The OpenSky card does not have purchase protection. In fact, purchase protection has never been a OpenSky benefit, since Capital Bank has always opted to put other perks on this card. This is pretty common, unfortunately. Only around half of the major credit card issuers still offer purchase protection on at least one of their credit cards.
Although the OpenSky card doesn’t have purchase protection, applying could still make a lot of sense in the right situation. The OpenSky card has zero liability protection and it reports monthly to the credit bureaus. It also has an annual fee of $35. All in all, the OpenSky card is a good card for people who need to build or rebuild credit.
If you’re set on finding a good credit card for purchase protection, consider checking out the Chase Freedom Flex℠ or the Chase Sapphire Reserve®. Both credit cards have great purchase protection coverage, according to the most recent WalletHub purchase protection study.
It can take up to 50 business days to get your OpenSky credit card deposit refunded. That is normal for secured card cards since they want to make sure you don't have any auto pays that attempt to charge after closure.
You can get a cash advance with your OpenSky card at any ATM that accepts Visa. That is virtually any ATM in the world, as the Visa network benefits from extensive worldwide acceptance. Keep in mind that you’ll need a PIN to get an OpenSky cash advance from an ATM. If you haven’t received a PIN with your card, call the number on the back of your card to request one. Alternatively, you can visit a bank that display the Visa logo and ask a teller for a cash advance. You will need a government-issued photo ID along with your OpenSky card.… read full answer
Here is what you need to know about OpenSky cash advances:
How to get a cash advance: Use your card to get a cash advance from any ATM that accepts Visa. You will need a PIN, so if you haven’t been given one, simply call the number on the back of you card to request it. You can also visit banks that display the Visa logo and ask a teller for a cash advance. Make sure to bring a government-issued photo ID along with your OpenSky card.
Cash advance fee: 5% (min $6) of each cash advance transaction
Cash advance APR: 21.14% (V), with no grace period, accruing immediately.
Cash-like equivalents: Certain transactions or purchases are also treated as cash advances. These include money orders, traveler’s checks, stamps or other instruments convertible to cash.
Cash advance limits: Cash advance amounts may not be less than $20 and the outstanding balance of cash advances cannot exceed 50% of your credit limit.
As you can see, cash advances are extremely expensive, so it’s best to reserve them for emergencies.
It takes 1-3 months for OpenSky to improve your credit score, depending on how you manage the account. Nearly 50% of OpenSky cardholders who pay their bill on time in the first 3 months see credit score improvement of 30 points or more, according to the company.
There are a number of ways you can possibly improve your credit score in just a matter of weeks. For example, you could successfully dispute errors on your credit report, pay down credit card debt, or pay off collection accounts. Each of those steps could remove negative information from your credit report or add some positive info, either of which may benefit your credit score.
Simply paying your monthly bills on time will help, too, though a single on-time payment probably won’t improve your score very much. You need to consistently pay on time.
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