The Open Sky credit card is offered by Capital Bank N.A. There are no credit checks to apply for this credit card. For many, this makes the OpenSky Secured Visa Card an incredible opportunity. Further, there are no significant drawbacks. There is a small annual fee, of course, but no unexpected fees or unreasonably high interest.
The OpenSky card is best for anyone with a low credit score or a significant blemish on their credit report such as back taxes, bankruptcy, accounts in collections, or too many high-interest open accounts.
The OpenSky credit card is a great credit-building tool because it doesn't require a credit check, explained at openskycc.com. All you need is at least $235 to cover your initial security deposit and first annual fee. The annual fee, by the way, is completely reasonable for the opportunity this card can provide. Beyond this, the OpenSky Visa offers competitive interest rates and a reasonable fee schedule with no high or unexpected penalties. This is a credit program that is as transparent as they go.
Interest for both purchases and cash advances made with the OpenSky Secured Visa Card begins accruing the moment you make these transactions. However, you will not be charged for any accrued interest up to your bill's due date if you pay your new balance off in full. If you do not, this interest will apply to your account in full and you will continue to accrue interest daily until your total balance is paid off.
The APR for purchases made with the OpenSky Secured Visa Card is 19.14% and will vary with the Prime Rate. The interest rate for cash advances is, at the time of this writing, also 19.14% and will also vary with the Prime Rate. Overall, this is an APR that is a bit lower than the average for this type of card, and average for credit cards of this nature.
Security Deposit or “Pledged Deposit”
Each Cardholder with OpenSky's secured credit card program needs to send in a “Pledged Deposit” or what is commonly called a security deposit. This is an amount equal to your initial credit line. The pledged deposit is fully refundable if you have no balance on your credit card and close your account or are upgraded to a card that does not require a pledged deposit. This is outlined in detail on page one of www.openskycc.com letters.
With the OpenSky Secured Visa Card, you are eligible to receive a credit line with a minimum of $200 and a maximum credit limit of about $3,000. A larger credit line may be negotiated in some cases.
Credit Line Increases and Decreases
Unlike other unsecured credit cards, the OpenSky Secured Visa Card requires a deposit of funds to increase your credit limit. You may request a credit line increase at any time and no fee applies. However, after accepting an increase, you must send additional funds so that your Pledged Deposit Account is equal to your available credit.
After your first year with the OpenSky Secured Visa Card, you may also request a credit line decrease. You may request a decrease down to the lowest credit line available at $200. Any Pledged Deposit over the requested decrease will be refunded as long as your balance is less than the $200 credit line you have been approved for.
- Annual Fee – The OpenSky Secured Credit Card comes with an annual fee of $35.
- Cash Advance Fee – The cash advance fee for the OpenSky Secured Visa Card is 5% of the total cash advance transaction, with a minimum fee of $6.
- Foreign Transaction Fee – The foreign transaction fee for the OpenSky Secured Visa Card is 3% of the total purchase once the purchase has been converted into USD.
- Late Payment Fee – There is a late payment fee of up to $27 for any late payments made to the OpenSky Secured Visa Card.
- Return Payment Fee - The OpenSky Secured Visa Card has a returned payment fee of up to $25. This does not apply is the payment you are making is for less than $25.
- Authorized User Fees – Not all cardmembers will be approved to add an authorized user. If you are, a small one-time fee will apply.
- Balance Transfer Fee – There is no balance transfer fee as balance transfers to the OpenSky Secured Visa Card are not approved.
There are no rewards programs associated with openskycc.com offers. However, this shouldn't be unexpected as secured cards, due to the nature of these programs, are focused solely on setting up a program for high-risk borrowers to improve their credit. Once your credit is improved, then you can focus on rewards cards.
Pros – Advantages of the OpenSky Secured Visa Credit Card
- No Credit Check – The OpenSky credit programs are all very uniques as they require no credit check, just identity verification.
- High Secured Credit Limit – With the OpenSky Secured Visa Card, you can send in a deposit of up to $3,000 if you are approved for a credit limit this high. That is much more than most secured cards allow.
- Low Credit Limit Minimum – The OpenSky program is also a standout because it allows you to adjust your credit limit annually without the need to close and reopen your account.
- Average Interest – For a credit card that accepts nearly any applicant, a reasonable credit limit, though you should never aim to carry a balance, is a nice gesture.
Cons – Disadvantages of the OpenSky Secured Visa Credit Card
- Secured – Secured cards never feel ideal, but they are sometimes necessary. And, in most cases, with proper credit management, you will get your deposit back in full.
- Long Payment Posting Times – Most credit building cards have longer payment posting times. As you should only be using your card for small, regular purchases and making schedules payments, it's completely possible to work around this disadvantage.
There is a welcome offer for 0% APR for up to 6 months with select openskycc.com mail offers. Any introductory program is unusual for a secured card and lack of one shouldn't keep you from signing up for a card that can help you quickly rebuild your credit profile or improve your quality of life. The openskycc.com invite is for a credit card program offered by Capital Bank that provides an opportunity to almost any applicant with no credit checks and minimal identity verification. If you need a credit card, have $235 to spend to get things set up, and are willing to do what it takes to rebuild your credit profile, the OpenSky program is a great option.