Home Equity Credit Cards?

12-20-2005, 08:28 PM

For people who don't already have $100,000 limits on their existing credit
cards, are there any home equity lines of credit that are tied to MasterCard
or Visa instead of to checks?
This would allow you to credit card protections on home remodel expenses and
maybe collect massive airline miles, rebates or other perks.

12-20-2005, 08:30 PM

On Sat, 10 Dec 2005 11:11:07 -0800, "Rex" <rex@nomail.com> wrote:
[color=blue]
>For people who don't already have $100,000 limits on their existing credit
>cards, are there any home equity lines of credit that are tied to MasterCard
>or Visa instead of to checks?
>This would allow you to credit card protections on home remodel expenses and
>maybe collect massive airline miles, rebates or other perks.
>[/color]

I have one that works that way. I don't know if there are any perks
associated with the card though. I never used it.

12-20-2005, 08:30 PM

On Sat, 10 Dec 2005 11:11:07 -0800, "Rex" <rex@nomail.com> wrote:

:For people who don't already have $100,000 limits on their existing credit
:cards, are there any home equity lines of credit that are tied to MasterCard
:or Visa instead of to checks?
:This would allow you to credit card protections on home remodel expenses and
:maybe collect massive airline miles, rebates or other perks.
:
I just secured a HELOC and they issued me a VISA credit card with ATM
privileges, checks and the ability to call my branch manager (the loan
officer) and have funds transferred from my other accounts to cover
HELOC expensing. I haven't used it yet and may never, but the terms were
so good I couldn't pass it up - no upfront costs, no cancellation costs.
I will only for it if I use it, the adjustable APR rate current. There's
a $100 minimum on any usage of the HELOC or else there's an additional
2% interest. I'm told that this is to discourage usage of the account
(and especially the credit card, I figure) for other than home repair
expensing.

Whatever advantages you'd get in rebates and airline miles would be more
than offset by the interest, obviously. However, I suppose it's true
that you'd get some credit card protections.

12-20-2005, 08:31 PM

"Dan_Musicant" <man@privacy.net> wrote in message
news:934op1hn362j2fp5platigf3k691bnrasl@4ax.com...[color=blue]
> On Sat, 10 Dec 2005 11:11:07 -0800, "Rex" <rex@nomail.com> wrote:
>
> :For people who don't already have $100,000 limits on their existing
> credit
> :cards, are there any home equity lines of credit that are tied to
> MasterCard
> :or Visa instead of to checks?
> :This would allow you to credit card protections on home remodel expenses
> and
> :maybe collect massive airline miles, rebates or other perks.
> :
> I just secured a HELOC and they issued me a VISA credit card with ATM
> privileges, checks and the ability to call my branch manager (the loan
> officer) and have funds transferred from my other accounts to cover
> HELOC expensing. I haven't used it yet and may never, but the terms were
> so good I couldn't pass it up - no upfront costs, no cancellation costs.
> I will only for it if I use it, the adjustable APR rate current. There's
> a $100 minimum on any usage of the HELOC or else there's an additional
> 2% interest. I'm told that this is to discourage usage of the account
> (and especially the credit card, I figure) for other than home repair
> expensing.
>
> Whatever advantages you'd get in rebates and airline miles would be more
> than offset by the interest, obviously. However, I suppose it's true
> that you'd get some credit card protections.[/color]

If you pay it off a the end of the month, you get the rebates or airline
miles without paying interest.

12-20-2005, 08:49 PM

On Sun, 11 Dec 2005 09:39:55 -0800, "Rex" <rex@nomail.com> wrote:

:
:"Dan_Musicant" <man@privacy.net> wrote in message
:news:934op1hn362j2fp5platigf3k691bnrasl@4ax.com...
:> On Sat, 10 Dec 2005 11:11:07 -0800, "Rex" <rex@nomail.com> wrote:
:>
:> :For people who don't already have $100,000 limits on their existing
:> credit
:> :cards, are there any home equity lines of credit that are tied to
:> MasterCard
:> :or Visa instead of to checks?
:> :This would allow you to credit card protections on home remodel expenses
:> and
:> :maybe collect massive airline miles, rebates or other perks.
:> :
:> I just secured a HELOC and they issued me a VISA credit card with ATM
:> privileges, checks and the ability to call my branch manager (the loan
:> officer) and have funds transferred from my other accounts to cover
:> HELOC expensing. I haven't used it yet and may never, but the terms were
:> so good I couldn't pass it up - no upfront costs, no cancellation costs.
:> I will only for it if I use it, the adjustable APR rate current. There's
:> a $100 minimum on any usage of the HELOC or else there's an additional
:> 2% interest. I'm told that this is to discourage usage of the account
:> (and especially the credit card, I figure) for other than home repair
:> expensing.
:>
:> Whatever advantages you'd get in rebates and airline miles would be more
:> than offset by the interest, obviously. However, I suppose it's true
:> that you'd get some credit card protections.
:
:If you pay it off a the end of the month, you get the rebates or airline
:miles without paying interest.

