An OpenSky Secured Visa Credit Card is an excellent option for you if you are looking for a Credit Card to build or rebuild your Credit Score.
Making payments timely using these cards every month and paying off some charges will improve your credit score, and your creditworthiness will increase over time.
Whether you have bad credit or haven’t started building your credit, Security Credit Cards are always a feasible option for you.
The odds of Approval for these cards are relatively higher since these cards do not require a Good Credit Score.
Even if you do not have a credit score, you can get approved for these cards, let alone a bad credit score.
- Key Highlights
- Pros & Cons
- Rates & Fees
- Why might you want to go for an Open Sky Secured Visa Credit Card?
- Why might you want to go for another Card?
- What are the other alternatives to OpenSky Secured Visa Credit Card?
- OpenSky Secured Visa Credit Card Vs. Discover It Secured
- OpenSky Secured Visa Credit Card vs. Capital One Secured Credit Card
- Bottom Line: Is Open Sky Credit Card worth it?
Key Highlights
- No Credit Check is required to apply. OpenSky Secured Visa Credit Card offers everyone an equal opportunity to apply for this card.
- The refundable deposit deposited by you becomes your credit limit on your Visa Card. You can choose it yourself. It can be as low as $200.
- You can quickly build credit—OpenSky reports to all 3 major credit bureaus in the US (Equifax, Experian, and TransUnion).
- Credit Line ranges from $200-$3,000.
- 99% of the recorded customers who started from scratch without a credit history earned a credit score with the credit as mentioned above bureaus within the first 6 months of responsible usage of their card.
- OpenSky Secured Visa Credit Card has a Facebook Community open for all, where you can learn about the experiences and insights of other cardholders.
- An Annual Fee of $35 is Applicable.
- 3% Foreign Transaction Fee is Applicable on each Foreign Transaction made in US Dollars.
- No Balance Transfer Fee is Applicable.
- No Introductory APR is offered to new cardholders.
- The Regular APR of 17.39% is applicable on all purchases made by you.
- An inactive Account Fee of $10 can be charged to you if you do not use your card for a whole year.
- A late Payment Fee of $27 is to be charged on your first late payment. For any added late payment within the next six months, you will be charged $38.
- Additional Visa Perks.
Pros & Cons
| Pros✔ | Cons❌ |
|---|---|
| Reports to all 3 major credit bureaus in the US. | Lack of Introductory APR |
| Ease of building or rebuilding your credit score. | No Cashback Rewards |
| Relatively Lower Regular APR. | Relatively Higher Minimum Deposit |
| You can set your credit limit. | |
| Visa Perks Applicable. |
Here is the full review of the Open Sky Secured Visa Credit Card.
Rates & Fees
| TYPES | RATES ($) |
|---|---|
| Joining Fees | N/A |
| Annual Fees | $35 |
| Balance Transfer Fees | N/A |
| Foreign Transaction Fees | 3% |
| Introductory APR | None |
| Regular APR | Variable (13.99%-23.99%) |
Why might you want to go for an Open Sky Secured Visa Credit Card?
(1). Reports to all 3 major credit bureaus in the US
OpenSky Secured Visa Credit Card reports your credit information from your card every month to 3 major credit bureaus in the US (including Equifax, Experian, and TransUnion).
It enables you to begin the process of building or rebuilding your credit as long as you pay your dues and debts timely.
Similarly, at the same time, your bad credit information will also be reported to these bureaus. Thereby making it critically important for you to pay your dues timely.
(2). Ease of building or rebuilding your credit score.
Since it is a secured credit card, it eases up the process of building or rebuilding your credit score since you can get approved for the credit card with no credit history or even with a bad credit history.
So, pretty much everyone can apply for this card. Moreover, paying off your debts and dues timely using this card improves your credit score, which means you will be more creditworthy for your lenders.
(3). Relatively Lower Regular APR
OpenSky Secured Visa Credit Card charges you a Regular APR (17.39%), one of the lowest secured credit cards. Other Cards usually charge you the higher Regular APR of 22.99%-26.99%.
