Home-Secured Credit Card

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Home-Secured Credit Card

Michigan National Bank, Farmington Hills, Mich. introduced a credit card secured by customers' homes. The Equi:Money VISA is a gold card that offers a low rate fixed to the Prime Rate and a higher limit than most cards, and some homeowners can even deduct the interest, since it's tied to home equity.

Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 10, 9/98

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Home-Secured Credit Card

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