OpenSky® Secured Visa® Credit Card Review for 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
The OpenSky® Secured Visa® Credit Card from Capital Bank is designed for business owners who need to build or improve their credit. While the issuer doesn’t check your credit when you apply, a refundable deposit of $200 to $3,000 is required to open an account. This card comes with a low annual fee of $35 and an annual percentage rate (APR) of 18.14%.
If you wish to compare one card over another, choose a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
OpenSky® Secured Visa® Credit Card
BEST FOR:
Business owners with a credit score below 580
Intro APR
N/A
Regular APR
18.89% Variable
Annual Fee
$35
Credit Needed
No Credit Check
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- You can set your own credit limit by making a refundable deposit ranging from $200 to $3,000.
- OpenSky® reports your activities to credit bureaus including Equifax®, Experian® and TransUnion® to help you build or improve your credit score.
Pros
- No credit check required
- Helps build credit
- Low annual fee
Cons
- No introductory APR
- No rewards
- Requires security deposit
- Email alerts: Set up email alerts as a reminder to make a payment, or when you almost use up your credit limit.
- Automatic payments: You can set up recurring automatic payments to ensure your card is paid on time.
- All benefits of a Visa®: This card comes with all the benefits of a Visa® credit card, including worldwide acceptance and fraud protection.
Intro APR
N/A
Regular APR
18.89% Variable
Annual Fee
$35
Credit Needed
No Credit Check
- No credit check needed to apply—OpenSky® won’t pull your credit so there’s no impact on your credit score.
- You can set your own credit limit by making a refundable deposit ranging from $200 to $3,000.
- OpenSky® reports your activities to credit bureaus including Equifax®, Experian® and TransUnion® to help you build or improve your credit score.
Pros
- No credit check required
- Helps build credit
- Low annual fee
Cons
- No introductory APR
- No rewards
- Requires security deposit
- Email alerts: Set up email alerts as a reminder to make a payment, or when you almost use up your credit limit.
- Automatic payments: You can set up recurring automatic payments to ensure your card is paid on time.
- All benefits of a Visa®: This card comes with all the benefits of a Visa® credit card, including worldwide acceptance and fraud protection.
How We Evaluate Business Secured Credit Cards
When grading business secured credit cards like the OpenSky® Secured Visa® Credit Card, we first take into account the annual fee and ongoing APRs. We also consider the card’s rewards, security deposit requirements, introductory APR, other fees, and additional features.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Annual Fee | 22 | 25 |
Ongoing APR | 17 | 25 |
Ongoing Rewards | 0 | 10 |
Introductory Rewards | 0 | 10 |
Security Deposit | 10 | 10 |
Other Fees | 8 | 10 |
Introductory APR | 0 | 5 |
Additional Features | 5 | 5 |
Total Score | 62 | 100 |
Who the OpenSky® Secured Visa® Credit Card Is Best For
- Business owners who need to build or improve credit: OpenSky® reports payment and usage to all three major credit bureaus, helping you build or improve your credit. This is one of the reasons it’s on our list of the leading business credit cards for bad credit.
- Business owners who cannot qualify for unsecured business credit cards: The OpenSky® Secured Visa® Credit Card won’t check your credit when you apply.
If this card doesn’t fit your needs, then you can check our guide to the best small business credit cards.
OpenSky® Secured Visa® Credit Card Fees
APR
- Introductory APR: None
- Ongoing APR for purchases and cash advances: 18.14% variable—adjusts with the prime rate
- Due date: At least 25 days after the close of each billing cycle
Fees
- Security deposit: Minimum of $200, maximum of $3,000
- Annual fee: $35
- Balance transfer fee: Transfers aren’t allowed
- Foreign transaction fee: 3% of each transaction in United States dollars
- Cash advance fee: $6 or 5% of the amount of each cash advance, whichever is greater
- Minimum interest charge: No less than $1
- Late payment fees: Up to $38
- Returned payment: Up to $25
OpenSky® Secured Visa® Credit Card Rewards
The OpenSky® Secured Visa® Credit Card doesn’t offer introductory and ongoing rewards. However, using this card responsibly can help you build and improve your credit. OpenSky® will report your payment and usage behavior every month to the major credit bureaus, including Equifax®, Experian®, and TransUnion®—this allows you to quickly improve your credit score. With proper use, you can build your credit score in as little as six months.
