American Express Cobalt Card*
The American Express Cobalt follows in the footsteps of Netflix, Spotify and other subscription services by charging a $12.99 monthly fee to use the card, as opposed to an annual fee of $155.88. Combined with a generous earn rate of 5 points per $1 on eligible restaurants, bars, cafés and food delivery in Canada, this card is definitely aimed at busy millennials who are out and about town with friends, as well as frequent travellers. On travel, youll earn 2 points per $1 on eligible transit and gas purchases in Canada, as well as travel purchases like flights and hotel, and 1 point per $1 on all other purchases.
Points are collected under American Expresss Membership Rewards Select program, so you cant transfer points to Aeroplan or partner airline programs like you can with other Amex cards, but you may redeem for travel directly on the American Express Travel portal under the fixed and flexible points redemption schedules. Additionally, you may transfer points to select hotel programs like Marriott Bonvoy or Hilton Honors, or even redeem points for cash back on your statement.
Catalog / Merchandise Account Through Fingerhut
Another great alternative are Catalog/ Merchandise Accounts.
While these types of accounts require a credit pull, it is very easy to get an approval and to start building your credit profile.
These accounts will report to all 3 credit reporting agencies however, you can only use the credit at the Catalog or Merchandise company that gives you the credit.
One of the best catalog accounts comes from Fingerhut, we wrote a detailed review here.
Why You Might Want The Opensky Secured Visa Credit Card
NO CREDIT CHECK REQUIRED
Bad credit can make it hard to qualify for credit cards even secured credit cards, in some cases. It won’t stop you from qualifying for the OpenSky® Secured Visa® Credit Card, though, which doesn’t run a credit check when you apply.
To be sure, approval isnt guaranteed. To qualify, you’ll still need to meet certain requirements. For example, youll need to:
Provide a Social Security number or individual taxpayer identification number.
Be a U.S. citizen or permanent resident.
Have a monthly income greater than your monthly expenses.
Pay a security deposit, which will be refunded if the account is closed in good standing.
Overall, though, it’s relatively easy to get approved for this card. And if you’ve racked up rejections already, the lack of a credit check might make this card a compelling choice.
NO BANK ACCOUNT REQUIRED
Most cards require you to have a bank account, putting them out of reach for the unbanked. The OpenSky® Secured Visa® Credit Card doesn’t. You can pay the security deposit with a money order or a Western Union payment. Credit card bills can also be paid by money order. However, if you already use these services, you know that they cost money, which adds up over time.
ACTIVITY REPORTED TO all three CREDIT BUREAUS
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How Long Does It Take For Opensky Payments To Post+
The OpenSky cards site states that your payment is posted the same day as it is made, as long as its received by the daily cut-off time of 5:00 p.m. local time at the payment address listed on your account statement.
However, it can take up to five business days after receiving your payment for the issuer to restore your available credit for new purchases.
Opensky Secured Credit Card Review Summary
The OpenSky® Secured Visa® Credit Card is a good credit card for people with a bad credit score who want very high odds of getting approved. The OpenSky does not check applicants credit history, which makes it easier to get than most secured cards, and its annual fee is just $35. This card also reports account information to the major credit bureaus each month, which is the key to credit improvement, along with on-time bill payments.
As a result, the OpenSky is worth it for people who are concerned about getting rejected for another credit card and want to get started building or rebuilding their credit as soon as possible. People with a clean credit report may be able to get approved for a cheaper offer, though.
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Low Refundable Security Deposit
One of the hardest parts of opening a secured credit card is building up enough savings to make a security deposit. Some cards require $500 or more before you can open an account.
The OpenSky credit card has a minimum security deposit of just $200, though you can deposit more if you want to have a higher credit limit on your card.
The security deposit is fully refundable. As long as you make the minimum required payment each month, OpenSky will hold the deposit in a separate account for you. When youve built your credit to a sufficient level, and hopefully opened an unsecured account, you can pay your OpenSky card balance in full, close your card and get your security deposit back.
American Express Simplycash Preferred*
If youre looking for a straightforward cash-back card, look no further. The SimplyCash Preferred Card from American Express offers an easy-to-understand system of 2% cash back on everything you buygroceries, gas, pharmacy, travel, online splurges, and everything between.
At a below-average annual fee of $99, this American Express card offers an edge over Visa or Mastercard cards in the similar rank, as it has no specific income requirements. Theres no earn or redemption chart to figure out, as youre automatically redeemed 2% cash back annually .
