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OpenSky® Secured Visa® Credit Card from Capital Bank is a secured credit card that is designed to help people build or rebuild their credit. One of its standout features is that it does not require a bank account or a credit check when you apply—you only need to put up a refundable security deposit ranging from $200 to $3,000 to qualify. The card is best for those with poor or limited credit history. However, unlike some secured cards from major issuers, this card does come with an annual fee, which is worth considering before you apply.
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OpenSky® Secured Visa® Credit Card
BEST FOR:
Business owners with a credit score below 580
- New Feature! Earn up to 10% cash back* on everyday purchases at over 40,000 participating merchants.
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- No bank account required—OpenSky® won’t require you to have an existing or new traditional bank account with Capital Bank.
- Reports your payment and usage behavior to all three major credit bureaus (Equifax®, Experian®, and TransUnion®), helping you build or rebuild credit.
Pros
- No credit check to apply
- No bank account needed
- Report to all 3 major credit bureaus
- Low APR
Cons
- Requires a security deposit
- No 0% introductory APR
- Annual fee applies
- Flexible deposit funding: Use a debit card, wire transfer, check, or money order to fund your security deposit, starting from $200 up to $3,000.
- Pay security deposit in installments: Pay your OpenSky® Secured Visa® deposit in installments, but complete it within 60 days to avoid reapplying (terms apply).
- Free online access to FICO® score: You can monitor your credit health by accessing your FICO® score online for free.
- New Feature! Earn up to 10% cash back* on everyday purchases at over 40,000 participating merchants.
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- No bank account required—OpenSky® won’t require you to have an existing or new traditional bank account with Capital Bank.
- Reports your payment and usage behavior to all three major credit bureaus (Equifax®, Experian®, and TransUnion®), helping you build or rebuild credit.
Pros
- No credit check to apply
- No bank account needed
- Report to all 3 major credit bureaus
- Low APR
Cons
- Requires a security deposit
- No 0% introductory APR
- Annual fee applies
- Flexible deposit funding: Use a debit card, wire transfer, check, or money order to fund your security deposit, starting from $200 up to $3,000.
- Pay security deposit in installments: Pay your OpenSky® Secured Visa® deposit in installments, but complete it within 60 days to avoid reapplying (terms apply).
- Free online access to FICO® score: You can monitor your credit health by accessing your FICO® score online for free.
When evaluating business secured credit cards like the OpenSky® Secured Visa® Credit Card, we focus on key factors such as the annual fee and Annual Percentage Rate (APR). We also consider the rewards (both ongoing and introductory), security deposit requirements, introductory APR offers, fees, and any additional features the card provides.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Annual Fee | 22 | 25 |
Ongoing APR | 17 | 25 |
Introductory APR | 0 | 5 |
Introductory Rewards | 0 | 10 |
Ongoing Rewards | 5 | 10 |
Security Deposit | 10 | 10 |
Other Fees | 8 | 10 |
Additional Features | 2 | 5 |
Total Score | 64 | 100 |
Who the OpenSky® Secured Visa® Credit Card Is Best For
- Those with poor or no credit history: OpenSky® Secured Visa® Credit Card is an ideal choice for those who need a fresh start or are just beginning their credit journey. This is because OpenSky® reports payment and usage to all three major credit bureaus, helping you build or improve your credit.
- Those who cannot qualify for unsecured business credit cards: OpenSky® will not check your credit score when applying. However, a minimum security deposit of $200 is required. The card is one of our leading secured business credit cards and best business credit cards with no personal credit check.
OpenSky® Secured Visa® Credit Card Rewards
The OpenSky® Secured Visa® Credit Card now has a new feature that offers a variable cash back rewards program with up to 10%* at participating merchants. You can view the reward details only after logging into your OpenSky MyAccount portal.
Cash back rewards are earned when eligible cardholders make qualifying purchases. To earn rewards, follow the terms of the specific offer. Some offers may require activation on the program platform before making a purchase.
OpenSky® Secured Visa® Credit Card Features
Account Management and Security
- Online and mobile access: Full account management available through an online portal and mobile app.
- Flexible deposit funding: Fund your security deposit using a debit card, wire transfer, check, or money order.
- Flexible pay: You can change your due date once per year by contacting the customer service department via the phone number found on your billing statement.
- Credit line increase: With good payment habits, you can qualify for a credit line increase every six months.
- Refundable security deposit: A required deposit ranging from $200 to $3,000, which acts as collateral and determines your credit limit.
