparable to this one.
If you value rewards, look into alternative cards like the Petal Credit Cards or the Discover it Secured for people with bad credit or no credit.
Open Sky Credit Card Reviews on “Credit Limit”
The OpenSky® Secured Visa gives you a credit limit between $200 and $3,000, based on the amount you pay for your security deposit.
Undoubtedly, a higher credit limit is more functional for everyday/ordinary expenditures because a low credit limit makes it simple to use your card to its limit.
A higher credit limit also assists your credit because it makes it easier to keep your credit utilization rate lower which is a metric that depends on how much of your available credit you use, and it determines your credit score.
Keeping your credit utilization rate low is good for your credit score, so increase your credit limit as much as possible.
Open Sky Secured Credit Card Reviews: Benefits & Drawbacks
Keeping aside a client’s poor credit score and credit history and many other flaws, Open Sky Card is ready to approve their application and also agree to offer a lower APR.
This credit card is also a very good option for new borrowers and those who are not financially established.
Apart from all these, you may also be deprived of some other facilities which we have discussed below.
- No account checking needed
- No credit inquiry
- Reporting to 3 major credit agencies
- High odds of approval
- Set due dates as per your suitability
- The security deposit can range anywhere from $200 to $3,000
- Allows you to view your FICO Score.
- Ability to increase the security deposit in the future.
Other Advantages of Open Sky Credit Card
Due to the fact that this card is a Visa, Capital Bank does not offer any additional advantages for it; however, it does come with a few benefits in addition to those we have discussed previously.
The visa includes these benefits as part of its standard benefits package.
- $0 fraud liability Protection- You will not be answerable for any fraudulent charges levied on your Card Account or any account information.
- Protect Your Identity with ID Navigator: In case of identity compromisation, you can get your credit tracking and assistance by enrolling in this no-cost Norton LifeLock service.
- Best Roadside Assistance: If you need any help on the road, for example, if your car has some technical issue and you contact your visa, they will provide you instant assistance at your location and later you can pay for this roadside service.
- Customer Care Help: OpenSky Secured Card provides 24/7 doubt resolution service to the account holder.
Who Should Use the OpenSky Secured Visa?
Below we’ve explained which types of borrowers would be best suited to use the Open Sky Visa Credit Card.
Borrowers Want to Increase their Chances of Approval:
You can apply for an Open Sky Credit Card without any worries as there is no credit check on the card. This means that you will most likely be approved even if you have a bad credit history (for instance, from bankruptcy or charge-offs).
Those Who Haven’t Opened a Checking Account:
Young borrowers or immigrants to the United States may not yet have had the chance to open a bank account yet. In this case, you are still deserving to get an Open Sky Card as your financial records are not checked through the account. As far as making the security deposit is concerned, you can do it either through a western union or through a money order.
Borrowers without SSN:
While applying for the Open Sky Visa Credit Card, you are asked to provide either your SSN or ITIN. So if you don’t have a Social Security Number (SSN), you can use the Individual Taxpayer Identification Number (ITIN) instead, which the tax officials issue to those people who are unable to get SSNs.
For those Looking to Improve their Credit:
OpenSky credit card will prove to be a good option for those who want to build their credit history because of its high odds of approval. Along with this, it also reports to all three major credit agencies which helps in improving your credit score.
How to Increase Credit Card Limit?
After creating your account, you have the option of increasing your credit limit at any time. You can accomplish this by adding more money to your security deposit and you need to continue doing so till you come to the maximum deposit amount which is $3000.
You may also be eligible to increase unsecured credit limits (as here no additional deposit funds are required).
Application Requirements for Open Sky Visa Credit Card
If we talk about other than security deposits that must be paid, the Open Sky Visa Credit Card has very few requirements for their clients, this indicates that it has a good chance of being approved.
You must be eligible in the following criteria:
- You must be 18 years old or older.
- You must have a Social Security Number (SSN) or Individual Taxpayer Identification (ITIN).
- Your address must be where you can easily get mail.
- You must have a medium of paying your security deposit. For instance, a debit card.
How to Get Approved for Open Sky Card?
When you go to the application page to apply for an Open Sky Credit Card, you will be asked to provide the following information.
- Full name
- Physical Address
- Phone Number
- Date of Birth
- Email address
- Annual earnings
- Housing expenses each month
- Types of housing payments:
- Shelter: Property taxes, rent, or mortgage payments; insurance, etc.
- Utilities: Electricity, gas, fuel, water, etc.
- House Furnishings and equipment: floor coverings, furniture, small and major appliances, etc.
- ITIN or SSN
We already informed you that the Open Sky Credit Card application process does not include a credit check. This will help you qualify for the credit card because you won’t get any kind of hard inquiry. This means that even if you don’t qualify, your credit score won’t change. It will stay the same.
How Long Does it Take to Get Approved for an Open Sky Credit Card?
Usually, the processing time for Open Sky applications is 24 to 48 hours only. When all the details of your application are found correct by the lender, it is approved and your security deposit is processed. The credit card is then mailed to you. Overall, you get your credit card within 12 to 14 days.