I don't think that would work with a HELOC. You pay interest when you
use it, period. On a "regular" credit card, yeah, you pay no interest if
you pay immediately. On a HELOC credit card, I'm sure you pay interest
from the day you charge until the day you pay.

12-20-2005, 08:50 PM

"Dan_Musicant" <man@privacy.net> wrote in message
news:pva3q1pu911d26ur1psis8aaf65v5fsd8c@4ax.com...[color=blue]
> On Sun, 11 Dec 2005 09:39:55 -0800, "Rex" <rex@nomail.com> wrote:
>
> :
> :"Dan_Musicant" <man@privacy.net> wrote in message
> :news:934op1hn362j2fp5platigf3k691bnrasl@4ax.com...
> :> On Sat, 10 Dec 2005 11:11:07 -0800, "Rex" <rex@nomail.com> wrote:
> :>
> :> :For people who don't already have $100,000 limits on their existing
> :> credit
> :> :cards, are there any home equity lines of credit that are tied to
> :> MasterCard
> :> :or Visa instead of to checks?
> :> :This would allow you to credit card protections on home remodel
> expenses
> :> and
> :> :maybe collect massive airline miles, rebates or other perks.
> :> :
> :> I just secured a HELOC and they issued me a VISA credit card with ATM
> :> privileges, checks and the ability to call my branch manager (the loan
> :> officer) and have funds transferred from my other accounts to cover
> :> HELOC expensing. I haven't used it yet and may never, but the terms
> were
> :> so good I couldn't pass it up - no upfront costs, no cancellation
> costs.
> :> I will only for it if I use it, the adjustable APR rate current.
> There's
> :> a $100 minimum on any usage of the HELOC or else there's an additional
> :> 2% interest. I'm told that this is to discourage usage of the account
> :> (and especially the credit card, I figure) for other than home repair
> :> expensing.
> :>
> :> Whatever advantages you'd get in rebates and airline miles would be
> more
> :> than offset by the interest, obviously. However, I suppose it's true
> :> that you'd get some credit card protections.
> :
> :If you pay it off a the end of the month, you get the rebates or airline
> :miles without paying interest.
>
> I don't think that would work with a HELOC. You pay interest when you
> use it, period. On a "regular" credit card, yeah, you pay no interest if
> you pay immediately. On a HELOC credit card, I'm sure you pay interest
> from the day you charge until the day you pay.
>[/color]
Well, in that case you could either pay the credit card off immediately
instead of waiting for a bill so there is only a couple days interest or
even prepay the credit card before charging on it and have no interest other
than the interest you lost from where the money had been sitting.

12-20-2005, 09:04 PM

On Sat, 10 Dec 2005 11:11:07 -0800, Rex <rex@nomail.com> wrote:[color=blue]
> For people who don't already have $100,000 limits on their existing credit
> cards, are there any home equity lines of credit that are tied to MasterCard
> or Visa instead of to checks?
> This would allow you to credit card protections on home remodel expenses and
> maybe collect massive airline miles, rebates or other perks.[/color]

I don't think the HELOC cards have any perks (any more so than a debit
card). I got a free HELOC (against paid principal) when refinancing my
mortgage, but just checks and no card so far (even though Visa card rules
are mentioned in closing papers). But even at prime - 0.5%, I can get a
better interest rate (0% to 3.99%) using credit card teaser checks. Or if
it is to be paid it off right away, there is no advantage over using a
credit card.

CarMax would not let me use a credit card (with more than enough limit)
for a used SUV (I was waiting for a check to clear). So I had to go
through the whole car loan process and come back within 3 days to pay it
off with a check at no charge.

darryl · 07-08-2009, 11:16 AM

The best thing you can do is to sit down and do some figuring. Decide whether it's affordable for you and a good deal and idea. Figure out if how high your credit line would be and whether it's truly worth your time and money to have one of these cards. For many people, in this consumer-crazy country, having an extra credit card in their pockets can be dangerous. You need to do what you feel is right for you. Credit Cards provide convenience. There are credit cards for those with bad credit or no credit, as well as for those with great credit. When choosing a credit card consider the membership fees, short term interest rate, whether the interest is permanent or only for a short time and then increases and what you'll be using the credit card for.

Kimberlee Evonne · 09-11-2009, 12:30 PM

The interest rate is the important thing to look at. In most cases a line of credit will have lower interest than a credit card and would be a good place to transfer your debt, but I'm not sure specifically about a home equity line of credit. You could always ask your bank about options.

