The Aven Credit Card is a new-ish credit card with 2% cash back that uses your home equity (HELOC) to get lower interest rates. Right now they have a new
However, they also advertise “4% cash back at Costco”, but that’s really just their standard 2% cash back plus Costco’s annual 2% membership reward certificate for Executive Members. They don’t actually pay 4% cash back on Costco purchases. That really reduces the potential draw of this card, as all we have left is the $135 one-time credit. I might have forgiven them if they actually covered my Costco membership every single year.
Here’s their language on how the credit card works:
Aven combines the convenience of a credit card with the savings of a home equity line of credit (HELOC). It works like any other credit card where you can make everyday purchases and earn unlimited 2% cash back.1
You can either get a fixed Cash Out (ex. $10,000 cash transferred into your bank account) and get a fixed monthly payment for 5 or 10 years (2.5% transfer fee), or you can just use it like a credit card and build up a balance. In that case, the monthly payments are calculated as 1% of the principal balance, plus monthly interest, plus any fees.
No annual, sign-up, or pre-payment fees. There is a 2.5% fee on Cash Outs and Balance Transfers and a $29 late fee if you don’t make the minimum payment.