Finally, theres a generous 10% cash back for your first three months of card membership , and its free to add additional authorized cardholders. If you shop at retailers that primarily accept American Express cards, this is a worthwhile choice.
- Annual fee: $99
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Opensky Secured Credit Visa Card Features & Benefits
- No Credit Check Required: Most credit card companies check your credit to see if you qualify for a credit card. If you have bad or no credit, its hard to get approved for a credit card. OpenSky® doesnt check your credit, so everyone qualifies.
- You Dont Need a Bank Account: Some credit card companies require proof of your bank account to qualify for a credit card, but OpenSky® doesnt require a bank account.
- Low Annual Fee: Most credit cards for consumers with bad or no credit have an annual fee much higher than OpenSky®s $35 fee.
- Build Credit Responsibly: A secured credit card helps you build credit responsibly. Essentially, youre using your own money. If you dont pay your bill, they keep your deposit. Its a good way to keep yourself accountable and build credit at the same time.
- Easily Deposit Funds: You can make your security deposit multiple ways, including electronic bank transfer, wire transfer, Western Union transfer, and money order via mail.
Bottom Line: Opensky Secured Credit Visa Card Review
If you need help building credit and to work your way up to an unsecured credit card, the OpenSky® Secured Credit Visa® is a great option.
While it costs $35 a year, you shouldnt need it for more than one year if you use it for what its worth building credit by using the credit card the right way.
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Does The Opensky Card Require A Hard Pull+
No, unlike many credit cards secured and unsecured alike the OpenSky card does not require a hard inquiry when you apply.
Indeed, you can get the card with no credit check at all. While a new account will appear on your credit report when you get the card, no credit inquiry is recorded in your credit report.
Opensky Credit Card Features
The OpenSky® Secured Visa® Credit Card is packed with several features that make it one of the best secured credit cards without a credit check.
The main features of this card include:
- No bank account needed to make monthly payments
- Protection against fraud with Visa Zero Liability policy
- Easy 4-step application process: no credit check or checking account required
- Monthly reports to all three major credit bureaus
- Online credit education and newsletter for cardholders
- Interest-free grace period for first billing cycle
OpenSky® Secured Visa® Credit Cards help you to establish a solid payment history with no credit check required.
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Why You Might Want Another Card
Most secured cards from major issuers don’t charge an annual fee. In contrast, the OpenSky® Secured Visa® Credit Card charges an annual fee of $35, making it a more costly option and much less appealing for those who are able to qualify for other cards. But it’s still a much better option than certain unsecured cards for people with bad credit that charge annual fees of $75 or $99.
NO path to UPGRADE
The OpenSky® Secured Visa® Credit Card doesnt have an option to upgrade your account to an unsecured credit card one without a security deposit. So once your credit improves enough to qualify for a better card, you’ll have to either close your account or keep it open .
The Discover it® Secured Credit Card, on the other hand, automatically starts reviewing your account after eight months to see whether you’re eligible for an upgrade. Youll need a bank account, however, and the issuer runs a credit check. The Discover it® Secured Credit Card has a $0 annual fee and even offers a cash-back rewards program.
LOWER DEPOSIT may be available
You Are Leaving Opensky
You are now leaving the OpenSky® website. OpenSky and its parent Capital Bank N.A. do not endorse or guarantee the information, products, or services made available in this website. Capital Bank is not liable for any failure of products or services noted in this website. Please carefully review the security policies and privacy policies of any website that you visit. Web site security of this website may be less than the security of the OpenSky website or any associated Capital Bank N.A. website.
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Bmo Preferred Rate Mastercard*
For those looking to minimize debt, this $20-a-year Preferred Rate Mastercard from Bank of Montreal is our pick for the best low-interest credit card. The annual fee is refunded in the first year, and a lower-than-average interest rate of 12.99% means you can minimize interest on balances and new purchases. Plus, get a 3.99% introductory interest rate on balance transfers for nine months .
Youre Our First Priorityevery Time
We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
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Opensky Secured Visa Card Basics
Below are some of the basic features of the OpenSky® Secured Visa® credit card:
- Card type: Secured
- *Security deposit: $200 minimum, $3,000 maximum
- Foreign transaction fee: 3% of each Transaction in U.S. dollars
- Reports payment information to all three credit bureaus.
- Cash advance fee: Either $6 or 5% of the amount of each cash advance, whichever is greater.
