Is the OpenSky Card Legit?

Issued by Capital Bank, it offers a way to build your credit by using what’s known as a secured card. That means you put down a refundable deposit, which becomes your credit limit on the card.

Yes, the OpenSky® Secured Visa® Credit Card is an actual credit card. But unlike a traditional “unsecured” card that requires no collateral, it’s a “secured card,” so it requires an upfront deposit. You can determine the size of the deposit, which is also your credit limit and can be as low as $200. The maximum amount is $3,000 and you can get the deposit back when you close the account in good standing.

The card does carry an annual fee, which is $35.

According to the issuer, the application doesn’t require a credit check, and it can be completed in under five minutes.

It’s rare to find credit cards — even secured cards — that don’t perform a hard pull of your credit when you apply.

Yes. As you use the card, your payment history is reported each month to all three major credit bureaus: Equifax, Experian and TransUnion.

This reporting helps build your credit over time, as long as you continue making on-time payments.

The OpenSky® Secured Visa® Credit Card doesn’t offer an option to “graduate” to an unsecured card after months of responsible use.

If later on you want an unsecured card, you’ll have to apply for one — hopefully, you’ll be armed with a new and improved credit score.

No, the OpenSky® Secured Visa® Credit Card doesn’t earn rewards, which is typical for cards aimed at those with poor credit (FICO scores of 629 or lower).

Not only can you bypass a credit check during the application process, but you also don’t need a bank account to qualify for this card.

However, you do need to provide a Social Security number or individual taxpayer identification number and show that your monthly income exceeds your monthly expenses.