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#2197927 - 11/09/18 03:41 PM Linking credit card or debit card to HELOC
Beachbum Offline
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Joined: Jul 2018
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Can you link a credit card to a HELOC?

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#2197959 - 11/09/18 06:24 PM Re: Linking credit card or debit card to HELOC Beachbum
rlcarey Offline
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rlcarey
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Galveston, TX
Not in Texas, but it would be a State law issue.
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#2197986 - 11/09/18 08:09 PM Re: Linking credit card or debit card to HELOC Beachbum
BrianC Offline
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BrianC
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Illinois
It's also a VISA/MC issue. You cannot link a debit card as a debit card BIN license does not permit access to a credit product with the exception of an overdraft line of credit.

Here's the VISA rule 4.3.1.1 Visa Check Card Account Restrictions – US Region In the US Region:

A Visa Check Card may be used to access a deposit, investment, or other consumer asset account, including a fiduciary account. A Visa Check Card must not be used to obtain credit, as defined in 12 CFR Part 226 (RegulationZ), unless it involves only an incidental extension of credit under an agreement between the Cardholder and the Issuer, either: l When the Cardholder’s account is overdrawn l To maintain a specified minimum balance in the Cardholder’s account Visa reserves the right to determine the application of the definition of the Visa Check Card.

(I wonder if someone should let VISA know that the CFPB citation for Regulation Z is 12 CFR Part 1026)
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#2197996 - 11/09/18 09:07 PM Re: Linking credit card or debit card to HELOC Beachbum
Beachbum Offline
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Thanks

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#2198003 - 11/09/18 09:24 PM Re: Linking credit card or debit card to HELOC Beachbum
Beachbum Offline
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Joined: Jul 2018
Posts: 39
Would Credit Card accounts follow the same rule since they are a credit account

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#2198013 - 11/09/18 10:35 PM Re: Linking credit card or debit card to HELOC Beachbum
rlcarey Offline
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rlcarey
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Galveston, TX
There is no problem with tying a credit card to a HELOC. Banks used to create a dummy zero balance sweep DDA accounts to pass debt card transactions to a HELOC - which violated the card issuer rules. But a credit card that goes directly to the HELOC is fine.
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#2198022 - 11/11/18 01:04 PM Re: Linking credit card or debit card to HELOC Beachbum
Beachbum Offline
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Posts: 39
Thanks

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#2202969 - 01/15/19 12:18 AM Re: Linking credit card or debit card to HELOC Beachbum
Beachbum Offline
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Joined: Jul 2018
Posts: 39
Is there a Mastercard rule as well?

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