Home Equity Loan No Credit Check
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 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.