Is there any Benefit of a LOC Over A CC? I have an MBNA LOC, Am thinking perhaps I would gain something by leaving it a LOC? My thoughts are, that a LOC can be used as a checking account, for example, a down payment for a home (to flip) and a great way to write "cash advace" checks to yourself... Am I missing any other benefits of a LOC over a VISA? Or is a CC better somehow??
Some banks (such as indy mac bank which I use) will issue you a platinum visa/mastercard for use on your LOC. So given the low rate (until the market fluctuates), I'd say an LOC is better. Plus you deduct the interest on taxes.
hmm.. Maybe i should transer some "Credit line" from my MBNA account LOC to my other LOC, then convert one to a CC with a small limit, then keep the loc... and if i ever need more VISA limit, I can transfer from the LOC...
Re: Is LOC better then VISA/MasterC to mbna the products are pretty much the same. visa, loc, loan, you can get cash with 3% fee and they'll drop it right into your checking account.
