OpenSky® Secured Visa® Credit Card Review for 2023
This article is part of a larger series on Best Small Business Credit Cards.
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
22.14% variable
Annual Fee
$35
Credit Needed
Poor to Average
- 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.
Intro APR
N/A
Regular APR
22.14% variable
Annual Fee
$35
Credit Needed
Poor to Average
- 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.
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 |
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 won’t check your credit score when applying, given that you’ll only need a minimum security deposit of $200 to qualify.
If this card isn’t what your business needs, see our recommended alternatives below.
OpenSky® Secured Visa® Credit Card Fees
- Introductory: None
- Ongoing and cash advances: 21.64% variable—adjusts with the prime rate
- Security deposit: $200 minimum, up to a maximum of $3,000
- Annual: $35
- Foreign transaction: 3% of the transaction in United States dollars
- Cash advance: $6 or 5% of the amount of each cash advance, whichever is higher
- Late payment: Up to $38
OpenSky® Secured Visa® Credit Card Rewards
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 improve your credit score quickly. 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: 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 Features
- 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: You’re 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.
- Reporting to credit bureaus: Your credit history will be reported to the three main credit bureaus, mainly Equifax®, Experian®, and TransUnion®. Should your credit information not be reported to the bureaus, contact them directly with the following numbers:
- Equifax®: (866) 349-5191
- Experian®: (888) 397-3742
- TransUnion®: (800) 916-8800
- 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.
OpenSky® Secured Visa® Credit Card Alternatives
Discover it® Secured Card
Discover it® Secured
BEST FOR:
Business owners who need help rebuilding credit
Intro APR
N/A
Regular APR
27.99% variable
Annual Fee
$0
Credit Needed
N/A
- No annual fee, 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% 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
Intro APR
N/A
Regular APR
27.99% variable
Annual Fee
$0
Credit Needed
N/A
- No annual fee, 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% 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
- Discover it® Secured Credit Card is a great option for those needing to rebuild credit and earn rewards with a low security deposit
- Lets you earn 2% cash back on purchases made at gas stations and restaurants on up to $1,000 in combined purchases each quarter and an automatic unlimited 1% cash back on all other purchases
- Requires a security deposit ranging from $200 to $2,500 to qualify
- Is one of our preferred secured business credit cards and business credit cards for bad credit
- Emburse Spend Card is a viable option for those wanting a business prepaid card with rewards
- Offers unlimited 1% cash back on all purchases
- Doesn’t charge fees for domestic transactions and adding virtual and physical cards
- Lets you deposit up to a maximum of $100,000
- Is one of our top business prepaid cards
For additional options, see our guides on the leading secured business credit cards and the best small business credit cards.
Bottom Line
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. Note that other business credit cards will let you earn rewards while helping you build your credit score.