- Card loss, theft, or damage protection: Call 1-800-859-6412 to report it. Relay calls are welcome, just dial 711(Nationwide) to engage Telecommunication Relay Service. Your card will be blocked, and a replacement with a new number will be issued.
- Zero liability protection: Protect yourself from unauthorized card or account use by reporting suspected fraud. Call Capital Bank’s customer service at (800) 859-6412.
Credit Building
- Monthly credit reporting: Reports your payment and usage behavior to all three major credit bureaus (Equifax®, Experian®, and TransUnion®), helping you build or rebuild credit.
- Accessible without a bank account: You can apply and fund the security deposit without needing a traditional bank account.
- Upgrade to an unsecured card: After six months of responsible use, you can qualify for an OpenSky® Gold Card, an unsecured credit card.
OpenSky® Secured Visa® Credit Card Fees
APR
- Introductory: None
- Purchase: 25.64% variable—adjusts with the prime rate
- Cash advance: 25.64% variable—adjusts with the prime rate
- Balance transfer: None
Fees
- Annual: $35
- Foreign transaction: 3% of the transaction in United States dollars (USD)
- Cash advance: $6 or 5% of the amount of each cash advance, whichever is higher
- Late and returned payment: Up to $40
- Expedited card delivery: $50
- Card replacement: $10. There is a one-time complimentary replacement in a rolling 12-month period.
Your due date is at least 25 days after each billing cycle. No interest on new purchases if the previous balance is paid in full, but interest on cash advances starts from the transaction date.
- AutoPay: Log in to your OpenSky online account and head to the “Payment Services” tab. This will let you set up one-time payments. Alternatively, you can set this up on the OpenSky Mobile App, which is available on iOS and Android devices.
- Phone: Call (800) 859-6412 to make a payment through their automated system. Note that $10 will be charged if you opt to make a payment through a customer service agent.
- Mail: Send a check that includes your name and account number, along with the remittance slip found in your monthly billing statement, to the following address:
OpenSky® Secured Visa® Credit Card Alternatives
Valley Visa® Secured Business Credit Card
Valley Visa® Secured Business Credit Card
BEST FOR:
Those who need a secured business credit card with fixed-rate cash back rewards
- 1% unlimited cash back on all purchases
- 110% percent of your approved credit limit
- $1,000 to $25,000, based on customer request
Pros
- Applicants with poor or limited credit history can still qualify
- Offers 0% APR on both purchases and balance transfers for six billing cycles
- $0 annual fee
- Offers 1% unlimited cash back on all purchases
- Report to major credit bureaus
Cons
- Credit limits are capped to $25,000
- Requires refundable security deposit of 110% credit limit
- Up to 25 free employee cards only
- Charges foreign transaction fee
- Online account access: Manage your account conveniently through online access.
- Fraud protection alerts: Immediate alerts for suspected fraudulent transactions.
- Visa purchase alerts: Receive near real-time notifications via email or text message for transactions made with your enrolled Visa card.
- Report to major credit bureaus: The card reports account information and transactions to major credit bureaus each month, helping users build credit with responsible use.
- 1% unlimited cash back on all purchases
- 110% percent of your approved credit limit
- $1,000 to $25,000, based on customer request
Pros
- Applicants with poor or limited credit history can still qualify
- Offers 0% APR on both purchases and balance transfers for six billing cycles
- $0 annual fee
- Offers 1% unlimited cash back on all purchases
- Report to major credit bureaus
Cons
- Credit limits are capped to $25,000
- Requires refundable security deposit of 110% credit limit
- Up to 25 free employee cards only
- Charges foreign transaction fee
- Online account access: Manage your account conveniently through online access.
- Fraud protection alerts: Immediate alerts for suspected fraudulent transactions.
- Visa purchase alerts: Receive near real-time notifications via email or text message for transactions made with your enrolled Visa card.
- Report to major credit bureaus: The card reports account information and transactions to major credit bureaus each month, helping users build credit with responsible use.
This card is a great choice for individuals with limited credit history or those looking to rebuild their credit. It offers a 0% introductory APR on purchases for the first 6 months and has a $0 annual fee, making it an affordable option. With online account access and fraud protection, you can easily manage your account with added security. To get started, you’ll need to provide a security deposit of 110% of your desired credit limit, up to $25,000, giving you the flexibility to set a limit that works for you while building a positive credit profile.
