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What Bank Is Open Sky Credit Card

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Catalog / Merchandise Account Through Fingerhut

Open Sky Secured Credit Card Review

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.

Is The Card For You

When it comes to secured credit cards, the OpenSky® Secured Visa® Credit Card may not have lowest fees or the best benefits, but it is one of the best options for someone with severely damaged credit, a recent bankruptcy or who owes back taxes. Because they dont pull your credit report, anyone with a valid Social Security number is able to apply and be approved for an account.

If your credit score is low or if you dont have a credit score, the OpenSky® Secured Visa® Credit Card could be the jumping off point you need to get your finances on track.

No Credit Check Required

If a middling credit score has left you struggling to get approved for a credit card or youre wary of the credit checks that come with each new card application, then perhaps the most appealing feature of the OpenSky Secured card is its exceptionally simple approvals process. Not only is the card available to people with poor credit or no credit score, but you also wont have to face any sort of credit check when you apply not even a soft pull of your credit report. Indeed, you dont even need a bank account of your own to be approved for the card, as you can make your initial deposit via money order or have someone else send in a check on your behalf. This makes the OpenSky Visa uniquely accessible for people with limited credit and other financial tools and history.

See related: Best soft pull credit cards

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Capital Bank Na Expands Opensky Card Offering To Consumers

ROCKVILLE, Md., Nov. 30, 2021 — OpenSky®, the digital banking division of Capital Bank, N.A., is pleased to announce the expansion of its product offering with the addition of the OpenSky Visa® Gold Card. The OpenSky Gold Card is an unsecured credit card that complements the highly rated OpenSky® Secured Visa® Credit Card, tagged by Forbes ADVISOR as a good option to help rebuild your credit. This new addition offers an uninterrupted experience for OpenSky customers who can now more easily continue in their journey from secured to partially secured to unsecured credit card.

Capital Bank has a longstanding tradition of making investments in value-added products and services to better serve their customers, intelligently combining technology and data analytics. Leveraging proprietary data for credit modeling, the new OpenSky® Visa® Gold Card is transformative for OpenSky cardholders. It will initially serve exclusively as a graduation product for customers who perform well with their secured credit card. Says Karl Dicker, Chief Operating Officer and President of OpenSky, Were excited to invest in this expansion as it provides customers with additional access to credit in their journey toward meeting their financial goals.

FINANCIAL CONTACT: Alan Jackson 283-0402MEDIA CONTACT: Ed Barry 283-1912

A Credit Limit You Can Set

Best Credit Cards for Those With Bad Credit for 2019

Like with most secured cards, you have to set up a refundable cash deposit. For the OpenSky Visa, whatever amount you decide to put in becomes your credit limit. This helps the bank with liability, since youd be on the hook for missed payments. The OpenSky Visa has a reasonably high credit limit of $3,000, which would help make a difference toward improving your credit score.

Related reading: 6 things to do to improve your credit in 2020

You can choose a limit anywhere from $200 to $3,000. If you decide to close an account, you would get the full deposit amount within 10 weeks time. However, if building credit is what youre after, consider keeping the account open, as it can help build credit over time.

Options for your cash deposit include:

  • Debit card

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You Can Choose Your Own Credit Limit

Like many secured credit cards, you can raise your credit limit if you want the ability to spend more with your card.

More importantly, a higher credit limit can help boost your credit score if you keep your balance low. This type of behavior shows that you can be responsible with access to large amounts of credit .

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.

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Opensky Secured Visa Credit Card

No Credit History

Balance Transfers Intro APR

Highlights

  • No credit check to apply and find out instantly if you are approved.
  • OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years
  • Get considered for a credit line increase after 6 months, with no additional deposit required
  • You could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months
  • Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card
  • Nearly half of OpenSky cardholders who make on-time payments improve their FICO score 30+ points in the first 3 months
  • Your refundable* deposit, as low as $200, becomes your OpenSky Visa credit limit
  • Easy application, apply in less than 5 minutes right from your mobile device
  • Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule
  • * View the cardholder agreement

Editor’s Rating:

3.0 out of 5

Our take: With a relatively low APR and annual fee, the OpenSky Secured Visa credit card is a great card for those with bad to fair credit. You wont earn any rewards, but youll keep additional charges to a minimum, and you can qualify for the card without a credit check.

As seen on:

Opensky Secured Visa Credit Card Review

2020 Open Sky Secured Card Review/Capital Bank Secured Card Review//Delta Credit Tip

Our editors independently research and recommend the best products and services. You can learn more about our independent review process and partners in our advertiser disclosure. We may receive commissions on purchases made from our chosen links.

The OpenSky Secured Visa Credit Card allows people building or rebuilding their credit to apply for a secured credit card without a credit check. The card has a $35 annual fee and reports to all three major credit bureaus. It allows you to set up to a $3,000 credit limit by making an equal-sized security deposit, subject to approval.

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You Dont Have A Bank Account

If you dont have a bank account, in Step 4 on the application you will need to select the Ill need to pay my security deposit at a later date option.

Once you have been approved, you will receive an email with instructions on how and where to send in your deposit via money order or Western Union.

When youre ready to close your account, your security deposit will be refunded to you by check.

Keep in mind that as long as you dont have an outstanding account balance the funds will come back to you, otherwise they will keep whatever you owe and return the difference.

Is The Annual Fee Worth It

The $35 annual fee of the OpenSky® Secured Visa® Credit Card is fair, but it’s only worth paying until you improve your credit.