12-20-2005, 08:28 PM	#1
Rex Posts: n/a	Home Equity Credit Cards? For people who don't already have $100,000 limits on their existing credit cards, are there any home equity lines of credit that are tied to MasterCard or Visa instead of to checks? This would allow you to credit card protections on home remodel expenses and maybe collect massive airline miles, rebates or other perks.

12-20-2005, 08:30 PM	#2
Mort Guffman Posts: n/a	Re: Home Equity Credit Cards? On Sat, 10 Dec 2005 11:11:07 -0800, "Rex" <rex@nomail.com> wrote: [color=blue] >For people who don't already have $100,000 limits on their existing credit >cards, are there any home equity lines of credit that are tied to MasterCard >or Visa instead of to checks? >This would allow you to credit card protections on home remodel expenses and >maybe collect massive airline miles, rebates or other perks. >[/color] I have one that works that way. I don't know if there are any perks associated with the card though. I never used it.

12-20-2005, 08:30 PM	#3
Dan_Musicant Posts: n/a	Re: Home Equity Credit Cards? On Sat, 10 Dec 2005 11:11:07 -0800, "Rex" <rex@nomail.com> wrote: :For people who don't already have $100,000 limits on their existing credit :cards, are there any home equity lines of credit that are tied to MasterCard :or Visa instead of to checks? :This would allow you to credit card protections on home remodel expenses and :maybe collect massive airline miles, rebates or other perks. : I just secured a HELOC and they issued me a VISA credit card with ATM privileges, checks and the ability to call my branch manager (the loan officer) and have funds transferred from my other accounts to cover HELOC expensing. I haven't used it yet and may never, but the terms were so good I couldn't pass it up - no upfront costs, no cancellation costs. I will only for it if I use it, the adjustable APR rate current. There's a $100 minimum on any usage of the HELOC or else there's an additional 2% interest. I'm told that this is to discourage usage of the account (and especially the credit card, I figure) for other than home repair expensing. Whatever advantages you'd get in rebates and airline miles would be more than offset by the interest, obviously. However, I suppose it's true that you'd get some credit card protections.

12-20-2005, 08:31 PM	#4
Rex Posts: n/a	Re: Home Equity Credit Cards? "Dan_Musicant" <man@privacy.net> wrote in message news:934op1hn362j2fp5platigf3k691bnrasl@4ax.com...[color=blue] > On Sat, 10 Dec 2005 11:11:07 -0800, "Rex" <rex@nomail.com> wrote: > > :For people who don't already have $100,000 limits on their existing > credit > :cards, are there any home equity lines of credit that are tied to > MasterCard > :or Visa instead of to checks? > :This would allow you to credit card protections on home remodel expenses > and > :maybe collect massive airline miles, rebates or other perks. > : > I just secured a HELOC and they issued me a VISA credit card with ATM > privileges, checks and the ability to call my branch manager (the loan > officer) and have funds transferred from my other accounts to cover > HELOC expensing. I haven't used it yet and may never, but the terms were > so good I couldn't pass it up - no upfront costs, no cancellation costs. > I will only for it if I use it, the adjustable APR rate current. There's > a $100 minimum on any usage of the HELOC or else there's an additional > 2% interest. I'm told that this is to discourage usage of the account > (and especially the credit card, I figure) for other than home repair > expensing. > > Whatever advantages you'd get in rebates and airline miles would be more > than offset by the interest, obviously. However, I suppose it's true > that you'd get some credit card protections.[/color] If you pay it off a the end of the month, you get the rebates or airline miles without paying interest.

12-20-2005, 08:49 PM	#5
Dan_Musicant Posts: n/a	Re: Home Equity Credit Cards? On Sun, 11 Dec 2005 09:39:55 -0800, "Rex" <rex@nomail.com> wrote: : :"Dan_Musicant" <man@privacy.net> wrote in message :news:934op1hn362j2fp5platigf3k691bnrasl@4ax.com... :> On Sat, 10 Dec 2005 11:11:07 -0800, "Rex" <rex@nomail.com> wrote: :> :> :For people who don't already have $100,000 limits on their existing :> credit :> :cards, are there any home equity lines of credit that are tied to :> MasterCard :> :or Visa instead of to checks? :> :This would allow you to credit card protections on home remodel expenses :> and :> :maybe collect massive airline miles, rebates or other perks. :> : :> I just secured a HELOC and they issued me a VISA credit card with ATM :> privileges, checks and the ability to call my branch manager (the loan :> officer) and have funds transferred from my other accounts to cover :> HELOC expensing. I haven't used it yet and may never, but the terms were :> so good I couldn't pass it up - no upfront costs, no cancellation costs. :> I will only for it if I use it, the adjustable APR rate current. There's :> a $100 minimum on any usage of the HELOC or else there's an additional :> 2% interest. I'm told that this is to discourage usage of the account :> (and especially the credit card, I figure) for other than home repair :> expensing. :> :> Whatever advantages you'd get in rebates and airline miles would be more :> than offset by the interest, obviously. However, I suppose it's true :> that you'd get some credit card protections. : :If you pay it off a the end of the month, you get the rebates or airline :miles without paying interest. I don't think that would work with a HELOC. You pay interest when you use it, period. On a "regular" credit card, yeah, you pay no interest if you pay immediately. On a HELOC credit card, I'm sure you pay interest from the day you charge until the day you pay.

