OpenSky Reviews

OpenSky, owned by Capital Bank N.A., is a secured Visa credit card that lets cardholders rebuild their credit history and increase their credit score by making regular, on-time payments.

As a cardholder, you’re required to put down a deposit, which is used to establish your credit limit. You can then use the card up to this limit with no risk of overdrawing your account or getting into more debt.

OpenSky offers three main card options. Each card comes with a variable annual percentage rate (APR), but if you pay off your balance in full each month, you won’t accrue any interest:

• Launch Visa: The newest OpenSky product is made for customers on a budget seeking to build their credit.
• Visa: The basic credit rebuilding card that allows customers to qualify for a higher spending limit.
• Plus Visa: Like the basic Visa card, the Plus Visa allows customers to access up to $3,000 in credit and features no annual fee.

Here’s more information about each of OpenSky’s secured credit card options:

Some customers may become eligible for an unsecured Visa Gold card after they’ve demonstrated a history of on-time payments and a responsible credit history with their secured card. There is no application process for this card, and eligible customers will be notified if they qualify.

You can easily apply for an OpenSky secured card online by providing basic personal and financial information. Some customers may be asked to upload an image of their driver's license to verify their identity.

There is no credit check when applying, and most applicants receive approval immediately. The company claims that over 88% of applicants are approved for a card.

If there is a delay with approval, you can always check the status of your application on the website by selecting “Check App Status.”

After you’ve been approved, you’ll be asked to transfer your refundable security deposit by linking your OpenSky account to an existing debit card, wiring funds or sending a check or money order.

Once your deposit is received, you’ll be sent a physical card as well as one you can add to your digital wallet. You can use your card as you would any other credit card. However, you’ll only be able to charge up to your security deposit amount. As you make payments toward your balance, more funds will be freed up to use. If you reach your limit, you’ll no longer be able to use the card.

OpenSky reports your payment history to the three main credit bureaus — Equifax, Experian and TransUnion — each month. If you fail to make payments, this will be reported as an overdue account to the credit bureaus.

There are a few fees that customers should be aware of before signing up.

• Annual fees:
  • Launch Visa: $2 a month ($24 annually) for the first 12 months, then $3 a month ($36 annually) thereafter
  • Visa: $35 a year
  • Plus Visa: No annual fee
• Late fees: Up to $41
• Returned payment fees: Up to $40
• Foreign transaction fee: 3% if you use your card abroad
• Cash advance: OpenSky cards may be used for cash advances, and fees depend on your card and are based on the withdrawal amount:
  • Launch Visa: $10 or 3%, whichever is greater
  • Visa and Plus Visa: $6 or 5%, whichever is greater

OpenSky Rewards

Your card is automatically enrolled in the OpenSky Rewards program, but you can opt out at any time. OpenSky partners with retailers who post exclusive offers to cardholders. If you make a purchase with your enrolled card, you’ll earn up to 10% cashback that’s added to your card balance within 120 days.