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OpenSky® Secured Visa® Credit Card



Product Details: OpenSky® Secured Visa® Credit Card
  • Build Your Credit with monthly reporting to all 3 credit bureaus.
  • Control Your Finances, start with a security deposit and credit line as low as $200.
  • Apply in less than 5 minutes, No credit check necessary.
  • Avoid paying interest, no interest charged on new purchases if the balance is paid in full by the due date each month.
  • Extra Credit When You Need It, increase your credit line up to $5000 (subject to approval).
  • Easy funding options, with 4 ways to fund and No checking account needed.
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Things We Like

No credit check means no credit check. They will not check your credit at all during the application process. The 17.5% APR is competitive, although not the lowest around, and the annual fee is only $29. They offer helpful consumer credit education throughout the Open Sky website. In addition, the website is mobile friendly and it is easy to open an account with a mobile device.

Things We Dislike

If you prefer to receive a monthly paper statement, it will cost you $3.00 per statement. Fees other than the annual fee are treated like cash advances meaning you pay interest from that point forward.

Bottom Line

The Capital Bank Open Sky Secured Visa credit card has a lot going for it. One upside is the credit education throughout the card’s new website, which launched February 2015. From their FAQs to the “Credit Education” section and social media accounts (they use Twitter and Facebook), consumers are greeted with multiple entreaties: to pay […]

PostedMarch 26, 2015 by

Full Article

The Capital Bank Open Sky Secured Visa credit card has a lot going for it. One upside is the credit education throughout the card’s new website, which launched February 2015. From their FAQs to the “Credit Education” section and social media accounts (they use Twitter and Facebook), consumers are greeted with multiple entreaties: to pay their bills on time every time, to pay in full regularly, to keep their credit to debt ratio low, to monitor their credit scores, and to educate themselves about the many facets of debt and money management. In this regard, Capital Bank takes consumer education seriously.

In addition, the new web site is mobile friendly. It’s easy to open a new account in four steps with any of your mobile devices, from tablet to smartphone. Along with the push for easier mobile access, the company is also making strides in being a green company. They are locally Green Business Certified by Montgomery County in Maryland, and as one small part of their certification all disclosures and monthly statements will arrive to you electronically. And Open Sky makes it easy for you not to miss a payment with their automatic monthly payment option.

A few things to keep in mind: if you prefer to receive a monthly paper statement, it will cost you $3.00 per statement. Also, Capital Bank does not currently offer an unsecured credit card, so once your credit score and history has improved you’ll need to shop around to find a new card.

Do you Qualify?

In line with their purpose to help those with bad credit or no credit, Open Sky will not check your credit history during the application process. Also, a checking account is not required, but certainly comes in handy if you want to participate in monthly automatic payments. To be considered, you will need to supply your annual income, monthly expenses, and identifying information.

Do they Report to the 3 Major Credit Bureaus?


What is the Credit Limit?

Your credit limit equals your security deposit amount, and can initially range from $200 to $3000. The funds can be sent to Open Sky in four different ways: ACH, wire transfer, Western Union, personal check or money order. And while it’s not easily found on the site at the time of this writing, Open Sky representatives confirmed that, after four months, you can request a new credit limit of up to $,5000.

Open Sky Secured Visa Credit Card - Credit Line of $200-$5,000*You’ll have to go through the approval process again and, of course, you’ll need the additional funds for the security deposit. After the first year, credit decreases can also be requested.

Is there an Interest Bearing Savings Account?

No. When you open the account for the Open Sky Secured Visa, a so-called pledged deposit account is also opened to hold your security deposit. However, this account does not earn interest. Deposits and withdrawals can only be made to increase or reduce your credit limit (watch out for the associated fees after the first year), and Open Sky can use the money to pay your bill if you fail to pay. The deposit is refunded within four to six weeks when the account is closed.

What is the Interest Rate?

Among secured credit cards, the 17.5 percent interest rate for the Open Sky is competitive. But be aware that it is tied to the Prime Rate, meaning that it varies with the market; in other words, if the Prime Rate goes up or down, so does your interest rate. The interest you pay is 14.25 percent plus the highest Prime US Rate as published in The Wall Street Journal on the 3rd Friday of the last calendar month before the beginning of the applicable billing cycle.

Cash advances and balance transfers have the same interest rate, currently at 17.5 percent, and are calculated the same way as the purchase interest rate. However, unlike purchases, cash advances and balance transfers begin charging interest on the day the transaction is completed.


The penalty rate is currently 21.5 percent, and like the other interest rates are tied to the Prime Rate and varies with the market. This rate applies when you make a late payment and is indefinite unless you make six consecutive on-time minimum payments.

Due Date and Payments

The due date is at least 25 days after the close of a billing cycle. As long as purchases are paid in full then interest is not charged. But even paying the minimum due, while keeping your account current, will cause interest to be charged.

Cash Advances and Account Checks

If you’re in desperate need of cash, the cash advance minimum is $20, though it can be no more than 50 percent of your credit limit. And in order to qualify for statement checks, which are treated like a cash advance, you must meet these criteria: have a credit limit greater than $500.00, a current account, and not have been 30 days late in making a minimum payment since opening your account.

Are there any Fees?

A number of fees are associated with this account and most are treated as cash advances, meaning they start charging interest the day a purchase is made. The exception is the annual fee, which is treated as a purchase and won’t include interest charges unless it’s not paid in full by the due date. All fees do reduce your credit availability. Here’s a quick run-down of the fees:

Amount DepositedInterest Earned in One Year
Annual$ 29
Balance Transfers5% of each transfer
Cash Advance5% of each advance
Credit Limit Increase or Decrease$ 25, waived the first year
Foreign Transaction3% of each transaction
Late PaymentUp to $ 20
Returned PaymentUp to $ 25, but not charged if a late payment is charged and never more than the minimum payment due
Monthly Paper Statement$ 3 per statement
Authorized User Fee$ 30 one time
Expedited Shipping Fee of Card$ 50
Expedited Pay by Phone$ 10
Document Retrieval Fee$ 5
Authorized User

The Capital Bank Open Sky Secured Visa allows for authorized users on the account. However, the account holder is responsible for all the transactions made by the authorized user, and it is their credit score and history that will be affected by late payments and other negative behavior. And in the terms & conditions of this card, the responsibility to get all cards and checks from the user rests solely on you. So, while not usually in your best interest to have an authorized user on a Secured Card, if you must, do so with great caution.


Card Issued by: Capital Bank N.A. of Rockville, MD

All information in this review is based on information found in the Terms and Conditions document dated December 2014 and accessed online February 2015.
Always contact the issuer for updates to any information.

Phone Numbers and Contact Information:

855-763-OPEN for application and deposit questions
800-859-6412 for credit card questions or to report card lost

For Customer Support Inquiries:
8:30 am – 5:00 pm EST

If you are interested in getting the Open Sky Secured Visa credit card, simply click on this link to apply or click on the Apply Now button.

Shane Tripcony



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