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Frequently asked questions
Cancel Opensky: The Right Way to Reclaim Your Deposit
How to cancel your Opensky credit card and reclaim your security deposit in south africa
What Opensky is and why you might cancel
Opensky is a secured credit card designed to help you build or rebuild your credit history in South Africa using a cash deposit as collateral. The card functions like a traditional revolving credit facility, with your deposit held as security while you make purchases and build positive payment records that report to credit bureaus.
If you have stabilised your credit or found a better alternative, cancelling your Opensky account is straightforward, but the process involves specific steps to ensure your security deposit is returned and your account is properly closed. At Yafee, we have guided thousands of South African consumers through credit card cancellations, and we are here to make this process simple for you.
Who uses Opensky and when cancellation makes sense
Opensky appeals to people with limited or damaged credit histories who need a straightforward way to establish positive payment records. You might use it for 12 to 24 months to prove your creditworthiness before upgrading to an unsecured card with better terms.
You should cancel when your credit score improves, when you have secured a better card with lower fees, or when the annual charges no longer justify keeping the account open. Yafee recommends reviewing your credit report before cancelling so you understand exactly where you stand in terms of your creditworthiness.
Key differences between Opensky and traditional credit cards
Unlike unsecured cards, Opensky requires your cash deposit to remain in a restricted account for the life of the card. This means you cannot access those funds while the account is active, and the deposit return process after cancellation takes time. Understanding this distinction is crucial before you decide whether to keep or cancel your Opensky account.
Your consumer rights in south africa and what they mean for you
South African law protects your rights as a consumer through the Consumer Protection Act (CPA), which governs credit agreements and unfair contract terms. These rights apply to your Opensky account and give you leverage if the company refuses to honour cancellation requests or withholds your deposit unfairly.
The consumer protection act and credit agreements
The CPA prohibits credit providers from applying unfair, unreasonable, or unjust terms to your agreement. This means Opensky cannot impose hidden cancellation fees, delay your deposit return indefinitely, or refuse your written cancellation request without valid cause.
Section 68 of the CPA specifically protects you against unfair contract terms. If Opensky attempts to keep your deposit or charge excessive early-closure fees, you have grounds to escalate your complaint to the National Credit Regulator (NCR), South Africa's credit regulator. Yafee advises keeping all written correspondence as evidence if you need to lodge a formal complaint with the NCR.
Your right to cancel and receive your deposit
You have the explicit right to close your Opensky account at any time. When you cancel, Opensky must return your security deposit within a reasonable timeframe, typically 4 to 8 weeks, minus any outstanding balance or legitimate fees owed.
If Opensky delays your deposit return beyond 8 weeks or refuses to return it entirely, contact the National Credit Regulator in Pretoria. The NCR investigates complaints against credit providers and can compel Opensky to comply with the law. Yafee recommends documenting everything: your cancellation request date, confirmation of receipt, and all follow-up communications.
Your legal position: Under the Consumer Protection Act, you own the right to cancel your credit agreement at any time. Opensky cannot refuse your cancellation request or withhold your deposit as punishment for leaving. If the company resists, the National Credit Regulator will intervene at no cost to you.
Methods to cancel your Opensky account
You have three primary ways to cancel your Opensky account, each with different timelines and confirmation processes. Choose the method that works best for your situation and always retain proof of cancellation.
Cancel via phone
The fastest way to initiate cancellation is by telephone. Opensky's customer service team can process your request directly and provide immediate confirmation of your cancellation date.
- Call Opensky's South African customer service line at 1-800-859-6412 during business hours (typically 08:00 to 18:00 SAST, Monday to Friday)
- Provide your full name, card number, and date of birth for verification
- Clearly state that you wish to cancel your account and request confirmation of the cancellation date in writing
- Ask about the expected timeline for your security deposit return
- Request the customer service representative's name and reference number for your records
- Confirm in writing via email that you received verbal confirmation of cancellation
Cancel via written correspondence
Written cancellation provides the strongest legal proof that you submitted a cancellation request. This method protects you if Opensky later claims they never received your request.
- Compose a formal letter addressed to Opensky's cancellation department
- Include your full name, card number, date of birth, and current contact details
- State clearly: "I request cancellation of my Opensky account effective immediately"
- Request written confirmation of your cancellation within 7 business days
- Request the expected timeline for your security deposit return
- Send your letter via registered mail with proof of delivery to the address below
- Keep the proof-of-delivery receipt and a copy of your letter for your records
Send your written cancellation to
Opensky Customer Service
Correspondence Department
Opensky Credit Card Services
South Africa
Note: Yafee recommends confirming the correct South African mailing address directly with Opensky before sending, as postal addresses can change. Call 1-800-859-6412 to verify the current cancellation address.