Is OpenSky a Good Way to Build Credit?
Best Credit Reporting
OpenSky submits frequent reports to all three major credit reporting agencies: TransUnion, Experian, and Equifax. As long as you keep up with your monthly payments and don’t overuse your credit card, regular reporting can greatly build up your credit score to a better level.
Therefore, reporting on a monthly basis to each of the three credit reporting agencies is of great help to borrowers working to repair their credit.
Ideal Way of Security Deposit
Your flexible security deposit makes it easy to build your credit because you can get a credit limit that is enough to accommodate your expenses and this management will not even use too much of your available credit.
Note:- You must keep in mind that if you use less credit, then your credit score increases.
The limit of the amount you can deposit in Open Sky Secured Credit Card has been made very fair and flexible because here the minimum payment amount is set up to $200 and the maximum up to $3000.
Compare the OpenSky Secured Visa Credit Card with Other Cards
The OpenSky Secured Visa Credit Card has a very smooth and simple application process because you don’t need to have any credit check to apply for it and you can instantly know if your application is approved or not. You can improve your credit score easily based on your refundable deposit amount even if your credit ranges from bad to fair.
However, the card’s suitability for your needs is determined by the features you are looking for. You can figure out if the card is right for you by comparing it to another available option.
|Services||OpenSky Secured Visa Credit Card||Capital One Platinum Secured Credit Card||Citi Secured Mastercard|
|Annual Percentage Rate (APR)||21.14% (Variable)||28.49%||26.24% (Variable)|
|Cash Advance Rate||$6 or 5%||Either $3 or 3%||3%|
|Minimum Security Deposit||$200||$49, $99, or $200||$200|
|Foreign Transaction Fee||3%||No||3%|
|Rewards||Not Available||Not available||No Available|
|Credit Score||No Credit Check||Bad, Limited||Limited or Bad|
Build Your Credit Score Simply: Expert’s Guide
You must use your OpenSky Secured Visa correctly to build up credit. You can improve your credit score in the following ways:
Maximum Control Over Your Expenses:
Changes in your credit score depend on a metric also known as the credit utilization rate which is the proportion of utilized credit currently available. The lower your credit utilization rate, the better it is for you. Therefore, you should spend the least amount of money on your OpenSky® Secured Visa® so that you do not face any problems in increasing your credit score.
Pay Your Bills on Time:
You must make your credit card payments on time otherwise late payment status gets added to your credit card, which will lower your credit score. On the contrary, if you pay all your bills without delay, your credit score will increase.
Pay More Security Deposit:
Just as keeping expenses to a minimum improves your credit score, in the same way increasing your credit limit reduces the credit utilization rate which is a better thing.
Your credit limit can increase if you make a large payment towards your security amount, which will surely improve your credit utilization rate and ultimately your credit score.
Frequently Asked Questions
Q.1- How long does it take to receive an Open Sky credit card in the mail?
Once you apply for the OpenSky Credit Card, you will receive it in the mail within 14-24 working days. But if you ask for expedited delivery while applying online, lenders help you get your credit card within a short span of a week.
As sometimes you have to make some urgent purchases, some credit card providers issue an account number to you before receiving the actual card.
Q.2- How much cash advance do you get from an Open Sky credit card?
The minimum cash advance amount is set by the officials at $20. With this, the maximum cash advance outstanding can be half or 50% of your credit limit.
Q.3- How much does Open Sky Visa charge to swipe a credit card?
The swiping charges for the Open Sky Card are not mentioned separately. You pay a $35 annual fee every year for as long as you have the card. Along with this, many other charges have been mentioned such as:
If your account is no longer working or closed for any reason and your deposit cannot be returned to the address you specified (whichever is the last known), you will be charged a monthly fee of $10 on inactive or inoperative accounts. These charges begin 1 year and 3 years of no activity when your deposit amount is returned to the bank.
Q.4- What credit score do you need for Open Sky?
A credit check is not important to apply for OpenSky. A credit score does not matter for OpenSky, even if you do not have a credit score, your application will be approved.
Q.5- How to close the Open Sky credit card?
If you do not like the services of the OpenSky Card or have any reason not to use it, you can cancel your card at any time by calling their customer support number.
Once your account is closed following your request, your security deposit will be returned to your mail and the balance will be paid within the next 6 weeks. If you have an outstanding balance in your Account, OpenSky may pay the same from your Security Deposit. It is suggested to leave your account open and unutilized for as long as possible as canceling your credit card can negatively lower your credit score.
Q.6- What states is the OpenSky Secured Visa credit card available?
You can find the availability of OpenSky secured visa credit cards in all the states as Opensky is associated with Capital Bank which provides its services across the globe.
Q.7- How do I make a payment on my OpenSky Secured Visa?
You can download and use the OpenSky Credit Card mobile app to pay your bills on time. There are other ways, such as calling on their customer care services. Where an automated system will assist you to accept your payments, or sending your payment through the mail.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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