How to Make Payments on the OpenSky® Secured Visa® Credit Card
- AutoPay: Login to your OpenSky online account and head on to the “Payment Services” tab. This will let you set up one-time payments. Alternatively, you can also set this up on the OpenSky Mobile App, which is available for both Apple and Android devices.
- By 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®
PO Box 660924
Dallas, TX 75266-0924
Alternatively, you can do overnight payments. Ensure to include your name and account number and send it to:
OpenSky®
Attn: Lockbox Operations #660924
2701 East Grauwyler Rd., Bldg. 1
Irving, TX 75061
OpenSky® Secured Visa® Credit Card Additional Features
Although part of Capital Bank, OpenSky® doesn’t have any bank-specific features that make the OpenSky® Secured Visa® Credit Card stand out from the rest. However, given it’s a Visa, it comes with the standard level of benefits being offered. These features are as follows:
- Cardholder inquiry service: This lets you call the Visa Global Customer Care Service 24 hours a day, seven days a week to address any inquiry on the products and services for Visa cardholders.
- Protection against lost, stolen, or damaged cards: Visa will block your card and connect you to your financial institution or bank. You can also get an emergency card replacement within one to three business days, following bank approval.
- Zero liability: You’re protected from unauthorized use of either your card or account information. Cardholders’ liability for unauthorized transactions is $0.
- ID Navigator Powered by NortonLifeLock: To lower the chances of identity theft, Visa has provided tools to keep cardholders informed of potential threats to their identity and how to act on them quickly.
- Roadside Dispatch®: Visa cardholders are given access to a pay-per-use roadside assistance program. It provides standard towing of up to 5 miles, tire changing, jump-starting, lockout service (no key replacement), fuel delivery of up to five gallons, and standard winching.
Pros & Cons of the OpenSky® Secured Visa® Credit Card
| PROS | CONS |
|---|---|
| No credit check required: You don’t need to worry about your credit score because OpenSky® will not pull your credit when you apply. | No introductory APR: This card doesn’t offer interest-free financing—you’ll be charged an APR of 18.14% on purchases. |
| Helps build credit: Your payment and usage activities will be reported monthly to the three major credit bureaus, helping you build and improve your credit quickly. | No rewards: It doesn’t offer any rewards for its new and existing cardholders. |
| Low annual fee: You only need to pay a low annual fee of $35, which can help you reduce your overall cost. | Requires security deposit: To qualify, you’ll need to make a security deposit of $200 to $3,000. OpenSky® uses this amount as its foundation to help build your credit. |
OpenSky® Secured Visa® Credit Card Alternatives
Chase Ink Business Unlimited®
Chase Ink Business Unlimited® is great for new business owners with good credit scores but have no business credit history. It offers fixed-rate cash back of 1.5% on all purchases with no spending categories. Moreover, it doesn’t charge any annual fees and gives a welcome offer of $750 after spending $7,500 within the first three months after account opening. These features are what made it our top pick for both the best small business credit cards and leading credit cards for new businesses with no credit history.
Ink Business Unlimited® Credit Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Pocketing 1.5% cash back on every single purchase
Intro APR
0% Intro APR on Purchases
Regular APR
15.49% - 21.49% Variable
Annual Fee
$0
Credit Needed
- Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase made for your business
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- 0% introductory APR for 12 months on purchases
Pros
- 0% introductory APR on purchases
- Unlimited cash back rewards on all purchases
Cons
- Introductory APR period doesn’t apply to balance transfers
- 5% balance transfer fee
- Charges foreign transaction fees
- Requires excellent credit to qualify
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes; it provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the US and abroad
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year
- Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of three years or less
Intro APR
0% Intro APR on Purchases
Regular APR
15.49% - 21.49% Variable
Annual Fee
$0
Credit Needed
Good, Excellent
- Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase made for your business
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
- With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring.
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- 0% introductory APR for 12 months on purchases
Pros
- 0% introductory APR on purchases
- Unlimited cash back rewards on all purchases
Cons
- Introductory APR period doesn’t apply to balance transfers
- 5% balance transfer fee
- Charges foreign transaction fees
- Requires excellent credit to qualify
- Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes; it provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the US and abroad
- Purchase protection: Covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account per year
- Extended warranty protection: Extends the time period of the US manufacturer’s warranty by an additional year on eligible warranties of three years or less
Wells Fargo Business Secured Credit Card
The Wells Fargo Business Secured Credit Card is an excellent alternative if you want a secured credit card that charges no annual fee and offers ongoing rewards or if you have poor credit and intend to improve your credit standing. It offers 1.5% cash back for every dollar spent on net purchases. This is also a good option if you need a higher credit limit, as you can make a security deposit between $500 and $25,000. It’s not surprising that we highlight it as the best business credit card for bad credit and the top secured business credit card.