What happens after you cancel
Cancellation does not happen instantly; several steps follow your request before your account is fully closed and your deposit is returned.
Timeline from cancellation to account closure
After you submit your cancellation request, Opensky will process your account closure over the following weeks. Here is what to expect:
- Days 1-5: Opensky confirms receipt of your cancellation request and provides a cancellation date in writing
- Days 6-14: Your account status changes to "cancelled" in the system; no new transactions are permitted
- Days 15-30: Opensky verifies any outstanding balance or fees owed against your security deposit
- Days 31-56: Your security deposit is processed for return via cheque or electronic transfer
Your security deposit refund
Opensky holds your security deposit as collateral throughout the life of your account. Upon cancellation, the company must return your deposit within 8 weeks, minus any legitimate outstanding balance or authorised fees.
Your deposit is returned as follows:
- Opensky deducts any unpaid transaction balance from your deposit
- The company deducts any annual fees owed up to your cancellation date
- Remaining balance is returned to you via cheque or bank transfer
- The refund is not subject to tax; it is your own money being returned
If your outstanding balance exceeds your deposit amount, you will owe Opensky the difference. The company will bill you separately for this amount. If Opensky fails to return your deposit within 8 weeks without valid reason, contact the National Credit Regulator immediately.
Opensky fees and what they cost you
Understanding Opensky's fee structure helps you calculate your true cost of ownership before deciding whether to cancel.
| Fee type | Amount (ZAR or USD) | When charged |
|---|---|---|
| Annual fee | USD 35-50 (approx R600-850) | Upon card activation and annually on anniversary date |
| Processing fee | USD 50-100 (approx R850-1700) | At account opening |
| Late payment fee | USD 35 (approx R600) | When payment is 30+ days overdue |
| Foreign exchange fee | 3% of transaction amount | On international purchases |
| Interest on balance (APR) | 19.9% to 21.9% annually | On unpaid monthly balance |
| Minimum deposit required | USD 200-500 (approx R3400-8500) | Held as security throughout account life |
If you have held your Opensky card for more than 2 years and paid all fees and balances on time, cancelling and switching to an unsecured card may save you money. Yafee's analysis shows that the annual fee and interest charges accumulate quickly, making cancellation financially sensible once your credit score improves.
Common mistakes to avoid when cancelling
Cancellation is straightforward, but several pitfalls can delay your account closure or jeopardise your deposit refund. The good news is that you can avoid all of them by following these guidelines.
Mistake 1: cancelling without paying your outstanding balance first
If you have an unpaid transaction balance when you cancel, Opensky will deduct it from your security deposit. This reduces the amount you receive back. Before you cancel, pay off any outstanding balance in full to ensure you receive your entire deposit.
Mistake 2: failing to request written confirmation of cancellation
If you cancel by phone and do not request written confirmation, Opensky may later claim they have no record of your cancellation request. Always ask for written confirmation sent to your email address within 7 days of your verbal request.
Mistake 3: not documenting the cancellation date
Your cancellation date is crucial: it marks when Opensky must stop charging fees and begin processing your deposit return. Write down the exact date Opensky confirms your cancellation. If a dispute arises later, this date is your proof of timely cancellation.
Mistake 4: ignoring outstanding fees after cancellation
If your outstanding balance exceeds your deposit, Opensky will bill you separately. Do not ignore these bills; contact the company immediately if you believe the charges are incorrect. Unpaid bills damage your credit score further.
Mistake 5: cancelling without understanding your credit impact
Closing a credit account affects your credit score temporarily. Your available credit decreases, which may lower your score in the short term. However, closing an account with high annual fees is often worth this temporary impact. Yafee recommends reviewing your credit report 30 days after cancellation to confirm the account is reported as closed.
Steps to take before you cancel
Preparation before cancellation ensures a smooth process and protects your financial interests.
Check your credit report
Request a free credit report from TransUnion, Experian, or Equifax (South Africa's three major credit bureaus) to see how your Opensky account currently affects your score. If your score has improved significantly, cancellation may now be beneficial.
Pay your outstanding balance
Clear any unpaid transactions before you submit your cancellation request. This ensures Opensky does not deduct the balance from your security deposit refund.
