OpenSky Credit Card Review (From a Card Owner!)

I got rejected from my own bank when I tried to apply for a credit card. I had no credit, very low income- but I NEEDED to build credit. Like, seriously, America runs on credit!

I have big goals, I want to be able to buy a brand new mustang in just about 1-2 years, and the fact is, you need a good credit score to even have a chance at that.

But I needed a credit card that was real! I wanted one with low fees, works everywhere, and would build my credit.

Thankfully, OpenSky accepted me (someone with no credit history, low income) for their credit card and they are helping me build credit.

Let me tell you, everybody says that this company is great and they do legitimately help you build credit. They aren’t wrong at all. This company is the REAL DEAL. They’ve already helped me build a really solid credit score at just 18, and I LOVE my OpenSky credit card.

So here’s my OpenSky Credit Card review, from someone who owns the card and uses it every day.

If you’re serious about opening this card, read this entire post, as I will cover everything you need to know.

Yes, this card is as great as it sounds.

I’m sure you’ve read up a little bit about this card already. As a card owner, all of the following is true:

  • There is no credit check. So basically no matter your credit score, you can get approved. I personally had 0 credit (just turned 18), but no matter what, they don’t even do a soft/hard inquiry on your credit.
  • OpenSky does report to all three 3 credit bureaus! Credit Karma shows that OpenSky has reported everything consistently.
  • You set your own credit limit.
  • It is a secured credit line, but they do not report that it is secured.
  • It does come with a chip! (I know this is more recent, they just changed it)
  • OpenSky is a VISA card, so it does get accepted.
  • OpenSky IS a REAL credit card. It’s not like some fake thing or whatever, it works just as any other credit card.
  • No weird fees. There is a $35 annual fee, but no other weird things.
  • Actually low rates for a secured credit card. I was personally expecting a 25% APR, nope, it’s around 17%- which is pretty low.

I’m telling you, all of that is real. I honestly thought those websites were just making that stuff up to try and sell the card. But no, it’s all real!

Who Is This Credit Card For?

I think the OpenSky credit card is good for people that are:

  • looking to build credit
  • Have no credit history/bad credit history
  • Are looking to get a bigger loan in the future (ie: home loan)
  • Don’t need a high credit limit
  • Are just interested in having a safe, reliable way to build credit. (again)

This credit card is NOT for:

  • People looking for cash rewards/big rewards from a credit card.
  • People looking for a high credit limit/unsecured card.
  • Not for people looking to make big purchases/pay stuff over 12 months.
  • Not for people that are looking for a great ‘travel’ card.

Simply put, this card is what it’s all about. Building credit.

You’re not going to get expensive trips to the Bahamas from this card. You’re not going to get cash back either. And even then, the credit limit is fairly low and it’s a secured card.

This isn’t for the person looking to blow thousands of dollars at a party or something, this is for the people that are trying to get a good credit score and build it.

As I said, this credit card is good for a reliable, safe way to build credit.

There’s nothing special or fancy about this card, and this card isn’t going to be much use if you’re trying to make big extended purchases.

This is a barebones, build your credit up, move onto the next card kinda thing.

But regardless, that doesn’t make it a bad card. It’s a very solid credit card.

It’s just for people like students, people with bad credit history, or people trying to grow credit. It’s not like a credit card you want if you’re just looking for a way to make payments later in the month.

There is NO Credit Check, But They Do Report To The Credit Bureaus

So when I first applied to my bank to get a credit card, they did a hard inquiry on my credit.

Now, I will never understand why- but hard inquiries make your credit take a hit. To me, that doesn’t make sense at all why it should even affect your credit, but it is what it is I guess…

Regardless, as you’ve read in every Opensky Credit Card Review, there is no credit check.

And I mean that. There isn’t any hard inquiry on my record from them. And on their website, they tell you that they don’t check your credit either.

OpenSky Does Report To The Credit Bureaus

OpenSky does actually report to the credit bureaus.

I know many people are actually really unsure if OpenSky reports, especially considering they don’t do a credit check when you open the account.

But, turns out- they do! Here’s my proof. For reference, Capital Bank is the bank that owns the OpenSky Credit Card. So Capital Bank = Open Sky– if that makes sense?

OpenSky Credit Card Review, yes, opensky does report to the credit bureaus.
OpenSky Credit Card Review, yes, opensky does report to the credit bureaus.

So, Capital Bank did report, awesome!

When Does OpenSky Report To Credit Bureaus?

OpenSky reports to the credit bureaus monthly on, in most people’s experience (including my own) on the last day of the month. This means you’ll usually see it on your credit report by the first of the next month. But this can vary person-to-person and month-to-month, but it’s generally around the beginning of the month.

Is OpenSky a Secured Credit Card?

Yes, OpenSky is a secured credit card.

A secured credit card means that you’ll just have to put some cash down in almost like a ‘safety deposit’ if you’ve ever rented.

The idea is, if you don’t pay off the card, they just use the money you gave them to pay off the card- that way they don’t lose money.

Secured credit cards are very good for people with low credit because you are way more likely to be approved for a secure card with bad credit/no credit than a non-secured credit card.

However, you’ll be the only person that knows it’s a secured credit card. On the credit card, it does not say secured or anything anywhere on the card. It just says ‘OpenSky’ and that’s it.

Furthermore, it’s not reported as secured to any credit bureaus. Although, I don’t think there is really an option for that to be honest.

Regardless though, secured credit cards build your credit just like normal credit cards. There’s no difference other than the ‘safety deposit’ you’ll have.