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- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Capital One Quicksilver Student Cash Rewards Credit Card
Pros
- Unlimited rewards
- $0 annual fee
- Security deposit as low as $200
Cons
- No welcome offer
- High ongoing APR
- Fair credit score required
- $0 fraud liability
- Automatic credit line reviews after 6 months
- Can upgrade to unsecured credit card with responsible use
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Capital One Quicksilver Student Cash Rewards Credit Card
Pros
- Unlimited rewards
- $0 annual fee
- Security deposit as low as $200
Cons
- No welcome offer
- High ongoing APR
- Fair credit score required
- $0 fraud liability
- Automatic credit line reviews after 6 months
- Can upgrade to unsecured credit card with responsible use
The card_name is an excellent option for those looking to build credit while enjoying cash-back rewards. With $0 annual or hidden fees, you can earn unlimited 1.5% cash back on every purchase, every day, making it a great choice for everyday spending. Plus, you’ll earn 5% cash back on hotels and rental cars booked through Capital One Travel (terms apply). You can see if you’re approved in seconds, making it an easy and rewarding way to start building your credit history.
Ramp Credit Card
Ramp Credit Card
BEST FOR:
Those who are using Ramp as their main financial management tool
- Up to 1.5% cash back on purchases, regardless of spending categories
Pros
- Offers rewards for cardholders
- Does not charge additional fees
- Offers direct integrations to notable accounting tasks
Cons
- Requires paying balances in full each month
- Is unavailable to sole proprietors and unincorporated businesses
- Travel and emergency assistance services: Call the Benefit Administrator at (800) 397-9010 if you are in the United States or (303) 967-1093 if you are outside of the US if you need emergency assistance.
- Purchase security: Receive a maximum of $10,000 per claim and $50,000 per cardholder in cases of theft or damage to purchases made with your card.
- Auto rental collision damage waiver: When using this card for renting a car, you can be reimbursed for damages caused by theft or collision up to the Actual Cash Value of most rented cars. Note that rental periods of 31 consecutive days are covered.
- Extended warranty protection: Extend warranties for eligible purchases made with your covered account and/or rewards programs associated with your account.
- Up to 1.5% cash back on purchases, regardless of spending categories
Pros
- Offers rewards for cardholders
- Does not charge additional fees
- Offers direct integrations to notable accounting tasks
Cons
- Requires paying balances in full each month
- Is unavailable to sole proprietors and unincorporated businesses
- Travel and emergency assistance services: Call the Benefit Administrator at (800) 397-9010 if you are in the United States or (303) 967-1093 if you are outside of the US if you need emergency assistance.
- Purchase security: Receive a maximum of $10,000 per claim and $50,000 per cardholder in cases of theft or damage to purchases made with your card.
- Auto rental collision damage waiver: When using this card for renting a car, you can be reimbursed for damages caused by theft or collision up to the Actual Cash Value of most rented cars. Note that rental periods of 31 consecutive days are covered.
- Extended warranty protection: Extend warranties for eligible purchases made with your covered account and/or rewards programs associated with your account.
It offers up to 1.5% cash back on all purchases with no personal credit checks, personal guarantees, or annual fees. It also includes a powerful expense management system, allowing you to monitor and control employee spending effortlessly. Plus, expenses can be submitted via SMS, mobile app, or integrations, making tracking simple and efficient.
Frequently Asked Questions (FAQs)
Yes, the OpenSky® Secured Visa® is a good option for building credit, especially since it requires no credit check or bank account. It reports to all major credit bureaus, helping improve your credit with responsible use. However, it has an annual fee of $35 and requires a minimum security deposit of $200.
The Pledged Deposit Account in the OpenSky® Secured Visa® refers to the account where your security deposit is held. This deposit secures your credit line and acts as collateral for your card. The amount you deposit determines your credit limit, and it is refundable if your account is in good standing when you close it. It is also called a security deposit payment or simply a deposit for the OpenSky® Secured Visa® Credit Card.
Yes, OpenSky® is an actual credit card. It’s a secured Visa® credit card, meaning it requires a refundable security deposit, but it functions like a regular credit card for purchases and payments.
To enroll, click “Enroll” on the Log In screen. Enter your name (as on your card), credit card number, expiration date, Social Security number, mother’s maiden name, email, and CVV. Then, choose a username and password.
Bottom Line
OpenSky® Secured Visa® Credit Card is a good option for business owners who cannot qualify for an unsecured business credit card. It helps build and improve credit by reporting to major credit bureaus while offering a low annual fee and cash back rewards. However, you need a security deposit payment to get this type of card.
Once you have improved your credit score, check out our best small business credit cards to find options with more favorable terms and benefits.