The FIRST Home Equity Credit Card (GOOD OR BAD?) – Aven Card Review

All right so originally I was pretty Hesitant on making this video here and That's because until now I had never Heard of such a product but after Further research I realized that there Was a lot of misconceptions made about The Avan card and I wanted to reveal the Truth to you in this video here now Before I move any further let me be Clear this card we're going to talk About today is not meant for everyone But with that said this card does Currently have some of the lowest Interest rates on the market and a $0 Annual fee and I see this as a fantastic Tool to leverage and still earn an Unlimited 2% cash back on your spend so What is this card exactly and who is This best meant for so the Avan credit Card is an alternative to a HELOC Otherwise known as a home equity line of Credit now this here is a line of credit Where a homeowner can borrow against the Equity that they have into their home Now generally most people use their HELOC to upgrade their home to increase Its value or to use it for renovations Extensions and repairs now the benefit Of HELOC is first you you can access a High line of credit giving you the Opportunity to make purchases with large Spending power and second your interest Rates are generally much lower than that Of a regular credit card obviously I

Always want to recommend that you have a Full emergency fund in place to prepare For any kind of unexpected expenses but Sometimes there happens to be the case Where you need a larger amount in Certain special scenarios while helocs Offer numerous advantages they also do Come with their own downsides the most Obvious risk if you don't know is that If you default on a HELOC this could Actually lead to the loss of one's home This is because you have secured and Unsecured debt when you have unsecured Debt think about your just traditional Credit card there is nothing backing the Amount of credit that you can get from A Lender now when you have secure debt That means something is backing that Kind of debt something is giving it Collateral and in the case of a heal Loock your home is backing the line of Credit that you're then able to access Now on top of that the process of Getting a HELOC is also not that easy Generally it takes about 30 to 45 days In total and not to mention you can Spend all that time and energy only to Have the bank still deny you now one of The biggest pitfalls about helocs is That they generally come with a ton of Different fees often times costing about $1,500 or more just to open an account It also turns out once you finally have Your HELOC using it can also be pretty

Difficult often times you can only Access the money by writing checks with Fees attached to each purchase so in Short hel loocks offer great interest Rates and high lines of credit but they Are also slow difficult and expensive Now if you're wondering what the next Best alternative is I believe this would Be where the aan card comes into play so To start the aan credit card is almost As if this issuer went ahead and put all The benefits of a HELOC onto a Traditional credit card that means that This thing is going to work like any Other Visa card where you carry it in Your wallet and you can use it in the Way that you want this here is a huge Step up from being locked to a checkbook Or a special account now it also turns Out the Avan card is way faster to get Than a traditional HELOC with this card Here you can find out if you pre-qualify In minutes without any damage or hard Pull done to your credit score to begin All you have to do is just head over to Their site and you can see what you Pre-qualify for with the rate and the Line size without any cost now this Application process can be completed in 15 minutes and everything is done online Including the appraisal notary Signatures you name it now I did this Process for myself to and it was just so Smooth guys so if you compare this to

Weeks at the bank and just scheduling Inperson visits or getting all the Documents side I still think that this Is much more accessible now the Avan Card still has all the usual perks of a HELOC 2 currently they offer rates as Low as 7.99% which is way cheaper maybe about 25% or so than you'd see on a regular Credit card now one thing about the Avan Card that regular credit cards also Don't have is the fact that these credit Limits can go as high as $200 50,000 and you can get 2% unlimited cash Back on everything like we mentioned Earlier so the Avan card so far cost you $0 to get it has $0 in annual fees and It costs you $0 to cancel with that Being said let's talk about who this Card is really best meant for and then After this we're going to be going over Who this card is not meant for and also Go over some of the biggest Misconceptions about this card all right So here I can think of three specific Examples if you have credit card debt Across multiple accounts and you've Exhausted all your balance transfer Options the Avan card is what I consider To be a great option to consolidate your Debt and to reduce the interest on those Loan amounts now credit card interest Back then I remember it being anywhere From 15 to 20% but right now with

Raising interest rates we're seeing the Credit card interest rates going up Towards 20 to even 30% or more with aan If you qualify you can lock in an 8% Rate and you can find immediate savings There from reducing the interest rate That you would then pay to some of the Other bigger issuers even Beyond that The Avan card offers much higher limits Than a standard credit card meaning not Only do you save on interest payments But you'll also likely be able to reduce Your credit utilization on the card it's Important to remember that aan looks at Your financial and credit history before Approving you but if you're already Carrying a balance on an unsecured card At that high of an interest rate this Can still be a great way to save a ton Of money and interest now the next best Example is for someone who's looking to Make improvements to their home from Renovations to repairs or even just Making General purchases the interest Rate on this card is still really Favorable compared to a standard credit Card now look I need to mention this Here and that is I always recommend that Every single one of you be paying off Your credit card balance in full every Single month with that being said I Still know statistically there are a Large majority of people out here in the World that use credit cards not in the

