Capital Bank Secured Credit Card Review

For consumers trying to establish credit or rebuild bad credit, a secured credit card offers the opportunity to show positive activity on an open revolving credit line. Most major banks offer secured cards. However, they also check your credit report and will generally turn you down if your credit score is too low.

If you are looking for a secured credit card that does not require a credit check for approval, reports to all three major credit agencies, and that will not bombard you with fees, then the Capital Bank Open Sky Secured Visa credit card may be the card for you.


The Capital Bank Open Sky Secured Visa is just like any other Visa card. Since Visa is the world's largest retail electronic payments network, the card is accepted at millions of merchant outlets and ATMs in more than 200 countries and territories worldwide.


Capital Bank will not check your credit report as part of the application process. Since the card is secured by a deposit, approval restrictions are minimal. You must be 18 years old, you must reside in the United States and have a valid Social Security number, the bank must be able to verify your identity, and you must be able to fund your security deposit.

Security deposit

All secured cards require the cardholder to deposit money into a savings account. To receive their Open Sky Secured Visa, you must deposit a minimum of $200 into a Capital Bank FDIC insured deposit account.

Funding options

Capital Bank offers four ways to fund your security deposit: wire transfer; Western Union; ACH transfer; or check or money order submitted by mail.

Credit limit

Your available credit limit is determined by the amount of your security deposit. You can deposit the minimum $200, or up to $3,000. Your credit limit matches your deposit dollar-for-dollar. You may periodically increase your credit limit by adding funds to your deposit, up to a maximum of $5,000. Credit line increases are subject to review, though. Also, during your first year with Capital credit increases do not incur a charge, but after that there is a $25 fee.

Interest rate

Capital Bank offers a low variable annual percentage rate of prime plus 14.25 percent (currently 17.50 percent).


The Capital Bank Open Sky Secured Visa charges no enrollment fees and no monthly maintenance fees. There is a $29 annual fee.


If you want to build or rebuild your credit, you need your prompt payments reported to the credit bureaus. Capital Bank reports every month to the three major credit reporting agencies: Equifax, Experian, and TransUnion. Reliable reporting to all three bureaus is an essential feature of a credit-building card. You should see card activity on your credit report 30 days after the end of your first statement cycle. Also, the card reports like any standard card. There is nothing to indicate that the card is secured.

Additional benefits

The Capital Bank Open Sky Secured Visa offers several additional features not generally found in cards targeting credit builders, such as 24/7 online account access and a $0 fraud liability guarantee. The card also offers free Visa rewards, including automatic auto rental insurance, travel and emergency assistance, and emergency card replacement.

The bottom line:

If you need a secured credit card to help you build or rebuild your credit, the Capital Bank Open Sky Secured Visa card is hard to beat. To build your credit, you absolutely must make timely payments on an open revolving account. This card reports dutifully to the credit agencies, is easy to get, has no enrollment or monthly fees, and offers many more benefits than most cards that target the sub-prime market. Get this card and use it wisely, and you will soon have your pick of cards.

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