Aven Visa. Another 3% anything card (up to $10k spend/yr)?

[ptatohed]

Sent to:  support@aven.com  

Hi.  

I am curious about your 3% Cash Back (up to $10,000 spend per year) Visa.  LINK

Is this a HELOC card like your regular card, or is this a conventional, unsecured, credit card?  Is the 3% cash back a limited promotion or will it be 'every year' as worded in the Terms & Conditions?  Is it available in California?  

Thank you very much.

Happy holidays.

- <ptatohed>

[CreditCuriosity]

Reading reviews sounds like HELOC on card from page linked here although doesn't hurt to ask and also appears makes people submit tax transcripts which will be a no go for 99% of people on this forum.  Overall good reviews of company.  I hope their is a CC for you @ptatohed  but I really think it is just a HELOC attached to CC.  Let us know the response when you get it.  I thought you have the simply card from us bank why the interest in this suddenly if you don't mind me asking?

[Anonymous]

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@ptatohed wrote:

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@DatBoiQuick wrote:

Good find @ptatohed 

@Varsity_Lu- Yeah, per the terms it seems the 3% is a promotion that can end at anytime.

"3% Cash Back Promotion: For eligible accounts, you can earn 3% on the first $10,000 of Net Eligible Purchases every year and then 2% cashback thereafter. This promotion begins on October 24, 2024, and can be terminated at Aven’s discretion."

https://www.aven.com/public/docs/CashbackTerms/post2024DecUccPolicy

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Agree, it does seem to be a 'promotion' yet why does it say "every year"???

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I think that should be read as "every year when the promotion is active"   It clearly says it can be terminated at any time so no relying on "every year" to indicate any other intent.

This reminds me of US Alliance,except that they DIDN'T indicate it was a promotion on the application material, and we only found out once we got the card (or, for later apps, read it here!)  Now all cards reserve the right to change the terms of the rewards program, but, as I argued with US Alliance, it is much easier to terminate if it is a promo "OK everyone, the promotion is over" with much less bad feeling than changing terms

[ptatohed]

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@CreditCuriosity wrote:

Reading reviews sounds like HELOC on card from page linked here although doesn't hurt to ask and also appears makes people submit tax transcripts which will be a no go for 99% of people on this forum.  Overall good reviews of company.  I hope their is a CC for you @ptatohed  but I really think it is just a HELOC attached to CC.  Let us know the response when you get it.  I thought you have the simply card from us bank why the interest in this suddenly if you don't mind me asking?

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@CreditCuriosity 

Not interested in getting it, just interested in knowing about it. 

The reason I'm thinking it is not necessarily HELOC-based is, at the top of the page, it's called 'Aven Asset Visa® Credit Card', right?  Then further down the page, they advertise their 'Aven home equity credit card' addressing homeowners, specifically.    

[Anonymous]

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@ptatohed wrote:

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The reason I'm thinking it is not necessarily HELOC-based is, at the top of the page, it's called 'Aven Asset Visa® Credit Card', right?  Then further down the page, they advertise their 'Aven home equity credit card' addressing homeowners, specifically.    

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The word "Asset" made me think it was secured by something, and apparently it is, your purchases!   Which is strange

Your purchases secure your card’s interest rates.

Your purchases power your card, giving you great rewards and competitive interest rates.

and

The removal of the lien on your purchases is contingent upon the full settlement of your Aven card balance. The lien cannot be lifted until the outstanding balance is paid in its entirety

So when you buy a cup of coffee......

[CreditCuriosity]

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@Anonymous wrote:

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@ptatohed wrote:

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The reason I'm thinking it is not necessarily HELOC-based is, at the top of the page, it's called 'Aven Asset Visa® Credit Card', right?  Then further down the page, they advertise their 'Aven home equity credit card' addressing homeowners, specifically.    

---

The word "Asset" made me think it was secured by something, and apparently it is, your purchases!   Which is strange

Your purchases secure your card’s interest rates.

Your purchases power your card, giving you great rewards and competitive interest rates.

and

The removal of the lien on your purchases is contingent upon the full settlement of your Aven card balance. The lien cannot be lifted until the outstanding balance is paid in its entirety

So when you buy a cup of coffee......

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"

Important Note: If a Cardholder intends to payoff an account, the funds must be sent through wire transfer. If any other method of funding is used, there will be a 60 day wait period before the lien is released. Aven is unable to waive or shorten this wait period."

yikes

https://www.youtube.com/watch?v=VN29X2HCKpU

[ptatohed]

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@Anonymous wrote:

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@ptatohed wrote:

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The reason I'm thinking it is not necessarily HELOC-based is, at the top of the page, it's called 'Aven Asset Visa® Credit Card', right?  Then further down the page, they advertise their 'Aven home equity credit card' addressing homeowners, specifically.    

---

The word "Asset" made me think it was secured by something, and apparently it is, your purchases!   Which is strange

Your purchases secure your card’s interest rates.

Your purchases power your card, giving you great rewards and competitive interest rates.

and

The removal of the lien on your purchases is contingent upon the full settlement of your Aven card balance. The lien cannot be lifted until the outstanding balance is paid in its entirety

So when you buy a cup of coffee......

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LTL,

Are you saying that if I don't pay my bill, they can repossess my cup of coffee?  

[Anonymous]

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@ptatohed wrote:

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LTL,

Are you saying that if I don't pay my bill, they can repossess my cup of coffee?  

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And if you are unable to produce the coffee in its original condition, they will take FMV, say $10,000

[ptatohed]

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@ptatohed wrote:

Sent to:  support@aven.com  

Hi.  

I am curious about your 3% Cash Back (up to $10,000 spend per year) Visa.  LINK

Is this a HELOC card like your regular card, or is this a conventional, unsecured, credit card?  Is the 3% cash back a limited promotion or will it be 'every year' as worded in the Terms & Conditions?  Is it available in California?  

Thank you very much.

Happy holidays.

- <ptatohed>

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Answer:

Hi <ptatohed>,
 
The Aven card is a secured line of credit, secured by eligible personal assets obtained through purchases using the Aven Card. A purchase money security interest is placed on the purchased "goods".Aven's bank-standard underwriting system is fully automated and generates an offer based on an applicant's income, net worth, credit, and debt obligations. To know if you qualify, please submit an application using the link you shared without affecting your credit and at no cost.
 
Thank you

So, I still don't quite understand how it works but I only need to understand it is a secured card to know I don't want it.  I think their answer pretty well matches what LTL said, thanks LTL.  They did not answer my question about the 3%.  So long Aven.  

[ElvisCaprice]

Also when I clicked on the link and filled out the information.  All they said was that they are working on doing business in my State.  I did not give any vital financial information.  Seems like this is a gimmick to draw about business in other areas of their interest.  Strong pass on this one.