Aven

[Jnbmom]

My dear friend sent me this and asked what type of card this is what does the bitcoin mean and loan to value ?

I honestly have no clue is this the card tied to your home equity?

thanls 

[Vinjints]

Instead of being tied to your home, I believe it's tied to your BTC holdings. 70% LTV is basically securing the 25k limit by the 37k in Bitcoin. What happens if crypto tanks?

[ElvisCaprice]

Why?  Tell her to get the AVEN card not secured to HELOC or Bitcoin and rewards 3% with 10k cap.  Get a referral for 4% extra with 10k cap.  After caps are depleted, goes to 2% unlimited.

[Jnbmom]

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@Vinjints wrote:

Instead of being tied to your home, I believe it's tied to your BTC holdings. 70% LTV is basically securing the 25k limit by the 37k in Bitcoin. What happens if crypto tanks?

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Thanks this sounds awful 

[ptatohed]

https://ficoforums.myfico.com/t5/Credit-Cards/Aven-Launches-Bitcoin-Backed-Card/td-p/6864441

[FicoMike0]

I got the 3% card

https://www.aven.com/rewards-visa-card

No heloc  or btc. I've been happy with it. It's put my 2% wells card in the sock drawer.  They went $15,000, my highest initial limit.

Only issue is they don't report to transunion.

It's a nice black metal card that showed up in a few days.

[galahad15]

I gave serious thought to apping for the 3% cashback / non-HELOC card, but since like most CUs this one appears to want gross annual individual income rather than gross annual household income, also possibly some tax statements iirc in addition to pay stubs, I think I'll sit this one out. (Been declined too many times by CUs requiring gross annual individual income rather than gross household annual income, the latter of which banks readily accept but not CUs.)

[FicoMike0]

@galahad15 

They asked to link a checking for poi. I linked an account that certainly didn't show activity reflecting my stated income. Was auto approved in real time anyway. Pretty sure it was soft pull until approval.

[ElvisCaprice]

Yep, it's a soft pull unless accepted.  Just like AMEX.  They pull EX.  Although they didn't at first give you a chance to decline.  Not sure if they fixed this?  Been almost a year since I applied.  This is my goto card, period.

[ptatohed]

Right now I get 4% on up to $10,000/mo with Smartly.  I'm super stoked.  But will it last?  Probably not.  So, I am always keeping an eye open for a 3% or better everyday card.  I'll keep Aven in mind but there seem to be some drawbacks for me.  For starters, the cap of $10,000/yr, or say $833/mo is a joke.  That's half of AOD's monthly cap and AOD is too low for us!  At least Aven drops to 2% instead of 1% like AOD but, still, $833?  That would be eaten up alone by just the water and electricity bills in the summer.  I'm actually surprised people don't complain more often about that stingy cap.  The second thing which I find potentially problematic (but, it could be a blessing too, lol) is no authorized users.  My wife and I are AUs on all our (usually my) cards.  I guess for the Aven, we'd just have to each apply for our own which, like I alluded to, could be a good thing, even if less convenient.  We would double the 3% cap, and I guess I could go first and refer her for the 4% on my card for a year.  The Aven card is not out of the running, just not ideal.  But, then again, is there an ideal card 3% or higher (other than my beloved Smartly)?  Probably not.