OpenSky

OpenSky is a secured credit card issued by Capital Bank. It is designed for people who have no credit history, bad credit, or very limited credit. The main goal of this card is to help users build or rebuild their credit score without a traditional credit check. To get the card, applicants must pay a refundable security deposit. This deposit becomes their credit limit. The minimum deposit is $200, but users can choose amounts up to $3,000. They can add more money to the deposit later to increase their credit limit. After six months of on-time payments, the bank may review the account to see if the user qualifies for a higher credit line.

Benefits

The biggest advantage of OpenSky is that it does not require a credit check. Approval depends only on verifying identity, age, and the ability to pay the deposit and monthly bills. This makes it easy for people with poor credit to get approved. The card reports payment history to all three major credit bureaus, which helps improve the user's credit score over time. Many users see a significant increase in their credit score if they pay their bills on time. The card also offers a welcome bonus of $30 in statement credits if the user deposits at least $350 on the same day they apply. Users can earn up to 10% cash back on purchases at over 40,000 retailers. The card supports contactless payments through Apple Pay, Google Pay, and Samsung Pay.

Use Cases

This card is ideal for students, young adults, or anyone who has never had a credit card before. It is also useful for people who have damaged their credit history and want to start rebuilding it. Users can use the card for everyday purchases at stores online or in person. The flexible due date feature allows users to choose when they want to pay their bill. Some users prefer to spread their security deposit over 60 days using a layaway plan. The card is suitable for building a financial foundation before applying for a traditional unsecured credit card.

Pricing

The card has an annual fee of $35. There is no monthly fee and no one-time application fee. The security deposit ranges from $200 to $3,000. There is a 3% fee for purchases made outside the country. Cash advances cost 5% plus a minimum of $6. The annual percentage rate for purchases and cash advances is 23.89% variable. The maximum late fee is $41. There is no overlimit fee and no penalty APR.

Vibes

User reviews for OpenSky are mixed. Many people appreciate the high approval rate and the ability to rebuild credit without a credit check. They also like the potential for cash back rewards. However, there are significant complaints about customer service and payment processing. Some users report that payments take 5 to 10 days to post, which can lead to late fees even when they pay on time. Others have experienced delays in getting their security deposit refunds, with some accounts taking up to 8 weeks. There have also been reports of unexpected fees appearing on credit reports and confusion about service charges. Customer service representatives have been described as inconsistent in their information.

Additional Information

OpenSky is issued by Capital Bank. The card is sponsored by WalletHub for this review. The welcome bonus offer is exclusive to customers applying through specific partner links and cannot be combined with other offers. Terms and conditions are subject to change without notice. The card is available to U.S. residents who are at least 18 years old and have enough income to cover monthly payments. Approval typically takes 24 to 48 hours, and card delivery usually takes about two weeks.