OpenSky® Secured Visa® Credit Card Review 2024

In the age of omnipresent social media, it’s safe to say that we’ve set the bar for happiness a bit too high. After all, any philosopher will tell you that happiness can come in even the simplest things: savoring the perfect cup of coffee, adding an expensive spice to your meal, or paying your bills on time.

However, if your credit score is low, even the simplest of these things can seem out of reach. This is why you need an excellent credit card in your wallet. One of those cards is OpenSky® Secured Visa® credit card, which we’re about to review for you.

We’ve identified the pros and cons of this secured credit card in the hopes that it will give you the chance to enjoy those small moments of happiness without costing you tenfold.

OpenSky® Secured Visa® Credit Card Overview

If you have bad credit, getting your hands on a credit card seems impossible. This is especially troublesome when your regular income doesn’t cover your necessities; that additional line of credit can give you peace of mind.

Luckily, even with bad credit, you still have several options, and this Capital One credit card is one of those. You don’t have to go through the ordeal of getting rejected with OpenSky because it doesn’t require a credit check for you to get approved.

Sound sketchy? While it seems like one of those “get everything for nothing” offers, it really isn’t. This is a secured credit card – it requires you to make a deposit beforehand, which will be equal to your OpenSky® Secured Visa® credit card limit.

The minimum $200 deposit and equal credit limit is an excellent solution for funding necessities that your regular income can’t cover as quickly. The limit can be as high as $3,000, which will work to your benefit when it comes to increasing your credit score if you have the means to match it as a deposit.

In essence, as long as your monthly income covers your monthly expenses, you’ll probably be good to go. However, it’s always good to check for other solutions; OpenSky® Secured Visa® credit card is the best for no credit check, but it works its miracles only when properly used. If you misuse this card, it could further damage your credit score.

If you’re looking for a secured credit card that will help you improve your score, read on for a detailed analysis of why you should consider OpenSky. We’ll be explaining the application process, requirements, fees, and benefits. You can also rely on us to present the potential pitfalls so that you can make an informed decision before heading to a Capital One bank branch to get one.

OpenSky® Secured Visa® Credit Card Processing

Applying for this credit card takes less than five minutes. Whether or not you’ll get approved has nothing to do with your credit score or your existing bank balance. Still, to apply, you need to fulfill a couple of requirements.

You need to be a US citizen or permanent resident, and you’ll need to provide a Social Security number or Taxpayer Identification Number. The other thing that you should have, as mentioned before, is a monthly income that can cover your monthly expenses.

The required $200 security deposit will also play a massive role in getting approved once you apply for an OpenSky® Secured Visa® credit card. The good news is that it will be refunded in full if you decide to close your account, even though closing an account is not recommended if you’re looking to build your credit from scratch.

Even though it takes just a couple of minutes to apply, it usually takes up to two days for the company to review and process applications. After the application approval, OpenSky will notify you via email. You can also expect emails if something is missing from your application, giving you time to submit additional documents. Once you are approved, the OpenSky® Secured Visa® credit card will be mailed to you; it might take up to 12 to 14 business days before it arrives at your doorstep.

OpenSky® Secured Visa® Credit Card Fees

Even though this card seems like a perfect solution for anyone looking to get some credit, prepare yourself for a headache once you head to its pricing and fees section. One would expect some fees considering that the company doesn’t take credit score into account, but these fees really seem too high.

The APR for purchases and cash advances with this card is 25.64% (variable), and if you are charged interest, it will be no less than $1. These are undoubtedly lower than other options for bad credit available.

You can also expect some transaction fees with this card. Namely, there is a 3% OpenSky® Secured Visa® credit card foreign transaction fee and a 5% fee for cash advances. Penalty fees will also apply in cases of late payment: up to $40 for late payments and up to $25 for returned payments.

If you decide to stop using your account temporarily, you should keep in mind that there is also a $10 fee charged monthly after 12 months of inactivity. This is very counterintuitive if you are looking for credit cards to build credit score, and it is not recommended that you close your account.

While OpenSky is a good solution for those who can’t get approved for other credit lines, it also has its drawbacks. You should consider everything we’ve just mentioned before signing up for this particular credit card.

OpenSky Credit Card Mobile Apps

Anyone with this credit card can use its mobile app to keep tabs on their balance and expenses. The app is exceptionally well designed, easy to use, and works on both IOS and Android.

Thanks to the straightforward user interface, users will be able to check their due dates and recent transactions. They can also keep track of their daily spending to ensure that they’re not overusing the card and generating unnecessary fees for themselves.

Overall, the app is a nice touch and probably a great help for users struggling with their credit scores. Seeing their expenses and payments neatly organized within this app helps them stay on track and keeps them aware of their credit usage.