This card is strictly for rebuilding credit
The application and approval process was very simple and fast and was approved in seconds. Best way to get card fast is if you have bank account and you pay your deposit through your account. I received my card in 7 days and when you receive it and open up your online account your 35 yearly fee is already deducted from your card balance. Pay it immediately! Its the price to pay to get back in and play. It takes a while for your payment to clear and get your balance back and also the website is very elementary. Your score will go up but my rule of thumb is to not use anymore than 20% on card and pay it immediately. This is NOT a card for pleasure or for benefits and the card in reality sucks but im not in this for fun...purely business. My goal is to recover my credit post bankruptcy and this card is the tool I am afforded to accomplish that and only option I had. If you have horrible credit and just want to build a new foundation for yourself this card is for you. If you have options with credit cards than this is not the card for you. If you pay your balance off immediately after using it than you should be clear of any interest. Use this card wisely and remember your goal! Hope thus helps.
Get as a last resort
Others have said it too, 6-8 days to process a payment!! This is ridiculous and had knowing that going into it, I would be this upset. I made a payment on the 16th, the funds center out of my bank account on the 19th and still no funds on the card. However, when calling in or looking at my statement online, my available credit is $465. In this time and age, how the hell does is take 6-8 business days to process this?! I see they were able to charge it the $35 annual fee in the meantime as my card got declined at the gas pump. I will be closing this account and going with a more timely and reputable companies secured card immediately. If they're not going to post delay in their terms & conditions, Credit Karma should be warning its users of it.
Works fine, gets my credit up quick, but
The website where you pay your balance is incredibly faulty. It lags, and often times, it freezes and won't let me do anything until I completely reboot my browser. No matter WHICH browser or computer I use. It's a very easy process once it actually works, but it's rather irritating.
Great for building credit.
It takes 5 days for your payment to pay after they receive it. Other than that the card is a big plus if you have limited credit.
Good but not reporting anymore
So i started using open sky about 6 month ago, at first everything was perfect, for a secured credit card with a deposit that starts as low as 200 i figured it is worth a shot
I got approved and all was good and they were reporting monthly and my credit started rising.
It takes about 6-8 days for them to process payments which isn't bad as long as you pay 10 days ahead of time it will be posted.
Then starting may i have not see them report anything on my credit report.
It is sad that they were reporting on time everytime i was charged a small interest or when i had a balance then once i started paying all on time they just stopped .
I kept receiving emails from them asking me to write a review on credit karma so here it goes.
I just think that they should be reporting monthly as i was informed they would and even when i have zero balance at the end , not just when i owe any balance.
Not bad pretty good so far
So after clearing up some things off my credit I was ready to get a credit card ... I was hesitant at first but read that they don't necessarily base it off your credit it's kinda like pay as you go far as if you put down 200 then you obtain 200 worth of credit . When I applied and got accepted my score went up about 47 points ... not bad at all and I'm only just one month in ... I just made my first payment on time and can't wait to see how much it's gone up since . I see everyone talking about in previous reviews that it takes a while for them to process payment so I suggest paying about a week and half ahead of your due date ... like for instance my due date is the 28 and I'm paying today the 16th . That should give me enough time for payment to be processed and applied to my account ... so overall I suggest this card for those that want to get out the 400 range ... of course with proper guidance and other smarter decisions I'm pushing towards the 600s now and I'm positive this card will get me there .
Ok so far
My Equifax has gone up 81 points on credit karma. Opensky reported i opened a credit card for $300 with a $35 balance which was my yearly fee. Real Review hehehe
Great Start, but...
Bottom line: To build your credit or to improve it, this card is a great start. The only issue I have with this company is processing my payment super slow and late. I pay my balance, it comes out of my account within a day and then takes a week to literally process and post to my OpenSky account. Hopefully this process will change.
Not a great option.
While my credit score has slightly improved since getting this card, I'm not impressed with the fact that a payment takes at minimum 5 days to post to your account. The balance and available credit never add up to my approved and secured credit amount. Now I'm stuck with this crappy card because it would most likely bring my score down if I close the account.
Perfect for it's purpose
They said no credit check, they didn't run one. They said they report monthly to all 3 credit bureaus, they do (statement ends on last day of month, so pay your balance down right before to get good utilization). The online banking system allows for bill pay and transaction history. For all these features, $35 a year is well worth it.
Info 1: You can't add an authorized user.
Info 2: Check your email's SPAM folder if you're waiting around for communication (mine was there for like a week waiting for me to proceed with app).
Don't Do It
You should know that this pre-paid CC unlike Capital One or Discover (which both get 5 stars from me btw) NEVER give you and increase based on you credit usage; only on how much money you send them.
The will take your deposit straight from your bank account in like 72 hrs.
When I cancelled my credit with them I am here waiting still for my money back; and it has been 4 weeks.
When I called to ask why they could take my money in 72 hrs or less; but couldn't seem to get it back to me after 4 weeks???
They proceeded to tell me it could take 10 weeks to get my money back.
They also didn't report my excellent credit usage to the burea since April 2017
Now as I mentioned B4 I also got a CapitalOne and a Discover all prepaid $200 down to all 3 cards; I have since been refunded my money from both CapitalOne and Discover as well as given a unsecured credit from both 3-6x's what I started with a yr ago; trust me when I tell you THIS COMPANY IS NOT WORTH THE TIME OR MONEY.