Credit Cards

How To Get Cash From OpenSky Credit Card

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 5 minute read

Capital Bank, headquartered in Maryland, provides a range of deposit and credit products to individuals and business owners, including the OpenSky® Secured Visa® Card, a secured credit card.

OpenSky Secured Visa, like other leading secured credit cards, is aimed at individuals just starting out on the lengthy journey of establishing or repairing credit. OpenSky has lenient underwriting requirements in return for an upfront security deposit that acts as a hard spending cap and is reported regularly to the three main credit reporting agencies. A higher credit limit requires proof of prudent credit use and regular on-time payments.

You should really consider the OpenSky Secured Visa Card if you’ve determined that a secured credit card is what you need to get your credit history back on track. Read on for all the info you need to satisfy its prerequisites:

Important Characteristics

Requirement for an Initial Deposit and Refund

The minimum security deposit for an OpenSky Secured Visa Card is $200. If authorized, you may deposit up to $3,000. If Capital Bank determines that you are financially stable and responsible enough to handle your selected credit limit, then your deposit amount will always be equal to your credit limit. We have placed your funds in a no-interest FDIC-insured bank account.

Capital Bank does not do a credit check before issuing a secured credit card, unlike some other issuers. Your application has a good chance of being accepted if you can verify that you do not currently have an open bankruptcy that has not yet been dismissed and that you also fulfill certain other demographic and financial requirements.

There is currently no unsecured alternative to the OpenSky Secured Visa. You are free to keep this card for as long as you choose, but you will not be automatically upgraded to a non-secured version. It is necessary to cancel your account and pay off any remaining debt in order to get your security deposit. In the event of a delinquent account, Capital Bank may also confiscate your security deposit.

Credit Limits and Expansions

If, at any point after opening your account, you decide you need more borrowing power, you can formally request an increase in your credit limit. If your application is granted, you’ll need to submit a new deposit to ensure that your credit limit remains greater than your security deposit. Your available credit cannot exceed $3,000.

Credit Bureau Reporting

Capital Bank will report your payment history (including any missed payments) to the three main credit reporting bureaus (Experian, Equifax, and TransUnion) on a monthly basis. There is a chance that your credit score will improve over time if you stick well inside your credit limit and make all of your monthly payments on time.

Regular APR

From account opening, the variable purchase and cash advance APR will be 17.39%. No balance transfers will be accepted. There is zero annual percentage rate (APR) penalty.

Important Fees

A $35 yearly charge is assessed. There is a 3% fee for all transactions involving foreign currency. Fees for cash advances are either $6 or 5% of the amount borrowed, whichever is larger.

Credit Required

If you are working on establishing or repairing your credit history, this card may be a good option. You can have trouble being approved if you have an undischarged bankruptcy on your credit report, but other mistakes in your credit history, especially if they are older or less significant, shouldn’t be a problem. A little credit history will not rule you out.


  1. There will be no credit check when you apply. Credit histories are not checked at Capital Bank. When compared to more selective secured credit cards, which do require applicants to submit to credit checks and freely deny applications from those who don’t fulfill their underwriting standards, this is a significant benefit.
  2. Compatible with recent bankruptcies for applicants. Candidates who have recently had a bankruptcy discharge may qualify for the OpenSky Secured Visa Card. Once again, there is a significant advantage over cards that exclude applicants who have had a bankruptcy discharged within the past couple or three years.
  3. Consistently low annual percentage rate. The OpenSky Secured Visa Card features a relatively low continuing APR for a secured credit card, at 17.39% APR (variable) for both purchases and cash advances. There are alternative credit cards with interest rates that exceed 25%.
  4. There is no negative annual percentage rate. OpenSky Secured Visa Cards do not assess penalty interest on overdue amounts. This grace period might save you a few hundred dollars a year in unnecessary interest costs if you periodically miss bill due dates owing to cash flow concerns or unforeseen expenses.
  5. Bandwidths of Credit Requirements Up to $3,000. At its highest, the APR on this card may exceed $3,000. Though not the best in the secured credit card industry, it does provide more options for those with greater incomes and hence larger security deposits.


  1. Fees $35 per year. To maintain your OpenSky Secured Visa Card, there is a $35 yearly cost. That’s not unheard of for secured cards, but it is a drawback compared to the small number of secured choices (such as the Discover it Secured Credit Card) that don’t charge yearly fees and can be a hardship for cardholders who are tight on funds.
  2. There is a disadvantage for applicants who are financially strapped because the minimum first deposit is $200. There is a $200 minimum required to open this card. That might be an issue for debtors who are living paycheque to paycheque. However, with other cards like the Capital One Secured Mastercard, customers may start an account with as little as $49 in initial security deposit.
  3. There are no incentives or raises. There is no points system associated with the OpenSky Secured Visa Card. There are no sign-up or spending incentives. The sole benefit, if you can call it that, is better credit via careful use and regular payback.
  4. There are no Upgrades or Unsecured Options available. Capital Bank does not provide a clear method for consumers to obtain an unsecured credit card. If you’re approved for a secured credit card and later decide you’d want to upgrade to an unsecured credit card, you’ll need to submit a new application. When a customer has used their secured card responsibly for a year or longer, they may be eligible for a non-protected version of the same card from a competitive company.
  5. Includes a 3% fee for all international transactions. Keep in mind that there is a 3% fee for any purchases made outside the United States while using this card. The Discover it® Secured Credit Card, another popular option, does not charge any fees for purchases made in a foreign country.

Bottom Line

While secured credit cards like the OpenSky® Secured Visa® Card may be huge helpers in establishing or repairing a positive credit history, they aren’t the only choice available to consumers who are serious about taking control of their financial futures.

If you can’t come up with the required deposit right away, a non-secured introductory credit card like the Credit One Bank Unsecured Platinum Visa Card may be a better option for you. 

Those who are currently struggling with substantial amounts of debt might benefit more from credit counseling. Disciplined buyers may benefit from self-directed procedures like the debt snowball approach, which involves rolling over smaller, lower-interest loans into larger ones. If you need help deciding which financial choice is best for you, talk to a professional.

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