Ultimately, it justifies the annual fee because it’s so easy to get. If other credit card companies have denied you, then $35 per year is a reasonable price to pay to work toward a higher credit score.

Once you can qualify for better , you should get a new one. Since the OpenSky® Secured Visa® Credit Card has no benefits of monetary value, there’s no point in paying $35 to keep it long term.

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Lower Deposit May Be Available

The minimum deposit on the OpenSky® Secured Visa® Credit Card is $200, which gets you a credit line of $200. With the Capital One Platinum Secured Credit Card, you could qualify for a $200 credit line with a deposit of just $49, $99 or $200. Cardholders can also pay their deposit in installments over time to fully fund the card. Make your payments on time, and you may gain access to a higher credit line in as little as six months with no additional deposit needed.

Opensky Secured Visa Credit Card Overview

The 7 Best Credit Cards of 2019 If You Have No Credit

If you have bad credit, getting your hands on a credit card seems impossible. This is especially troublesome when your regular income doesnt 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 dont have to go through the ordeal of getting rejected with OpenSky because it doesnt 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 isnt. 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 cant 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, youll probably be good to go. However, its 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.

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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 theyre 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.

How Does The Opensky Secured Visa Compare To Other Credit

Though the OpenSky Secured Visa is a decent low-cost credit-building option, its certainly not the cheapest or most rewarding. Even if you value features like a high maximum credit limit, these alternatives can fit the bill:

None

Rewards rate

  • 2% cash back at gas stations and restaurants
  • 1% cash back on all other purchases
Rewards rate

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Should You Use The Opensky Card

Having a card like this in your credit fix arsenal is virtually mandatory if you want to ensure youre doing the best job possible at the fastest possible rate. It can be a fantastic choice for a credit repair credit card as its fees are tolerable, its acceptance rates are sky high, and its flexibility makes it ideal for most consumers. Its a card built around your unique needs, meaning that you can set your own credit limit and use it the way you want. The only important thing to remember is to use the card if you want to avoid the inactivity fee. If youre over the legal age, have the necessary documentation, and need a card to help you rebuild your credit, the OpenSky Secured credit card is the right option for you.

There Are Many Ways The Opensky Secured Visa Credit Card Helps Build Credit

OpenSky Secured Credit Card Review [Credit Card With No Bank Account]

Many credit cards offer things like cash bonuses and travel rewards to entice new customers.

However, since secured credit cards are designed to build credit first and foremost, most don’t come with these types of incentives. The same is true with the OpenSky Secured Visa Credit Card.

However, for a card that is meant to help you improve your credit, this one does what it’s meant to do. Here are a few ways the OpenSky Secured Visa Credit Card can help you build credit:

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It Doesn’t Pull Your Credit History

A pull on your can have an effect on your score, which is why it’s advised not to apply for too many credit accounts at one time. However, you don’t have to worry about that at all with this card.

When you apply for the OpenSky Secured Visa Credit Card, there is no pull on your credit. That means you won’t take a hit and a low credit score won’t hurt your chances of being approved.

Opensky Secured Credit Card Vs The Competition

To help clarify the OpenSky® Secured Visa® Credit Cards place in the secured-card hierarchy, we compared it to three popular alternatives in terms of six factors that collectively speak to an offers overall value. You can find the results in the following table.

Info

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You Can Completely Avoid An Annual Fee With Other Secured Cards

Though the OpenSky Secured Visa cards annual fee is reasonable and beats out the cost of many credit-building cards both secured and unsecured its still a cost you can easily avoid. Plenty of secured cards charge no annual fee, including many of the best high limit cards out there, such as the Discover it Secured, U.S. Bank Secured Visa Card*, Citi® Secured Mastercard®, Capital One Platinum Secured Credit Card and more. Plus, if you dont have any activity on your OpenSky Secured Visa account for a year, youll be charged $10 per month as an inactive account fee. To avoid this charge, youll need to continue to make payments using this card even small ones until you are ready to close the account.

This Card Is Best For

Open Sky Credit Card Payment Online, Login
  • Motivated to create positive credit historyCredit Builder

The OpenSky Secured Visa Credit Card may be a good option for people looking to start building or rebuilding their credit. In particular, it provides an opportunity for those who cant access credit due to negative information on their credit report. This card doesnt check your credit as part of the application process.

The ability to select your credit limit based on the amount of your refundable deposit, subject to approval, can help you keep your credit utilization under control. That, along with making on-time payments, may help you establish a good credit score.

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Relatively Low Annual Fee

While there are a number of secured cards out there that charge no annual fee, the OpenSky Secured Visa cards annual fee of $35 is still relatively low. Plenty of secured cards especially those targeted to people with poor credit will charge $50 or even $75 per year. Thats not to mention unsecured credit-building cards, which often charge as much as $90 in annual fees, with some charging even more in the second year. If youre looking to keep costs low but are willing to trade a modest annual fee for a chance at a higher credit limit, a lower-than-average APR and the ability to completely avoid a credit check, the OpenSky Secured card may be a good option.

Requesting A Credit Limit Increase

You can request a credit limit increase at any time by contacting their Customer Service Department.

If you get approved, youll receive instructions on how to send the additional security deposit needed to fund the increase to your credit limit.

You may be charged a fee to get the increased credit limit and all credit lines are subject to underwriting approval.

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