Way we talk about but still end up Carrying balances on it if that's the Case the Avan card at least still gives You a chance to make those Home Improvements or purchases and give Yourself Runway between those purchases Instead of having to pay Straight out of Your checking account and you can still Earn 2% cash back on every single Purchase using this card with a decent Limit too now the third type of person This could be best meant for is someone Who wants and needs a HELOC fast so an Example of this is I had a close friend Recently who woke up one day and things In his house just started to randomly Break down Plumbing blew up flooring Broke AC and the microwave they were all Going out at the same time and he was Actually blessed that you know insurance Was able to cover at least half of that But if he didn't have an emergency fund If he didn't have good consistent income Then the only other way to get this Fixed would be through putting it on a Credit card or finding another personal Loan now none of those two options I Think are real good I do know that with Certain credit cards you can get those 0% interest APR promo offers but say in The instance you've already maximized Those offers because there's only so Many credit cards to exist out on the Market you start to have less and less

Good options of what you can do so in This specific instance instead of just Defaulting to you know putting your Charges on a high interest credit card Or even then getting the loan I would Look into the Avan card all right so at This point let's apply the benefits we Know the use case for the card but how Can you maximize this to fully take Advantage of it so if you're already set Up with your current credit card Strategy I believe this can still Complemented as having another catch all General spend card earning 2% on Everything if you're looking to pay down Debt like we said earlier this card can Cut your interest rate potentially in Half making it easier to dig yourself Out of the hole now if you're in the Market to get a HELOC but you didn't Want to spend a month applying and Getting approved this here is a great Card with a very high credit limit to Provide you a solution with a $0 annual Fee knowing all that what do you Actually need to know in order to apply And get approved because it turns out Even if you apply you still might get Denied for a product like this well First of all you need your own home to Be eligible for this card and you'll Need to show proof of this and your Income within the application process Now the application process is quick and

It can be done in in five short steps First you'll enter your personal Information and info about the home you Own second after taking in that info aen Will pre-qualify you for a set amount Based on the info that you provided then The next step is to link your bank Account or show a pay stub to prove the Income level that you've stated and then Here you'll get your final offer with Both your credit limit and interest rate Now the last step here is to schedule a Time with av's digital notary to then go Ahead and sign your documents and with That being said to get approved you need To show that you have a proven history Of consistent income responsible Spending and also you need to have a FICO score of at least 700 now with that Being said we've covered how you can use This card who it's best meant for but we Need to now talk about who should not Pick this card up so first you need a Home to be approved for this card and There's no way around that if you are Renting this card is not meant for you Second you need to have a good credit Score a lot of people might assume that A product like this they just want Everyone but that simply isn't the case Even actually wants High credit score Users and this card is exclusive for People who are more financially Responsible now the third group of

People I would say should stay far far Away from this card is if you know you Are financially irresponsible look there Are people that just don't have any Financial literacy meaning they will Spend spend and spend and this is not The card that if you have the habit of Doing that that you're going to want to Pick up the best analogy is as if you're Playing with fire and in this instance If you're using the aan card to pay down Your credit card debt it's like having One fire and passing that on to hold a Smaller version of that flame look I Know the small flame may not burn as hot As the big fire but you can still get Yourself in a lot of trouble if you Don't know how to manage it properly now With all that being said let's now break The biggest misconceptions here so first Of all there might be some people that Assume that this company here is Predatory and they want to seize your Home so first of all in order to even Get to the point you need to have missed Five to six payments on your Avan card Meaning you don't don't even pay the Minimum balance due which is a minimum Of 1% of your outstanding statement Balance plus interest and unless you Literally have 0 in your bank account You should naturally be able to meet That minimum payment requirement so it Never even gets that point on top of

That even has stated that they do not Want financially irresponsible customers We talked about earlier in the Requirements of what they're looking for So if you have a history of missed Payment or inconsistent income they will Not approve you the way I see it is this Is a tool where if you are responsible Enough or you happen to be in a Situation where you might not have been Temporarily this is a tool that you can Leverage but you just have to be careful Now another misconception is simply that Aan is a bad product now when I was Doing research on this company one of The first few things that I do on Everyone is go on bbb.org and this is The Better Business Bureau pretty much Think of Yelp for different businesses And I saw that aan actually had a One-star review so I got a little Sketched out but it turns out even AMX Chase Capital One some of the largest Banks all have onear reviews on this Website if you take another look aan Actually has 2600 reviews on trust pilot With a 4.9 star excellent rating with 95% of those people giving five star Ratings to the Avan card now although The reviews really settled my nerve Where I felt the most confident with aan Was actually seeing the real Testimonials that they had on their site On the same site they also show that

They are backed by the same investors That backed companies like Square affirm Stripe and PayPal so ladies and gents Here is my conclusion the Avan card can Be a blessing for certain people but not Those who are going to be financially Irresponsible now I always want to Mention on this channel that you should Pay your balances in full every single Month keep your utilization low but this Card is still a great solution for Anyone who might want to consolidate Their debt take on a Home Improvement Project or just keep cash on hand for Any emergencies that pop up now if any Of you guys have had any good Experiences with the aan card let me Know Down Below in the comments now I Want to thank aan for sponsoring this Video here but most importantly I want To thank them for allowing me the Freedom to have honest thoughts and say Here on this channel at the end of the Day like I said this is a product that I Can see value in but like with any Product you need to exercise your own Caution and do your research to make an Informed decision if you want to learn More about the product check out the Link down below thank you all so much Again for watching and until next time Peace out