( Discover It Secured Card charges you the Regular APR of 22.99%, and Capital One Secured Visa Card charges you the Regular APR of 26.99%).
(4). You can set your credit limit
Your Credit Limit will equal the refundable deposit, which usually ranges from $200-$3,000.
(5). Additional Visa Perks Applicable
As a Visa Card, OpenSky Secured Visa Credit Card offers you several Visa Perks, which include the following:
- Zero Fraud Protection covers you in case of Unauthorized or Fraudulent Transactions made on your card. You are not held liable for such transactions.
- Car Rental Collision Damage Waiver covers you in case of damage or theft of your rented vehicle.
- Roadside Assistance: If your car breaks down, you may call Visa, and they will dispatch roadside assistance to that location. However, you will be held responsible for paying for the roadside assistance services availed by you.
Why might you want to go for another Card?
(1). Lack of Introductory APR
Like many other cards in the same segment, the OpenSky Secured Visa Credit Card does not offer you an introductory APR. Introductory APR gives you relief from the hefty interest rates.
For instance, the Discover It Secured Card offers you an introductory APR of 10.99% for the first 6 months. After that, you are charged the Regular APR of 22.99%.
On the other hand, the OpenSky Secured Card does not offer you an introductory APR. Instead, it charges you the Regular APR of 17.39%, which is still lower than the maximum limit of other cards.
(2). No Cashback Rewards
Like many secured cards, the OpenSky Secured Visa Credit Card does not offer you any Cashback Reward.
A few credit cards in this segment offer you some form of Cashback Reward. Some of these exceptional credit cards offering cashback include Discover It Secured.
Discover It offers you a 2% Cashback Reward on all purchases made by you worth $1,000 each quarter.
Once you reach that threshold of $1,000, you get an unlimited cash-back reward of 1% on every dollar spent by you. The ability to earn cashback is always better than not earning cashback after making the purchase.
(3). Relatively Higher Minimum Deposit
The minimum deposit limit for the Open Sky Secured Card is $200, which gets you a credit of $200.
On the other hand, Capital One Secured Card has a relatively lower minimum deposit limit of $49 ( Capital One has 3 minimum deposit amounts of $49,$99, and $200). Yet, you can still qualify for a credit line of $200.
Moreover, Capital One Secured Card allows the cardholder to pay the deposits in installments of $20.
What are the other alternatives to OpenSky Secured Visa Credit Card?
We have analyzed a variety of credit cards that can provide you with a better value for your money spent. These include the following:
- Discover It Secured.
- Capital One Secured Credit Card
Here is a quick comparison with the above credit card.
OpenSky Secured Visa Credit Card Vs. Discover It Secured
| FEES & RATES | OpenSky Secured Visa Credit Card | Discover It Secured |
|---|---|---|
| Welcome Bonus/Sign-up Bonus | None | Introductory Cashback Reward of 2% on purchases made worth $1,000. After that, an unlimited 1% cashback is applicable. |
| Cashback Rewards | 3% | 2% Cashback on purchases made worth $1,000 (within each quarter). After that, an unlimited 1% cashback is applicable. |
| Intro APR | None | 3% introductory Balance Transfer Fee, then a Balance Transfer Fee of 5% is applicable. |
| Regular APR | 17.39% | 22.99% |
| Annual Fee | $35 | Nil |
| Foreign Transaction Fees | 3% of each Foreign Transaction made by you (in USD). | 0% |
| Balance Transfer Fee | N/A | 3% introductory Balance Transfer Fee, then a Balance Transfer Fee of 5% is applicable. |
A. Cashback Reward Rate
Discover It Secured Card offers you an introductory Cashback Reward of 2% on expenses made (up to $1,000 within each quarter).
After that, an unlimited 1% cashback is applicable. On the other hand, the OpenSky Secured Visa Credit Card does not offer you any Cashback Reward.
B. Sign-up Bonus
Discover It Secured Card offers a sign-up bonus in the form of 2% cashback on expenses made ($1,000 within each quarter).
