How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.The OpenSky® Secured Visa® Credit Card has several good benefits for people looking to rebuild their credit.
There’s no credit check when you apply to the card — so your credit score won’t be affected, and it won’t be considered in your application. If you have bad credit, this may be an easier card to get approved for than others.
The OpenSky® Secured Visa® Credit Card reports to all three major credit bureaus, which is an essential feature for building credit. It also gives you the chance to graduate to an unsecured credit card after six months, as well as increase your credit limit.
However, the card has a $35 annual fee and requires a $200 minimum security deposit. If you’ve been struggling to get approved for other secured credit cards, then the OpenSky® Secured Visa® Credit Card might be worth it.
Intro Purchase APR
N/A
Regular Purchase APR
25.14% (variable)
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$35
Cash Advance Fee
N/A
Foreign Transaction Fee
N/A
Balance Transfer Fee
N/A
No credit check
If you have bad credit and are worried that it might stop you from getting approved for even a secured credit card, the OpenSky® Secured Visa® Credit Card could be your best option. It doesn’t require a credit check when you apply, so your bad credit won’t be a factor. This is also a perk because credit checks can bring your score down, so there’s no risk to apply.
What’s a bad credit score? According to FICO, the scoring method most commonly used by lenders, a credit score of less than 580 is considered poor.
Know that when applying for the OpenSky® Secured Visa® Credit Card, you will have to provide the following financial information:
Reports to the credit bureaus
Your payment history will be reported to the three major credit bureaus: Equifax, Experian and TransUnion, meaning this is a good card for building credit history. Some credit cards designed for building credit may not report to all three bureaus. You don’t have to worry about that with the OpenSky® Secured Visa® Credit Card.
Reasonable APR
The OpenSky® Secured Visa® Credit Card’s APR is 25.14% (variable). Many secured credit cards have interest rates close to 30% APR, so this is reasonable by comparison. However, to avoid incurring interest charges, it’s smart to pay your card off in full each month.
Chance to graduate to an unsecured credit card
After six months of responsible spending with the OpenSky® Secured Visa® Credit Card, you may qualify for their unsecured card.
You won’t need to apply for it, and there’s also no deposit or credit check — which saves you from triggering a hard inquiry and lowering your score any more.
Credit limit increases
The max credit limit for the OpenSky® Secured Visa® Credit Card is $3,000. If you’re not approved for the max limit right away, then you can request a credit limit increase after six months. Not every secured credit card offers reviews for credit line increases, so this is a great feature if you’re looking for more flexibility.
The caveat is if you’re approved for a credit limit increase, you’ll have to contribute more to your security deposit.
Annual fee
The OpenSky® Secured Visa® Credit Card charges a $35 annual fee. If you’d prefer a secured card with no annual fee (but one that does require a credit check), check out the Discover it® Secured Credit Card.
$200 minimum security deposit
As with most secured credit cards, the OpenSky® Secured Visa® Credit Card requires a minimum security deposit of $200. The maximum deposit is $3,000.
If you’re not able to make a $200 deposit, you can try applying for the AvantCard Credit Card, which can also help you build credit but doesn’t require a security deposit.
Foreign transaction fee
If you happen to be traveling outside the United States, be aware that this credit card charges a foreign transaction fee of N/A. The Capital One Platinum Secured Credit Card is a good alternative if you want a card that doesn’t charge foreign transaction fees.
If you’re willing to undergo a credit check, there are cards that might fit your needs better than the OpenSky® Secured Visa® Credit Card.
The Discover it® Secured Credit Card is an excellent choice for applicants looking to build or rebuild their credit and want a credit card that earns cash back. It lets you 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically
It’s rare for secured cards to offer rewards, which makes this a unique card. And after seven months, Discover will begin monthly reviews of your account to see if you’re eligible to graduate to an unsecured and have your deposit refunded.
The Discover it® Secured Credit Card does require a credit check unlike the OpenSky® Secured Visa® Credit Card, so it may be a bit harder to qualify for. However, the rewards and opportunities to graduate to a cash back card can make it worth it.
If you can’t afford $200 upfront for a deposit on either the OpenSky® Secured Visa® Credit Card or the Discover it® Secured Credit Card, consider the AvantCard Credit Card. It’s an unsecured card (meaning no deposit is required) for applicants with limited / poor / fair credit, and charges a $59 annual fee.
Unlike some other unsecured cards for bad credit, AvantCard Credit Card doesn’t hit cardholders with additional, unexpected fees and convoluted terms. It’s a good tool for building or rebuilding credit. Plus, you can check on the Avant website to see if you prequalify.
Just be aware that this card is not available to residents of Colorado, Iowa, Vermont, West Virginia or Wisconsin. Plus, it has a much higher potential APR than the OpenSky® Secured Visa® Credit Card at (variable) — so it may not be the best choice if you expect to carry a balance some months.
The Capital One Platinum Secured Credit Card could be a good option if you’re looking to build credit and want to pay a lower security deposit. Unlike other secured cards, the Capital One Platinum Secured Credit Card provides three minimum security deposits: $49, $99 or $200. Plus, it charges a $0 annual fee.
You won’t know which minimum amount you qualify for until you apply, but this unique feature gives you the chance to use a secured credit card without having to pay the typical $200.
Like the OpenSky® Secured Visa® Credit Card, this card offers the chance to graduate to an unsecured card (the Capital One Platinum Credit Card). It also offers automatic credit line reviews after six months.
The Capital One Platinum Secured Credit Card does require a credit check. It may be worth applying to the OpenSky® Secured Visa® Credit Card if you’ve had trouble qualifying for secured credit cards.
| Credit Cards | Our Ratings | Annual Fee | Regular APR | Rewards Rate | Welcome Offer | |
|---|---|---|---|---|---|---|
OpenSky® Secured Visa® Credit Card
 Apply Now
on Capital Bank, N.A.'s secure site |
$35 | 25.14% (variable) | Earn up to 10% cash back* on everyday purchases | N/A |
Apply Now
on Capital Bank, N.A.'s secure site |
|
|
Discover it® Secured Credit Card*
|
$0 | 27.74% Variable APR | 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | Discover will match all the cash back you’ve earned at the end of your first year. | ||
AvantCard Credit Card
Apply Now
on Avant's secure site |
$59 | 35.99% | Non-rewards card | None |
Apply Now
on Avant's secure site |
|
Capital One Platinum Secured Credit Card
Apply Now
on Capital One's secure site Rates & Fees |
$0 | 29.99% (Variable) | Non-rewards Card | N/A |
Apply Now
on Capital One's secure site Rates & Fees |
If you want to avoid a credit check in exchange for a small annual fee, the OpenSky® Secured Visa® Credit Card might be just what you’re looking for. It reports your payment history to the credit bureaus and provides an opportunity to demonstrate responsible credit behavior. In time, you can build a good credit score and apply for a card with rewards and benefits.
However, it charges a $35 annual fee and has no rewards. Depending on your situation, the Discover it® Secured Credit Card might be better than the OpenSky® Secured Visa® Credit Card. It charges a $0 annual fee, offers cash back and conducts regular account reviews to see if you’re eligible to get your deposit refunded.
Apply Now
For Capital One products listed on this page, some of the above benefits are provided by third parties such as Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as certain terms, conditions, and exclusions apply.
The information related to the Discover it® Secured Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
