Editor’s note: This is a recurring post with regularly updated card details.
OpenSky® Secured Visa® Credit Card from Capital Bank is a personal credit card that business owners with low credit scores can use for business purposes. It doesn’t require a credit check when you apply—you only need to put up a refundable security deposit ranging from $200 to $3,000 to qualify. Using the card can help you build or improve your credit score, so you can eventually qualify for traditional business credit cards and other business financing options.
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
- 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
- Reports to the three main credit bureaus
- Low annual fee
- Can qualify with limited or bad credit history
Cons
- Doesn’t offer 0% introductory APR
- Doesn’t offer rewards for their new and existing cardholders
- Protection against lost, stolen, or damaged cards: Call (800) 859-6412 and report your card was either lost or stolen. OpenSky® will immediately block your card and issue a replacement card with a new card number.
- Flexible Pay: You can change your due date once per year by contacting the customer service department on the phone number found on your billing statement.
- Zero liability protection: You’re protected from unauthorized use of either your card or account information. Call (800) 859-6412 and contact Capital Bank’s customer service department to report suspected fraud.
- 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
- Reports to the three main credit bureaus
- Low annual fee
- Can qualify with limited or bad credit history
Cons
- Doesn’t offer 0% introductory APR
- Doesn’t offer rewards for their new and existing cardholders
- Protection against lost, stolen, or damaged cards: Call (800) 859-6412 and report your card was either lost or stolen. OpenSky® will immediately block your card and issue a replacement card with a new card number.
- Flexible Pay: You can change your due date once per year by contacting the customer service department on the phone number found on your billing statement.
- Zero liability protection: You’re protected from unauthorized use of either your card or account information. Call (800) 859-6412 and contact Capital Bank’s customer service department to report suspected fraud.
How We Evaluate Secured Business 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 ongoing and introductory 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 |
Introductory APR | 0 | 5 |
Introductory Rewards | 0 | 10 |
Ongoing Rewards | 0 | 10 |
Security Deposit | 10 | 10 |
Other Fees | 8 | 10 |
Additional Features | 2 | 5 |
Total Score | 59 | 100 |
Who the OpenSky® Secured Visa® Credit Card Is Best For
- Those 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.
- Those who cannot qualify for unsecured business credit cards: As a secured business credit card, OpenSky will not check your credit score when applying. However, a minimum security deposit of $200 is required.
If this card isn’t what your business needs, see our recommended alternatives below.
OpenSky® Secured Visa® Credit Card Rewards
OpenSky® Secured Visa® Credit Card doesn’t offer introductory and ongoing rewards. The main benefit this card offers is that it can help build or improve your credit when you use it responsibly. OpenSky® will report your payment and usage behavior every month to the major credit bureaus—including Equifax®, Experian®, and TransUnion®—allowing you to quickly improve your credit score. With proper use, you can build your credit score in as little as six months.
OpenSky® Secured Visa® Credit Card Features
Security
- Protection against lost, stolen, or damaged cards: Call (800) 859-6412 and report your card if it was lost or stolen. OpenSky® will immediately block your card and issue a replacement card with a new card number.
- Zero liability protection: Get protected from unauthorized use of either your card or account information. Call (800) 859-6412 to contact Capital Bank’s customer service department to report suspected fraud.
Credit Building
- Reporting to credit bureaus: Your credit history will be reported to the three main credit bureaus—Equifax®, Experian®, and TransUnion®.
- Graduate to unsecured card: After six months of responsible use, you can qualify for an OpenSky Gold Card, an unsecured credit card.
Cash Flow
- 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.
OpenSky® Secured Visa® Credit Card Fees
APR
- Introductory: None
- Ongoing and cash advances: 25.64% variable—adjusts with the prime rate (minimum interest charge is $1)
- Cash advance: 25.64%
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
Your due date is at least 25 days after the close of each billing cycle.