Once you reach the threshold of expending $1,000, the unlimited 1% Cashback Reward is Applicable. On the other hand, the OpenSky Secured Card does not offer you any Sign-up Bonus.
C. Annual Fee
Discover It Secured Card does not charge you any Annual Fee. On the other hand, OpenSky Secured Card charges you an Annual Fee of $35.
D. Foreign Transaction Fee.
Discover It does not charge you any Foreign Transaction Fee. On the other hand, OpenSky does charge you a Foreign Transaction Fee of 3% on each Foreign Transaction made by you.
E. Balance Transfer Fee.
OpenSky Secured card do not charge you balance transfer fees, however, Discover It Secured Card 3% introductory Balance Transfer Fee, then Balance Transfer Fee of 5% is applicable.
F. Introductory APR
Discover It Secured Card offers you an Introductory APR of 10.99% for the first 6 months of Account Opening. On the other hand, the OpenSky Secured Card does not offer you an Introductory APR.
G. Regular APR
Discover It charges you the Regular APR of 22.99%.On the other hand, OpenSky Secured Visa Credit Card charges you the Regular APR of 17.39%.
OpenSky Secured Visa Credit Card vs. Capital One Secured Credit Card
FEES & RATES
OpenSky Secured Visa Credit Card
Secured MasterCard by Capital One
Welcome Bonus/Sign-up Bonus
None
None
Cashback Rewards
3%
None
Intro APR
None
None
Regular APR
17.39%
26.99%
Annual Fee
$35
Nil
Foreign Transaction Fees
3% of each Foreign Transaction made by you (in USD).
None
Balance Transfer Fee
N/A
N/A
A. Cashback Reward Rate
Both OpenSky Secured Visa Credit Card and Capital One Secured MasterCard do not offer you any Cashback Reward.
B. Sign-up Bonus
Both Open Sky Secured Credit Card and Capital One Secured MasterCard do not offer you any Sign-up Bonus.
C. Annual Fee
Capital One Secured MasterCard does not charge you any Annual Fee. On the other hand, OpenSky Secured Credit Card charges you an Annual Fee of $35.
D. Foreign Transaction Fee
Capital One Secured MasterCard does not charge you any Foreign Transaction Fee. On the other hand, OpenSky Secured Credit Card charges you a Foreign Transaction Fee of 3% on all Foreign Transactions you make.
E. Balance Transfer Fee
Both OpenSky Secured Card and Capital One Secured Credit Card do not charge you any Balance Transfer Fee.
F. Introductory APR
Both the OpenSky Secured Card and Capital One Secured Credit Card do not offer you any Introductory APR.
G. Regular APR
Capital One Secured Card charges you the Regular APR of 29.99%. On the other hand, OpenSky Secured Card charges you a relatively lower Regular APR of 17.39%.
Bottom Line: Is Open Sky Credit Card worth it?
MCCC Rating🌟 🌟 🌟 🌟
Moreover, you are charged a lower Regular APR of 17.39%, which is relatively lower when compared to the Regular APR of Discover It Secured Card, which charges you a Regular APR of 22.99%.
Similarly, Capital One Secured Visa Card charges you an even higher Regular APR of 26.99%.
In addition, you also get Visa Perks like Zero Fraud Liability, Car Rental Collision Damage Waiver, and Roadside Assistance.
There are several downsides to consider before going for this card. These disadvantages mainly include No Introductory APR and No Cashback Rewards.
OpenSky Secured Visa Credit Card does not offer you any Cashback Reward on any purchase made by you. Moreover, you are not offered any Introductory APR. Instead, you are charged a Regular APR of 17.39%.
OpenSky Secured Visa Credit Card is not a low-maintenance credit card. It charges you a Foreign Transaction Fee of 3% on all your Foreign Transactions made by you. Moreover, you are charged an Annual Fee of $35.
If you are looking for a low-maintenance credit card that offers you a Cashback Reward on all purchases made by you, then Discover It is one of the best cards to go for.
