Both cards are secured credit cards aimed at building or rebuilding credit. OpenSky’s Secured Visa and Capital One’s Platinum Secured (Mastercard) require a cash deposit and report activity to credit bureaus, helping s improve their credit with responsible use. Neither card requires a credit score to apply. OpenSky is notable for letting applicants without bank s or credit checks qualify, while the Capital One card is designed for rebuilding credit with a very low deposit option. 4o1p2f
Fees and Deposit Requirements 555u16
- Security Deposit: Capital One’s card lets qualified applicants open a $200 credit line with a deposit as low as $49, and deposits of $99 or $200 are also possible. You can add funds later (in increments of $20) to raise your credit line up to $1,000. OpenSky’s Secured Visa requires a $200 minimum deposit (refundable) to set your credit line, up to $3,000. (OpenSky also offers a $100 minimum “Launch” version and a $300 minimum “Plus” version, but the main Secured Visa is $200.)
- Annual Fees: Capital One’s Platinum Secured card has no annual fee. The OpenSky Secured Visa charges a $35 annual fee. (OpenSky’s Launch card has a $24 annual fee first year, and the newer Plus card has no fee, but OpenSky’s standard Secured Visa fee is $35.)
- Other Fees: Capital One’s card has no foreign transaction fee and no hidden fees. OpenSky’s Secured Visa has no annual fee on its Plus version, but the standard card carries fees as noted. Both cards require the security deposit to be maintained in your . (Capital One lets you pay the deposit over 35 days in installments; OpenSky accepts deposits via wire, money order, etc.)
APR and Credit 1f516w
- Purchase APR: The OpenSky Secured Visa carries about a 24.64% variable APR. Capital One’s Platinum Secured has a higher 29.74% variable APR. Both are typical high APRs for secured cards. (Neither card offers a 0% intro rate or rewards on the Secured/Platinum version.)
- Credit : Neither card has an intro APR offer. Both cards apply your payments to principal and interest in the usual way. Capital One’s card requires a minimum payment (typically around $25), while OpenSky notes a minimum payment as low as $10. Interest rates on cash advances or late payments will be similarly high.
Credit-Building and Reports 566t6k
Both cards report to all three major credit bureaus (Experian, TransUnion and Equifax) each month. Timely payments and low balances help boost your score over time. For example, OpenSky reports that about 2 out of 3 cardholders see an average 47-point boost after 6 months of on-time payments. Capital One similarly emphasizes that with responsible use, its secured card “may help you build credit and improve your credit scores”. Reporting is typically done shortly after each billing period closes. Neither card checks your credit when applying (no hard pull), so approval chances are high even with poor or no credit.
OpenSky specifically notes that it reports your credit limit, balance and payment history to all three bureaus every month, so your activity is consistently tracked by all agencies. Capital One’s policy is similar – it reports all secured activity to the bureaus. Both issuers allow you to monitor your credit: Capital One offers free CreditWise monitoring, and OpenSky provides free FICO® score access in its app.
Upgrade Potential 3r2o5s
With both cards, making on-time payments may eventually let you move toward an unsecured (regular) credit card. Capital One has an explicit upgrade path: after demonstrating responsible use, you “could earn back your deposit and a standard, unsecured Platinum card.” This means your security deposit is refunded (as a statement credit) when the issuer converts you to a regular card. Capital One reviews s periodically (often around 6 months), and if you’ve been timely, you may get a higher credit line or an offer to upgrade without putting down more cash.
OpenSky’s Secured Visa doesn’t guarantee a full upgrade, but it does allow periodic credit limit increases. OpenSky may review your after six consecutive on-time payments and make a portion of your credit line unsecured. In any case, you can raise your OpenSky credit limit by adding more to your deposit at any time. (All these features are done on OpenSky’s end; you can’t apply formally for a higher limit – it’s based on your payment history.) If you eventually close an OpenSky in good standing, your deposit is refunded.
Pros and Cons 591s56
- OpenSky Secured Visa – Pros: Accepts applicants with no bank or credit check, reports to all bureaus, offers up to 10% cash back on purchases, and provides free credit tools. Cons: $35 annual fee, higher minimum deposit ($200), and very high APR (around 24-25%). s have praised its easy approval and credit reporting, but note the fee and slower upgrades.
- Capital One Secured Mastercard (Platinum) – Pros: $0 annual fee, low minimum deposit (as little as $49 for a $200 line), and flexible deposit options. No credit card rewards are offered, but it has no hidden fees and no foreign transaction fee. It also provides free CreditWise monitoring and easy upgrade opportunities. Cons: Very high APR (29.74%), and no cash back or travel rewards. Some s note that reaching the unsecured upgrade can still take time, and the credit line grows only slowly.
Which Card Is Better for You? 10283t
- Budget-conscious / low-fee: If you want to minimize cost, Capital One is likely better. Its Platinum Secured card has no annual fee and allows a very low initial deposit. You also avoid foreign transaction fees and get free tools.
- High APR vs. Lower APR: OpenSky’s lower 24.64% APR may save you a bit if you can’t pay in full each month, versus Capital One’s 29.74%.
- Rewards: OpenSky (including its Launch/Plus cards) offers up to 10% cash back on select purchases, whereas Capital One’s secured card offers no rewards. If small cash back is important, OpenSky is appealing.
- Bank / accessibility: If you don’t have a bank , OpenSky is tailored for you: it requires no bank link and accepts deposits by money order or wire. Capital One requires an electronic deposit (or mailed check) but you do need a way to fund it.
- Upgrade path: Both cards can graduate you to an unsecured card after good use. Capital One’s path is clearer — you can earn back your deposit and get the Platinum Credit Card. OpenSky may raise your limit after ~6 months, but full unsecured upgrades are less guaranteed.
Ultimately, Capital One’s secured card tends to be best for new credit builders who want low costs and an eventual upgrade path, while OpenSky Secured Visa suits those without bank s or credit checks who can pay a higher fee but may gain rewards and a lower APR. Both will report your activity to all three bureaus, so consistent on-time payments on either card can help you rebuild or build credit effectively.
Key features at a glance:
- Annual fee: $0 for Capital One vs $35 for OpenSky.
- Minimum deposit: $49 (for $200 limit) with Capital One vs $200 with OpenSky.
- Rewards: None for Capital One; up to 10% cash back for OpenSky.
- APR: ~29.74% variable for Capital One; ~24.64% variable for OpenSky.
- Credit bureau reporting: Both report monthly to Experian, Equifax, and TransUnion.
Each card has trade-offs, so choose the one that aligns with your needs: no fees and low deposit (Capital One) vs. easier approval (no bank ) and cash-back (OpenSky).
