opensky® Secured Visa® Credit Card review: An easily accessible way to rebuild your credit

The opensky® Secured Visa® Credit Card is a decent option if you’re building (or rebuilding) your credit. It has traditional credit-building features plus you might have the option to upgrade to an unsecured card after six months if you use your card responsibly.

Unsecured card upgrade: Eligibility for unsecured card within six months

One of the most appealing features of the opensky Visa Secured card is the potential to upgrade to the opensky® Gold Visa® Unsecured Credit Card after six months if you maintain a positive credit history while using the card. 

It’s important to note that you need to be invited to receive this unsecured card, which is exclusively available to opensky® Secured Visa® Credit Card and opensky Plus® Secured Visa® cardholders. However, the card’s website doesn’t provide clear information on the opensky Gold Visa's rates and fees, perks or benefits.

Credit limit: High possible limit

Your credit limit is determined by how much you deposit into the account with a maximum deposit of $3,000. The potential for a high credit limit with the opensky® Secured Visa® Credit Card is a great perk, which offers a maximum credit limit higher than many of the best secured credit cards.

If you deposit less than $3,000 to start, you can increase your limit at any time by adding more money to your opensky security deposit. With a $3,000 credit limit, you can more easily set how much you can spend each month to help maintain a low credit utilization ratio. 

Credit-building: Solid features

When you open an opensky account, the issuer won’t check your credit — which means those with no credit or low credit should not have an issue opening an opensky card. Instead, you’ll pay a refundable security deposit between $200 and $3,000 that you get back when you close the account and have paid your balance in full. Your deposit reduces the lender’s risk, which is why it doesn’t need to check your credit and ding your credit score with a hard pull.

opensky also reports all of your payments to the avoid any late payments since this can significantly lower your credit score.

Though the opensky Visa can help you improve your credit score, its drawbacks are tough to ignore, such as a lack of perks and hefty fees.

Signup bonus: No welcome offer

The opensky Secured Card doesn’t offer a welcome bonus. Like many secured cards, it focuses on helping you build your credit rather than delivering additional benefits. The good thing is, once you get your credit built up, you can switch to a credit card that offers a traditional signup bonus. 

However, some secured Discover it® Secured Credit Card offers cash back rewards on purchases and has a one-of-a-kind welcome bonus that will match your spending dollar-for-dollar at the end of your first year.

Cardholder perks: No notable benefits

The opensky Secured Card has several benefits for building credit and offers traditional Visa perks, but doesn’t offer anything to make it stand out. You’ll receive standard Visa benefits, including $0 fraud liability, 24/7 pay-per-use roadside dispatch and 24-hour assistance if your card is lost or stolen. In case you’re worried about identity theft, the ID Navigator tools monitor your personal information and alert you about any suspicious activity online.

Although these features are beneficial to the average credit-builder, they focus mainly on managing your account. Other secured cards, even unsecured cards for limited credit, may offer richer perks than opensky’s standard features.

Rates and fees: A pesky annual fee

The $35 annual fee for the opensky Secured Card is higher than most secured cards. For example, the Discover it® Secured Credit Card has no annual fee and doesn't charge many extra costs. Meanwhile, the opensky Secured Visa has an annual fee and a 3 percent foreign transaction fee. 

However, the purchase APR is much lower than most other secured cards at 24.39% (variable) APR, which is only a bit above the current average interest rate. Even better, it’s not a range of APRs, so you’ll know exactly what APR you’ll get when you apply for the card.

The card also features fees that are typical costs for most cards, and they may not affect you if you use your card responsibly.

Bankrate editor Steve Dashiell recommends the opensky Secured Card because it has everything you need to help improve your credit score.