:> :For people who don't already have $100,000 limits on their existing
:> :cards, are there any home equity lines of credit that are tied to
:> :or Visa instead of to checks?
:> :This would allow you to credit card protections on home remodel expenses
:> :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
:> 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.