Kudos has partnered with CardRatings and Red Ventures for our coverage of credit card products. Kudos, CardRatings, and Red Ventures may receive a commission from card issuers. Kudos may receive commission from card issuers. Some of the card offers that appear on Kudos are from advertisers and may impact how and where card products appear on the site. Kudos tries to include as many card companies and offers as we are aware of, including offers from issuers that don't pay us, but we may not cover all card companies or all available card offers. You don't have to use our links, but we're grateful when you do!
OpenSky® Launch Secured Visa® Credit Card Review: Your Path to Better Credit
What Is the OpenSky® Launch Secured Visa® Credit Card?
The OpenSky® Launch Secured Visa® Credit Card stands out in the secured credit card market as a unique option for those looking to build or rebuild their credit history. What makes this card particularly appealing is its accessibility – you can apply without a credit check, making it an excellent choice for those with damaged or no credit history.
The card requires a minimum security deposit of $100, which is fully refundable and determines your credit line. This deposit serves as collateral and helps protect both you and the lender while you work on building your creditworthiness. Your payment history and account activity are reported to all three major credit reporting agencies: Experian, Equifax, and TransUnion, helping you establish a solid credit foundation.
OpenSky® Launch Secured Visa® Pros and Cons
Pros:
- Low minimum security deposit of $100
- No credit check required for application
- Reports to all three major credit reporting agencies
- Flexible payment due dates
- Compatible with mobile wallet options (Apple Pay, Samsung Pay, and Google Pay)
- Free FICO score access
- Quick mobile application process
Cons:
- Annual fee ($24 first year, then $36)
- High APR of 29.24% Variable
- No rewards program
- 3% foreign transaction fee
- Security deposit required
Who Is the OpenSky® Launch Secured Visa® Credit Card For?
This card is ideally suited for several types of consumers:
- Credit Beginners: If you're just starting your credit journey and have no credit history, this card offers an accessible entry point.
- Credit Rebuilders: For those working to rebuild after credit challenges, the no-credit-check feature is particularly valuable.
- Recent Graduates: Young adults looking to establish credit can benefit from the card's credit-building features and educational resources.
- Financial Recovery: People recovering from bankruptcy or other financial setbacks will find the card's acceptance rates and credit-building tools helpful.
Comparing the OpenSky® Launch Secured Visa® With Other Credit Cards
When compared to other secured credit cards, the OpenSky® Launch Secured Visa® offers several distinctive features:
Security Deposit and Credit Line
The $100 minimum deposit is lower than many competitors, who often require $200 or more. Your credit line matches your security deposit, which is standard in the industry.
Application Process
Unlike many secured cards, OpenSky® doesn't require a credit check, making approval more accessible. The mobile application process takes less than 5 minutes, and you receive an instant decision.
Credit Building Potential
The card reports to all three credit reporting agencies, which is crucial for building credit. According to OpenSky, about 66% of cardholders increase their credit score by an average of 41 points within three months.
Consider Using Kudos
While the OpenSky® Launch Secured Visa® Credit Card is an excellent tool for building credit, maximizing its benefits requires smart management. This is where Kudos comes in – a free AI-powered browser extension that helps you optimize your credit card usage.
If you're looking to get more out of your credit cards, Kudos is the best free shopping app to use when you shop online. They're currently offering $20 back after your first eligible purchase — just sign-up for free with code "GET20" and make a purchase at a Boost merchant.
Our Expert Takeaway
The OpenSky® Launch Secured Visa® Credit Card serves its primary purpose well – helping people build or rebuild their credit. While it comes with some fees and lacks rewards, its accessibility and credit-building features make it a solid choice for those who might not qualify for other cards.
OpenSky® Launch Secured Visa® Credit Card FAQ
How does the security deposit work?
The security deposit is fully refundable and sets your credit limit. You can deposit anywhere from $100 to $3,000, and this amount becomes your available credit line.
What credit score do I need to get approved?
No minimum credit score is required since there's no credit check for approval. However, you must meet income and ability-to-pay requirements.
Can I increase my credit limit?
Yes, you can increase your credit limit by adding to your security deposit, subject to approval.
How long does it take to get approved?
The application process takes less than 5 minutes, and you receive an instant decision.
Does OpenSky report to all credit bureaus?
Yes, OpenSky reports to all three major credit reporting agencies: Experian, Equifax, and TransUnion.
Can I use this card with digital wallets?
Yes, the card is compatible with Apple Pay, Samsung Pay, and Google Pay through your mobile wallet.
Supercharge Your Credit Cards
Experience smarter spending with Kudos and unlock more from your credit cards. Earn $20.00 when you sign up for Kudos with "GET20" and make an eligible Kudos Boost purchase.
Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
