A secured credit card can be a great option for building credit, whether you’re an inexperienced borrower or have a difficult credit history.
The OpenSky® Secured Visa® credit card is notable in that it does not require credit verification to apply. This means that even borrowers with poor credit or short credit histories can qualify. As a secured credit card, the OpenSky Secured Visa requires a refundable cash deposit of at least $200 and up to $3,000.
The card has a $35 annual fee and doesn’t come with many other benefits, so some borrowers may be able to qualify for better options. But for those who are struggling to repair their credit and are looking for a starting point, this card could be a good choice.
Below we will see how the card works and how to maximize its functionality.
OpenSky Secure Visa Credit Card Features
OpenSky Secured Visa features include no credit checks for applicants, reporting to the three major credit bureaus, access to educational resources and more.
No credit check
One of the most attractive features of this card is that it does not require a credit check.
Bad credit can prevent many consumers from opening credit cards, as they are considered riskier by lenders. But even if you have a troubled credit history, you can still qualify for the OpenSky Secured visa.
A limited or no credit history can also affect your ability to open a credit card. Whether you are new to credit or have never been banked, the OpenSky Secure Visa can be a great first step towards building a responsible borrowing history.
The OpenSky Secured visa comes with credit reports to all three major credit bureaus. So if you use the card responsibly — making at least the minimum payment on time each month and keeping your balance low — that positive credit history will show up on your credit reports. (And keep in mind that any faux pas, like a missed payment or a high balance, will also be flagged.)
OpenSky offers a variety of educational resources to help borrowers better understand how credit works and how they can improve their credit score. This includes a robust library of content on building credit and personal finance, including true stories of how using the card has helped borrowers boost their credit scores.
High potential credit limit
The card comes with a flexible credit limit that depends on the amount of your deposit. Amounts range from $200 to $3,000, so you can have a small or relatively large credit limit as long as you have the money to back it up.
FDIC insured deposit
Your refundable deposit is insured by the FDIC. This means that the funds you use to secure your line of credit are protected against bank failure.
Other benefits of the Visa credit card
As a Visa card, OpenSky Secured comes with a variety of associated benefits that go beyond those offered by OpenSky itself. These include worldwide acceptance, fraud protection, reporting lost or stolen cards, curbside shipping service and more.
Quick and easy application process
According to OpenSky, it only takes a few minutes to apply for the card. There are just four steps in the application process – and since there’s no need for a credit check, borrowers can potentially be approved right away.
Maximize OpenSky Secure Visa Credit Card
There are a few things to keep in mind in order to get the most out of the OpenSky Secure Visa Credit Card
First and foremost, it’s a good idea to pay off your credit card balance on time and in full each month to avoid paying interest. It will also improve your credit score over time, since payment history and credit usage are the two most important factors in FICO’s scoring model.
The OpenSky Secure Visa is best considered a stepping stone to bigger and better cards. This is great for building up credit, but you may eventually benefit from switching to cards that earn rewards or provide additional perks.
The bottom line
The OpenSky Secured Visa Credit Card is an attractive option for borrowers who may not be eligible for other cards. Since no credit check is required, applying won’t hurt your score – and even applicants with low credit are likely to be accepted for this card.
Although the OpenSky Secured Visa card doesn’t offer many other benefits, it’s still a decent option for borrowers who are primarily looking to boost their score.