Posted by MichiganAl on 1/26/06 12:36am
Msg #91240

Question regarding Chase Home Equity credit cards

I've started to see this form in Chase HELOCs. It says a credit card will be issued to the borrower in conjunction with their HELOC. Is this a card that's used for the available draw on the line, or is this a separate credit card that the borrowers are being issued? The doc doesn't seem to say. If it's a separate card not related to drawing money from the equity line, can it be refused? I had a borrower tonight that didn't want to sign it because they didn't want another credit card.

Reply by Bob_Chicago on 1/26/06 12:50am
Msg #91244

It can be used to access the HELOC in additon to the check
book that will be issued for the HELOC account
Many borrowers refuse the card
They should just write "refused" on that form and initial
Many consider it a dangerous card tp carry due to the high limit
I have seen HELOCs in excess of $250,000

Reply by Nd_WA on 1/26/06 2:22am
Msg #91246

By signing that form the borrower agree that the term for use of a credit card to access funds is different than signing a check where ie. charges such as atm or cash advance fee apply. I think they would have to request the card separately, otherwise just the checks.

Reply by Stamper_WI on 1/26/06 3:16pm
Msg #91456

Personal opinion

I have a personal opinion about Chase credit cards of any sort. But I will decline in posting it here as I would like to continue coming in here