One of the best things about the Aven HELOC credit card is that it’s easier and less expensive to apply for than a traditional home loan or even a credit card. Approvals can take as little as 15 minutes, and you don’t need an appraisal of your house—saving you fees.
The Aven HELOC credit card might not be for you if you want to pay contractors, schools, or anyone else with checks or cash. You can’t access your money through an ATM, write a check, or go to a bank. You can transfer money to your account, but that comes with a 2.5% balance transfer fee, which can add up for larger transfers.
How It Works
To apply for an Aven HELOC credit card, you’ll need at least 20% equity in your home.
To find out if you qualify, enter your mobile phone number into the Homepage of the Aven website. You’ll then receive a link taking you to an online application, where you’ll need to provide information such as your name, contact information, the last 4 digits of your Social Security number, your marital status, and your date of birth.
Next, you’ll need to fill out information about your home, including its value, any liens or mortgages, and ownership details. You’ll also have to supply details of your employment and income.
In addition, you’ll need to upload pay stubs or other documents (such as a tax return) or log into online banking to provide proof of income. Depending on your situation, you may need to provide more documentation.
You’ll then get 2 offers for a HELOC card, assuming you have the required equity and income. Choose the offer with the interest rate and credit limit you prefer. At this point, your credit score is checked to confirm your rate.
Once you’re approved, you’ll receive a link to schedule a video appointment with a notary to notarize and sign paperwork.
After the signed paperwork is approved, you’ll get a notification on your phone. Then, you can download the app and the deed of trust, account agreement, notice of right to cancel, and other documents.
It will take 5-10 business days after approval to receive your HELOC credit card in the mail. You’ll need to activate the credit card online or on the app and wait 3 days to start using it.
Types of Loans
Aven offers you 1 loan product: the HELOC credit card. Instead of having a line of credit or a bank account where your funds are deposited, you can use your HELOC credit card to cover school tuition or home repairs, or just pay for everyday expenses. You’ll enjoy unlimited 2% cash back, too.
Note that this loan is flexible—you can transfer money from your HELOC card to your bank account so you can access cash or write a check. You can also consolidate debts by transferring balances to the Aven HELOC card. Both these transactions have a 2.5% fee.
Loan Features
- Flexible requirements. You only need 20% equity in your home, and you can apply for a card limit as low as $5,000—so it’s easy to qualify.
- Easy application. You can complete the entire application in minutes on your phone.
- Few fees. Enjoy an account with no origination fees, closing costs, annual fees, hidden fees, early repayment fees, appraisal fees, notary fees, or minimum withdrawals. All you pay are transfer fees and the interest on any carried balance.
- Security features. Your HELOC account is backed by a FDIC-insured bank, so if the bank ever fails you don’t have to worry about losing your home. In addition, you’ll receive alerts on your phone whenever your HELOC credit card is used. This means you’ll have a chance to approve larger purchases—and you’ll be aware if anyone is trying to use your card.
- Various property types. The Aven HELOC card is available for primary and secondary residences as well as investment properties. However, the property you use on your application must show up on a paystub, driver’s license, or tax return. You can also only apply for 1 HELOC card, even if you have multiple properties.
Rates and Terms
You only need to repay what you charge on your credit card, and repayment works just like any other credit card. You pay a monthly minimum amount, which is 1% of your balance plus your interest rate. At any point, you can choose to repay the full balance amount, with no penalty.
Your interest rate when you use your credit card and maintain a revolving balance is calculated using an average daily balance, i.e. by totaling the interest-bearing balance every day of the billing month and dividing it by the number of days in the month.
When you transfer money from your Aven HELOC credit card to an account, you have an Aven Simple Loan. To repay the loan, you can choose monthly fixed payments—with terms ranging from 5 to 30 years—through the Aven app or the Aven website.
Aven has a useful repayment calculator online that helps you estimate your monthly payments.
Summary
The Aven HELOC credit card uniquely combines a cash-back credit card with a home equity line of credit, so you get a competitively low interest rate and the convenience of tapping into your home’s equity with a Visa card. It’s a good option if you want a credit card with very few fees and need a fast, easy application process.
Contact Aven
Aven HELOC credit cards are backed by solid support, with the company getting 4.9 out of 5 stars on Trustpilot (based on over 3,500 reviews). Aven has been a Better Business Bureau (BBB) business since 2023 with an A+ rating. On the BBB website, Aven gets 1 out of 5 stars, but this is based on only 6 reviews.
Many online reviewers praise the straightforward, fast application process and the helpfulness and friendliness of both the online notaries and customer service. Negative reviews express frustration with the approval process and closing down an account.
You can contact Aven through an online form, email, phone, or in the app. You can also provide a phone number and request a callback to get help with account issues, technical problems, and application questions.
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