Okay so I see a lot of negative reviews that I think mostly stem from Open Sky not clearly communicating the process/when they report to bureaus etc. Here's the deal. If you want a boost in your score quickly, apply for the card around the 15th-20th of the month. Open Sky reports to the credit bureaus on the last business day of the month (then sometimes it takes a week or so after that for the bureau to reflect the change). It takes 3-4 days for your $200 (or whatever) deposit to go through, and for the card to be shipped, after approval. Your account isn't considered open until the date the card is shipped. The card comes with the $35 annual fee already tacked onto the balance and if you ordered your card mid-late in the month, that $35 won't be due until the end of the next month (but it will count towards utilization when reported to the bureus, which is a good thing, as long as you keep utilization under 30%. $35 out of $200 is 17.5%). Each month, your bill is due on the 28th. So to absolutely optimize the credit boost you can get from this card: order it around the 18th of the month. The card will probably ship out around the 22nd. Don't worry about paying the $35 fee the second you get the card - you can activate it with the $35 fee on there. Let the utilization work for you when they report to the bureus on the last business day of the month, then on like the 5th of the next month, pay the $35 off. Now, set up a monthly small charge, like Netflix or something, to come out mid month, and DONT use your card other than that monthly charge. When you get your bill in the beginning of the month each month, pay off the last month's balance in full. I've had the card for a couple months, and that's all I've learned from research/talking to their customer service. It's worked well for me so far!
ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL
- Balance Transfer Intro APR Not Applicable
- Balance Transfer Regular APR Not Applicable
- Annual Fee $35
- Purchase Intro APR Not Applicable
- Purchase Regular APR 18.39%* Variable
The OpenSky® Secured Credit Visa® Card is a good choice for people who are looking to build their credit without paying too much in fees.
What to Like
The OpenSky® Secured Credit Visa® Card reports regularly to all 3 major credit bureaus, making it useful for building credit. The $35 annual fee is relatively low for a card aimed at people with limited credit history, and there are no other processing, servicing or application fees. There’s no credit check for applicants.
Look Out For
There’s a slightly higher penalty APR for cardholders who have missed a payment. This is also a secured credit card, meaning you’ll have to put down a deposit equal to your credit line in order to get access to credit.
Most Helpful Positive Review
Most Helpful Negative Review
This card will help with building/repairing your credit. The only negative thing I have to say about this card is that you can only make payments using your checking account with routing number. It takes two business days for the money to be withdrawn from your account and another two business days for the money to post to the card. So, for instance, if you want to make a payment on a Friday I suggest you set up the payment on Wednesday this way Friday's date will be the day it will be withdrawn.
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See the online Provider's credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the 'Apply Now' button, you can review the credit card terms and conditions on the provider's website.
† Credit Karma looks at how your credit profile compares to other Credit Karma members who were approved for this product. Of course, there's no such thing as a sure thing, but knowing whether your Approval Odds are Very Good, Good, Fair or Poor may help you narrow down your choices.
‡ Average score refers to the arithmetic mean and typical low score to the 5th percentile of, in each case, available VantageScore 3.0 credit scores provided by TransUnion of Credit Karma members who were approved for this product from June 2014 through November 2014. Average and typical approved scores are provided as guidelines only and approval is not guaranteed. You can learn more about credit card approval through our in-depth article.