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.
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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.
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: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.
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wrote:

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

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.
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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.
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