How to Make Payments
- 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®
PO Box 660924
Dallas, TX 75266-0924
OpenSky® Secured Visa® Credit Card Alternatives
Discover it® Secured Card
Discover it® Secured
BEST FOR:
Business owners who need help rebuilding credit
- Earn cash back and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus: Equifax, Experian, and TransUnion.
- Establish your credit line by providing a refundable security deposit from $200 to $2,500 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at eight months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. In addition, earn an unlimited 1% cash back on all your other purchases―automatically
- Get 100% US-based customer service & get your free Credit Scorecard with your FICO® Credit Score
- We match all the cash back you've earned at the end of your first year automatically.
- Receive Free Social Security number alerts—Discover will monitor thousands of risky websites when you sign up.
Pros
- With cash back rewards for new and existing cardholders
- Does not charge annual fees
- Offers automatic monthly account review
Cons
- No 0% annual percentage rate (APR) period on purchases and balance transfers
- High ongoing APR
- Updated FICO credit scores: You can get FICO® credit score, key factors, and other credit information on Discover.com and your statement.
- Data privacy: Remove personal information from selected people-search sites that may sell your data.
- Freeze it®: Freeze your account within seconds in the event you have misplaced your physical card
- Earn cash back and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus: Equifax, Experian, and TransUnion.
- Establish your credit line by providing a refundable security deposit from $200 to $2,500 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at eight months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. In addition, earn an unlimited 1% cash back on all your other purchases―automatically
- Get 100% US-based customer service & get your free Credit Scorecard with your FICO® Credit Score
- We match all the cash back you've earned at the end of your first year automatically.
- Receive Free Social Security number alerts—Discover will monitor thousands of risky websites when you sign up.
Pros
- With cash back rewards for new and existing cardholders
- Does not charge annual fees
- Offers automatic monthly account review
Cons
- No 0% annual percentage rate (APR) period on purchases and balance transfers
- High ongoing APR
- Updated FICO credit scores: You can get FICO® credit score, key factors, and other credit information on Discover.com and your statement.
- Data privacy: Remove personal information from selected people-search sites that may sell your data.
- Freeze it®: Freeze your account within seconds in the event you have misplaced your physical card
When To Consider Discover it® Secured Card
- You want to earn rewards: Since OpenSky® Secured Visa® Credit Card doesn’t offer ongoing rewards, you can benefit more from Discover it® Secured Card. This is a personal secured credit card that lets you earn 1% to 2% cash back on your purchases, plus an unlimited dollar-to-dollar match of all cash back you earn by the end of your first year.
- You don’t want to pay an annual fee: Aside from earning cash back, you will also save more on credit costs because Discover it® Secured Card doesn’t charge an annual fee.
Other Benefits
- Doesn’t require a minimum credit score to qualify
- Helps you build your credit score with responsible use and consistent on-time payments
- Evaluates your account after seven months to see if you can qualify for an unsecured credit card
It is one of our recommended secured business credit cards because of its generous rewards and benefits.
First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card
First National Bank of Omaha Business Edition® Secured Mastercard® Card
BEST FOR:
Secured credit lines of as much as $100,000
- While FNBO does not offer any rewards for their new and existing cardholders for this card, you can still earn rewards through Mastercard Easy Savings®, where cardholders are able to save on purchases with automatic rebates from over 40,000 participating merchant locations available.
Pros
- Available for those with very poor to good scores
- Can set credit limits from $2,000 to $100,000
- Offers free management reports
Cons
- With annual fee
- Charges foreign transaction fee
- No introductory and ongoing rewards
- Requires a security deposit of 110% of the credit limit required
- TurboTax discount: Get a discount of up to $20 on TurboTax federal products when using First National Bank of Omaha Business Edition® Secured Mastercard®.
- QuickBooks Online or QuickBooks Self-Employed discount: Receive either a 30% off of a 12-month subscription on QuickBooks Online (Simple Start, Essentials, Plus, or Advanced) or a 30% off of a 12-month subscription on QuickBooks Self-Employed. This is applicable only to new QuickBooks Online customers.
- Free management reports: First National Bank of Omaha provides free management reports to help track expenses, monitor spending, note tax deductions, prepare tax filings, and predict costs easily.