12-20-2005, 08:50 PM	#6
Rex Posts: n/a	Re: Home Equity Credit Cards? "Dan_Musicant" <man@privacy.net> wrote in message news:pva3q1pu911d26ur1psis8aaf65v5fsd8c@4ax.com...[color=blue] > On Sun, 11 Dec 2005 09:39:55 -0800, "Rex" <rex@nomail.com> wrote: > > : > :"Dan_Musicant" <man@privacy.net> wrote in message > :news:934op1hn362j2fp5platigf3k691bnrasl@4ax.com... > :> On Sat, 10 Dec 2005 11:11:07 -0800, "Rex" <rex@nomail.com> wrote: > :> > :> :For people who don't already have $100,000 limits on their existing > :> credit > :> :cards, are there any home equity lines of credit that are tied to > :> MasterCard > :> :or Visa instead of to checks? > :> :This would allow you to credit card protections on home remodel > expenses > :> and > :> :maybe collect massive airline miles, rebates or other perks. > :> : > :> I just secured a HELOC and they issued me a VISA credit card with ATM > :> privileges, checks and the ability to call my branch manager (the loan > :> officer) and have funds transferred from my other accounts to cover > :> HELOC expensing. I haven't used it yet and may never, but the terms > were > :> so good I couldn't pass it up - no upfront costs, no cancellation > costs. > :> I will only for it if I use it, the adjustable APR rate current. > There's > :> a $100 minimum on any usage of the HELOC or else there's an additional > :> 2% interest. I'm told that this is to discourage usage of the account > :> (and especially the credit card, I figure) for other than home repair > :> expensing. > :> > :> Whatever advantages you'd get in rebates and airline miles would be > more > :> than offset by the interest, obviously. However, I suppose it's true > :> that you'd get some credit card protections. > : > :If you pay it off a the end of the month, you get the rebates or airline > :miles without paying interest. > > I don't think that would work with a HELOC. You pay interest when you > use it, period. On a "regular" credit card, yeah, you pay no interest if > you pay immediately. On a HELOC credit card, I'm sure you pay interest > from the day you charge until the day you pay. >[/color] Well, in that case you could either pay the credit card off immediately instead of waiting for a bill so there is only a couple days interest or even prepay the credit card before charging on it and have no interest other than the interest you lost from where the money had been sitting.

12-20-2005, 09:04 PM	#7
David Efflandt Posts: n/a	Re: Home Equity Credit Cards? On Sat, 10 Dec 2005 11:11:07 -0800, Rex <rex@nomail.com> wrote:[color=blue] > For people who don't already have $100,000 limits on their existing credit > cards, are there any home equity lines of credit that are tied to MasterCard > or Visa instead of to checks? > This would allow you to credit card protections on home remodel expenses and > maybe collect massive airline miles, rebates or other perks.[/color] I don't think the HELOC cards have any perks (any more so than a debit card). I got a free HELOC (against paid principal) when refinancing my mortgage, but just checks and no card so far (even though Visa card rules are mentioned in closing papers). But even at prime - 0.5%, I can get a better interest rate (0% to 3.99%) using credit card teaser checks. Or if it is to be paid it off right away, there is no advantage over using a credit card. CarMax would not let me use a credit card (with more than enough limit) for a used SUV (I was waiting for a check to clear). So I had to go through the whole car loan process and come back within 3 days to pay it off with a check at no charge.

07-08-2009, 11:16 AM	#8
darryl Member Join Date: Apr 2009 Posts: 43	The best thing you can do is to sit down and do some figuring. Decide whether it's affordable for you and a good deal and idea. Figure out if how high your credit line would be and whether it's truly worth your time and money to have one of these cards. For many people, in this consumer-crazy country, having an extra credit card in their pockets can be dangerous. You need to do what you feel is right for you. Credit Cards provide convenience. There are credit cards for those with bad credit or no credit, as well as for those with great credit. When choosing a credit card consider the membership fees, short term interest rate, whether the interest is permanent or only for a short time and then increases and what you'll be using the credit card for.

09-11-2009, 12:30 PM	#9
Kimberlee Evonne Member Join Date: May 2009 Posts: 43	The interest rate is the important thing to look at. In most cases a line of credit will have lower interest than a credit card and would be a good place to transfer your debt, but I'm not sure specifically about a home equity line of credit. You could always ask your bank about options.


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