OpenSky® Launch Secured Visa® Credit Card
MoneyAtlas
Rating
Introductory Annual Fee
$24 during the first year, paid in installments of $2 per month.
Ongoing Annual Fee
$24 for the first year, then $36 thereafter
Cash Advance Fee
5%, Min: $6
Foreign Exchange Fee
3%
Late Payment Fee
Up to $41
Ongoing Purchases APR
28.99%* Variable
Ongoing Cash Advance APR
28.99%* Variable
Credit Score Needed
Pros
Lowest entry barrier among OpenSky cards: Requires only a $100 refundable security deposit
Real-time credit monitoring: Provides free monthly FICO score access through its mobile app
Tri-bureau monthly reporting: OpenSky reports payments to Equifax, Experian, and TransUnion monthly
Cons
Annual fee escalator: Charges $24 in the first year, then jumps to $36 annually
Foreign transaction fees: Imposes a 3% foreign transaction fee on purchases abroad
Late payment fees: Charges up to $41 for late payments