Wells Fargo Business Secured Credit Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Business owners with poor credit
Intro APR
N/A
Regular APR
Prime + 11.90% on purchases
Annual Fee
None
Credit Needed
N/A
- Cash Back option:
Earn 1.5% cash back on every $1 spent - Reward Points option:
Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period - $0 annual rewards program fee
- $500 to $25,000 credit line
- Zero liability protection
Pros
- Businesses with low or bad credit scores can qualify
- Your choice of fixed-rate cash back or points rewards
- No annual fee
Cons
- Requires a security deposit of at least $500
- Credit limit will be based on the security deposit
- Purchase assurance: Wells Fargo will repair, replace, or reimburse you for items that are damaged or stolen within 90 days of purchase.
- Design studio: Include a personal image or business design on your credit card.
Intro APR
N/A
Regular APR
Prime + 11.90% on purchases
Annual Fee
None
Credit Needed
N/A
- Cash Back option:
Earn 1.5% cash back on every $1 spent - Reward Points option:
Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period - $0 annual rewards program fee
- $500 to $25,000 credit line
- Zero liability protection
Pros
- Businesses with low or bad credit scores can qualify
- Your choice of fixed-rate cash back or points rewards
- No annual fee
Cons
- Requires a security deposit of at least $500
- Credit limit will be based on the security deposit
- Purchase assurance: Wells Fargo will repair, replace, or reimburse you for items that are damaged or stolen within 90 days of purchase.
- Design studio: Include a personal image or business design on your credit card.
Union Bank® Business Secured Visa® Credit Card
The Union Bank® Business Secured Visa® Credit Card is ideal for business owners wanting to rebuild their credit scores—and it’s not surprising that it’s part of our best business credit cards for bad credit roundup. It offers a fixed APR of 19.74% for purchases and balance transfers and a low annual fee of $25. As a secured credit card, you get a credit limit of up to $25,000 provided that you have an active security deposit account. However, note that it charges a high APR for cash advances at 26%.
Union Bank® Business Secured Visa® Credit Card
Intro APR
None
Regular APR
16.24% variable for purchases and balance transfers
Annual Fee
$30
Credit Needed
Bad to Excellent
- Grow your company with a secured credit limit of up to $25,000.
- With a low $30 annual fee, keep your company’s money at work where it matters most.
Pros
- Low annual fee
- Owners with bad credit can apply
- Fixed ongoing APR
Cons
- With security deposit
- No interest-free financing option
- No rewards for new and existing cardholders
- High balance transfer and cash advance fees
- Mobile access: Enjoy 24/7 access to mobile site to allow you to access your account wherever and whenever safely and securely
- Swipe smarter: This card features advanced technology for enhanced safety and protection against fraud
- Customized account alerts: Tailor your banking experience to include customized account alerts keeping you updated and informed
- Auto rental collision damage: You’re covered for damage due to collision or theft
- Zero fraud liability: You won’t be held responsible for unauthorized charges made with your account or account information
Intro APR
None
Regular APR
16.24% variable for purchases and balance transfers
Annual Fee
$30
Credit Needed
Bad to Excellent
- Grow your company with a secured credit limit of up to $25,000.
- With a low $30 annual fee, keep your company’s money at work where it matters most.
Pros
- Low annual fee
- Owners with bad credit can apply
- Fixed ongoing APR
Cons
- With security deposit
- No interest-free financing option
- No rewards for new and existing cardholders
- High balance transfer and cash advance fees
- Mobile access: Enjoy 24/7 access to mobile site to allow you to access your account wherever and whenever safely and securely
- Swipe smarter: This card features advanced technology for enhanced safety and protection against fraud
- Customized account alerts: Tailor your banking experience to include customized account alerts keeping you updated and informed
- Auto rental collision damage: You’re covered for damage due to collision or theft
- Zero fraud liability: You won’t be held responsible for unauthorized charges made with your account or account information
Bottom Line
The OpenSky® Secured Visa® Credit Card is a good option for business owners who don’t qualify for an unsecured business credit card. Using it can help you build or improve your credit, as OpenSky® reports your activities to the major credit bureaus. However, it requires a security deposit to qualify and doesn’t offer ongoing rewards. If this card isn’t what you’re looking for, visit our credit card marketplace to find other options.