- Zero liability: FNBO guarantees that you won’t be held responsible for any fraudulent charges made with both your card and account information.
- While FNBO does not offer any rewards for their new and existing cardholders for this card, you can still earn rewards through Mastercard Easy Savings®, where cardholders are able to save on purchases with automatic rebates from over 40,000 participating merchant locations available.
Pros
- Available for those with very poor to good scores
- Can set credit limits from $2,000 to $100,000
- Offers free management reports
Cons
- With annual fee
- Charges foreign transaction fee
- No introductory and ongoing rewards
- Requires a security deposit of 110% of the credit limit required
- TurboTax discount: Get a discount of up to $20 on TurboTax federal products when using First National Bank of Omaha Business Edition® Secured Mastercard®.
- QuickBooks Online or QuickBooks Self-Employed discount: Receive either a 30% off of a 12-month subscription on QuickBooks Online (Simple Start, Essentials, Plus, or Advanced) or a 30% off of a 12-month subscription on QuickBooks Self-Employed. This is applicable only to new QuickBooks Online customers.
- Free management reports: First National Bank of Omaha provides free management reports to help track expenses, monitor spending, note tax deductions, prepare tax filings, and predict costs easily.
- Zero liability: FNBO guarantees that you won’t be held responsible for any fraudulent charges made with both your card and account information.
When To Consider First National Bank of Omaha Business Edition® Secured Mastercard® Credit Card
- You need a high credit limit: If you need a high credit limit of more than $3,000, you may consider the First National Bank of Omaha Business Edition® Secured Mastercard®. It offers a credit limit between $2,000 to $100,000—you just need to make a security deposit equivalent to 110% of your requested credit limit.
- You want to earn rebates on selected purchases: While the card does not offer ongoing rewards on all purchases, it features Mastercard Easy Savings®, which provides automatic rebates on purchases at over 40,000 participating merchant locations.
Other Benefits
- Offers interest on your security deposit
- Comes with a low annual fee of $39
- Provides security protection such as zero liability and auto rental insurance
Its high security deposit option is one of the reasons why it is chosen as one of our top business credit cards with high credit limits.
Emburse Spend Card
When To Consider Emburse Spend Card
- You have sufficient cash flow and don’t want to incur debt: Since the Emburse card is a business prepaid card, you can use it to streamline your business expenses without incurring debt. Note that you need to load funds into your account before you can use it, so a sufficient cash flow is necessary.
- You don’t need to build your personal or business credit: Prepaid business cards like Emburse do not report your transactions to credit bureaus, so using this type of card could not help you build your credit. Consider this card if credit building is not your primary purpose.
Other Benefits
- Charges no annual or monthly fees
- Doesn’t require personal credit checks or personal guarantees
- Offers unlimited 1% cash back on all purchases
- Lets you deposit a maximum of $100,000—if you need more, you can request for an increase (subject to approval)
It is one of our leading business prepaid cards due to its unlimited rewards, high deposit limit, and low costs. For more information, read our Emburse Spend Card review.
Frequently Asked Questions (FAQs)
You will need to provide your personal information, including your name, address, date of birth, and other identification. You may also need to provide your income information and other identifying documents.
Online applications are processed immediately and you will receive an email once your application is approved. After that, you will need to process your security deposit. You will then receive your credit card in 12 to 14 business days.
If additional information is needed, you will receive an email or a text notification. To make the process quicker, respond to these questions as soon as possible so you can get immediate feedback.
When you use your OpenSky® Secured Visa® Credit Card, your transactions are reported monthly to the three major bureaus to help you build or improve your credit score. The card also comes with built-in line increases and accessible tools that promote good spending habits, helping you use your credit card responsibly. Through these features, you can improve your FICO score.
Bottom Line
OpenSky® Secured Visa® Credit Card is a good option for business owners who cannot 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 lacks ongoing rewards and other features that may be valuable to your business.
Once you have improved your credit score, check out the best small business credit cards to find options with more favorable terms.