Is OpenSky deposit refundable?

Typically with most secured cards, you get the deposit back after you close the card.

So let’s say you open the OpenSky Credit Card, have a $200 deposit on there, use the card for 2-3 years, and you’re ready to move on to a different card company, what do you do?

Simple. You pay off the card in full, then contact their customer service or write them a letter in the mail saying you wish to cancel. The number is: 1-800-859-6412, and then they will return the deposit via mail to you.

So yes, you do get it back, that’s assuming you pay off the card. If you max out the credit card, don’t pay it off, then you will not be getting the deposit back. So pay it off!

What’s The Credit Limit on an OpenSky Card?

So credit cards generally have a credit limit, but when you have low/bad credit, you can have a very hard time getting a good credit limit for the card.

Thankfully, OpenSky lets you pick whatever credit limit you want (up to something like $3,000?) as long as you match the security deposit with it.

So say you want a credit limit of $500- that’s fine, you just need to give them $500.

Remember, you get this security deposit back when you close the card! So you’re not paying them money for it, it’s just how a secured card works. They hold onto the money until the card is closed in case you don’t pay off the card.

Does OpenSky give credit increases?

Some credit cards will give free credit increases after a set amount of time.

But OpenSky does not. To get a credit increase, you must contact them and add that amount to the safety deposit. There is a fee if you change the credit around one year after opening the account, so keep that in mind!

Okay but is it a “real” Credit Card?

I was really worried that this wouldn’t be like a “real” credit card.

And by that I mean like a credit card that actually functions like a credit card, reports to the bureaus, and actually gets accepted at places.

My biggest fear was not being able to use my OpenSky credit card at places.

But turns out, OpenSky is a VISA card. So anywhere VISA is accepted (like about literally everywhere) you can use the OpenSky card! Sweet!

But yeah, OpenSky does report to the credit bureaus, and it does function like a credit card.

You have the option of making the minimum payment if you need to borrow the money because you can’t pay it, you also have real statements, and it is real money you’re borrowing.

So for all intents and purposes, it is a real credit card.

Do I Need Income To Apply For OpenSky?

Actually, no. You do not need income to apply for OpenSky Credit Card. I didn’t have to prove anything to them of my income.

You just need to have money for the security deposit, so you’ll need “money”, but you don’t need to prove you have a job or anything.

This is great for people like me. I’ve been unemployed since COVID-19 started, and just have been writing posts for this website. I basically have no income, but I still wanted to build credit, so OpenSky worked great!

Do I need a bank account to apply for opensky?

No, you do NOT need a bank account to apply for opensky.

You will need a bank account to make payments on the card. However, you can set up the security deposit for the account using Western Union, money order, or any debit card. So you can still open the card and build credit, you just won’t be able to use the card. (But, you’re still building credit this way!)

Remember, you don’t NEED to use the credit card to build credit. Although, that’s probably a good idea that you do use the card regularly and make payments. But, if you just let the card sit there, you still build credit.

What Are The Fees on An OpenSky Credit Card?

Okay Tommy, the fees have to be the catch here. This credit card sounds too good to be true.

Actually, no. It’s just a $35 annual fee and that’s it. If you pay off the credit card regularly, there are no other hidden fees or anything.

And even if you don’t pay it off, it’s only a 17% APR or so. (review your cardholder agreement) OpenSky said that they basically just take the market rate for the APR and set it to that.

This is different than other secured cards. Many other secured cards charge APRs of nearly 25%!! WHAT? OpenSky is actually really fair with their card, and I respect them heavily for it.


How Long Does It Take to Get OpenSky credit card?/OpenSky Credit Card Delivery Time?

Probably one of the biggest downsides of this OpenSky credit card review is that it seems to be about 2 weeks before you see your credit card.

I personally applied on November 9th, got approved on November 13th, then received the card on November 21st.

But most people say it takes about 2 weeks to get the card, and there aren’t really tracking options.

I know most credit card/debit card places will get the credit card to you within 3-5 days, but OpenSky seems to take longer.

Given, OpenSky is a company that isn’t making much profit. Their business model is around literally encouraging you to build credit and make timely payments on your card. So they aren’t a million-dollar company.

But, it is something to keep in mind when you get the card.

OpenSky Credit Card Declined

If you got declined from the OpenSky credit card, there was probably something wrong when you submitted your documentation. You have to submit documents such as your address or ID, and you might’ve messed up something there.

If you got declined, call their number and try to figure out what’s going on- as it probably isn’t an issue based on your credit, but rather documentation.

Honestly, Get The Card

There really isn’t any downsides to this card.

It’s pretty simple. You want to build credit? Get this card. It isn’t going to give you $500 in cashback rewards every month or anything crazy. But it’s going to have low fees and gives you a great chance to build your credit or repair it no matter who you are.

Have 7 bankruptcies on record? I’m sorry to hear that, but OpenSky does not care lol. You can still get a card with them and start rebuilding your credit, which is why I love this company.

So don’t screw it up. They’re giving you a great chance to build credit and show other credit companies that you are responsible with credit. They literally are giving you an easy path to get a home loan, a better unsecured credit card, or an auto loan with no resistance.

There’s no credit check, no income check, nothing. Just be responsible with the card, and they’ll reward you for it. They literally are just giving everybody a chance to get a good credit, and I love them for it.

I don’t regret this card at all, it’s fantastic!

1 thought on “OpenSky Credit Card Review (From a Card Owner!)”

Leave a Reply