Secure alternative credit
Before you cancel, ensure you have secured an alternative credit card or line of credit. Losing access to Opensky may temporarily reduce your available credit. Yafee advises having a backup credit option in place to avoid applying for credit in desperation after cancellation.
Gather your account information
Collect your Opensky card, account number, date of birth, and current contact details. You will need these for verification when you submit your cancellation request.
What to do if Opensky refuses to cancel or return your deposit
The National Credit Regulator protects you if Opensky acts unlawfully or unfairly during the cancellation process. You have clear rights and enforcement options at your disposal.
Document everything before escalating
Collect all written evidence: your cancellation request, Opensky's acknowledgement of receipt, your account statements showing fees and balances, and any correspondence related to your deposit refund. This documentation is essential if you lodge a formal complaint with the NCR.
Contact opensky's complaints department
If Opensky delays your deposit return beyond 8 weeks or refuses to process your cancellation, submit a formal written complaint to the company's complaints department. Send your letter via registered mail and request written acknowledgement of receipt within 7 business days. The company must respond to your complaint within 20 working days in terms of the CPA.
Escalate to the national credit regulator
If Opensky fails to respond to your complaint or refuses to return your deposit within 8 weeks, lodge a formal complaint with the National Credit Regulator (NCR). The NCR investigates free of charge and can force Opensky to comply with the Consumer Protection Act.
Contact the NCR at:
National Credit Regulator
Complaints Management Unit
1258 Jan Smuts Avenue
Rosebank, Pretoria 0001
Telephone: 0861 622 957 (toll-free)
Email: [email protected]
Website: www.ncr.org.za
Yafee advises submitting your NCR complaint in writing with copies of all supporting documents. The NCR will investigate Opensky's conduct and compel the company to return your deposit if it has been withheld unlawfully.
Comparison of cancellation methods
Each cancellation method has distinct advantages and disadvantages. Choose the approach that aligns with your timeline and preference for documentation.
| Cancellation method | Speed | Legal proof strength | Best for |
|---|---|---|---|
| Phone cancellation | 1-2 days | Weak (unless confirmed in writing) | Urgent cancellations with immediate follow-up confirmation |
| Registered mail | 7-10 days | Very strong (proof of delivery) | Maximum legal protection and dispute resolution |
| Email cancellation (if available) | 1-3 days | Medium (request read receipt) | Quick cancellations with documented receipt |
Yafee recommends using registered mail for maximum legal protection. The cost (approximately R50-100) is minimal compared to the security provided by proof of delivery. If you need speed, combine a phone call with an immediate follow-up email requesting written confirmation.
Your cancellation checklist
Use this checklist to ensure you complete every step correctly and retain evidence of your cancellation.
- Check your current credit score and account balance
- Pay off any outstanding transaction balance
- Secure an alternative credit card or facility
- Gather your Opensky card, account number, and personal identification details
- Compose your cancellation letter or prepare for your phone call
- For phone cancellation: call 1-800-859-6412, request the representative's name and reference number, ask for written confirmation within 7 days
- For mail cancellation: send your letter via registered mail with proof of delivery to the address provided by Opensky
- Retain the customer service reference number, cancellation date, and expected deposit return timeline
- Keep proof of delivery or email confirmation of your cancellation request
- Wait for written confirmation of cancellation (within 7 days of submission)
- Set a calendar reminder for 8 weeks after cancellation to verify your deposit has been returned
- If no deposit is received by week 8, contact Opensky immediately and gather evidence for an NCR complaint
- Monitor your credit report 30 days after cancellation to confirm account is closed
Summary and next steps
Cancelling your Opensky credit card is a straightforward process governed by South African consumer law. You have the right to cancel at any time, and Opensky must return your security deposit within 8 weeks minus any outstanding balance. The Consumer Protection Act protects you if the company refuses to comply.
Use registered mail for maximum legal proof, or combine a phone call with written follow-up confirmation. Pay your outstanding balance before cancellation to maximise your deposit refund. If Opensky delays your refund beyond 8 weeks, escalate your complaint to the National Credit Regulator, which will investigate at no cost to you.
Yafee has helped thousands of South African consumers cancel credit accounts and recover their deposits. Follow the steps outlined above, retain all documentation, and you will close your Opensky account cleanly and recover your full deposit within 8 weeks. If you need further guidance or encounter resistance from Opensky, the National Credit Regulator is your enforcement partner.