- Late payment fee: Up to $38.00
- Returned payment fee: Up to $25.00
*With secured cards you will need to provide a refundable security deposit, which determines what your initial credit limit will be. The credit card company holds that deposit in case you dont pay your bill.
In my personal opinion, paying a small fee to establish credit is 100% worth it just be sure to make your payments on-time.
Should You Apply For The Opensky Secured Visa
The OpenSky Secured Visa Card from Capital Bank is a very enticing offer for those who want to boost their credit score quickly but are wary of the negative impact a hard inquiry might have. The card doesnt require a hard pull, making it an excellent choice for those who have a considerable amount of money to deposit so they can raise their available credit limit almost instantly and with no adverse effects.
Secured cards from a local credit union might offer no annual fees, and the Discover It Secured might offer rewards, but these cards also require a credit check, which might add a barrier that those with the worst credit simply cannot clear. OpenSky fills this void, providing a reliable tool that offers significant value while avoiding the temptation to be extortionate.
Overall, there may be better secured credit card offers available elsewhere, but for those who need help with their credit and dont want the hassle of a credit check or those who are their wits ends the OpenSky credit card is a great option to consider.
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What To Watch Out For
- Annual fee. The card comes with a $35 annual fee, charged to your balance as soon as you receive the card. This reduces your available credit limit until the fee is paid.
- Foreign transaction fee. Every time you use your card when traveling abroad, youll pay an additional 3% of the transaction. That means $1,000 worth of purchases cost $30 in fees nearly the cost of your annual fee.
- Expedited shipping fee. If you want to get the card as fast as possible, be ready to pay a one-time $50 fee.
You Have A Bank Account
You need to provide your debit card details.
OpenSky® accepts either MasterCard® or Visa® and the application is designed to make it quick and easy no matter if you are on mobile or desktop..
When you submit your application, you are giving OpenSky® the authority to process the full security deposit, this will place an immediate hold on the funds selected as your credit line.
If your application is not approved, your money will be posted back to your account within five days.
They dont store your debit card information on file.
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What Could Be Improved
No graduation to an unsecured credit card: The biggest flaw of the OpenSky® Secured Visa® Credit Card is that there’s no way to move up to an unsecured version of the card once you increase your credit score. If you then want your security deposit refunded, your only option is to close the card. It’s always better when secured credit cards offer a path to an unsecured card that lets you get your money back and maintain your account history.
$200 security deposit minimum: If you don’t have much money saved, then this card’s $200 minimum security deposit could be a problem. There’s also the $35 annual fee, so you need at least $235 to open the account and pay the first bill. There are secured credit cards with lower upfront costs.
No rewards: You won’t earn any cash back or rewards points while using the OpenSky® Secured Visa® Credit Card. That’s usually the case with this type of credit card, but it’s still a drawback you should know about.
Who Should Get This Card
The OpenSky Secured Visa is designed for people who need to repair their credit or have no credit. This secured credit card doesnt require a credit check or even a checking account to be eligible.
Instead, you submit a refundable deposit between $200 to $3,000, which acts as your credit limit. Because you put down money upfront, a credit check isnt required and even low-credit applicants are eligible.
As you use the card, OpenSky reports your account activity to all three credit bureaus every month. If you make responsible choices with your new card, the credit bureaus will take note and your credit file can improve. However, the opposite is also true if you miss payments or pay late, your credit could be negatively impacted.
If you cant pass a credit check, this card could be a great stepping stone to get to that point. But if your credit is good enough to qualify for other cards, you might get better use from a traditional credit card.
Relatively Low Annual Fee
While its true there are secured cards out there with no annual fee, the OpenSky Secured Visa fee of $35 is still relatively low. Many similar cards will charge $50 or even $75 on top of higher APRs. If a low interest rate is on the top of your priority list, this card could be worth the investment.
Reports To All Three Bureaus
There are three major credit bureaus that track scores: Experian, Equifax, and TransUnion. When you apply for a loan, your lender requests your credit report from one or more of the bureaus.
Each month, your lenders report your credit card and loan activity to credit bureaus, but some lenders may not report to all three. This could result in each bureau having slightly different credit reports for you. If a lender checks two bureaus, it might see a different credit score on each report. If a lender only checks one, it might see a score that is lower than your true score because that bureau doesnt have all of the information about your credit activities.
The OpenSky card reports your activity to all three of the major credit bureaus, helping you build your credit score on all three credit reports.
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