[2024 Review] Our Take on Aven’s Home Equity Backed Credit Card

Aven’s credit card is like having a home equity line of credit (HELOC) in your wallet. It offers similar rates to a traditional HELOC but comes with the quick approval process of a credit card, all backed by your home equity. It’s a convenient option for those who need fast access to funds.

Due to its unique nature, the Aven card is currently unrated in our LendEDU home equity rating system, and we feel it’s best suited for disciplined borrowers.

On the other hand, Aven’s traditional HELOC, AvenCash, is one of the highest-rated HELOCs we’ve reviewed, thanks to its excellent customer feedback and benefits.

Read More

Aven HELOC (AvenCash) Review

We currently recommend AvenCash over the card. If you need quick, flexible access to your home equity, the Aven credit card might be worth considering.

What is the Aven credit card?

At first glance, the Aven credit card might seem a bit confusing, but it’s essentially a HELOC in the form of a credit card. If you’ve ever had a HELOC before, you might be familiar with using a credit card for purchases tied to your line of credit—so the concept isn’t entirely new.

However, the Aven card is more than just a traditional HELOC with a card attached; it’s first and foremost a credit card. The key advantage here is that your home equity secures the credit, which results in a much lower interest rate—ranging from 7.99% to 15.49%. You can use the Aven card just like any other credit card to make everyday purchases but with the added benefit of tapping into your home equity at a lower cost.

Getting the Aven credit card is also faster and more convenient than securing a traditional HELOC, and it sidesteps many of the fees typically associated with those loans.

How does the Aven credit card work?

The main value the Aven card brings is the convenience and speed with which you can access home equity at lower interest rates with no origination fees. 

Prequalify in minutes

Aven’s underwriting system is fully automated, so Aven can issue a preapproval with the loan amount and terms in just a few minutes. It does this with a soft credit check, so there’s no ding to your credit when you check the interest rate and loan amount you can qualify for. 

Verify income and notarize documents

The process of finishing the loan approval is also very fast. No appraisal is required because Aven uses automated valuation models (AVMs) to find the value of the home instead of a full appraisal (unlike many home equity lenders). You’ll upload income verification documents and sign for the loan in front of a notary on a video call. 

Start using the card

You’ll receive the Aven credit card in the mail within a week. After that, you’ll need to wait a few days until your three-day right of rescission period is complete before you can start using it. 

Once you’re ready to go, you can use the card just like any other credit card where Visa® is accepted. You earn 2% cash back on your purchases, making it a great tool for both everyday spending and tapping into your home equity.

There are also a few specific transactions you can complete with your Aven card:

• CashOut: Transfer cash directly from your Aven account to another bank account through a CashOut, which requires a one-time fee of 2.5% per CashOut added to the balance. You can lock in fixed monthly payments on CashOuts for five or 10 years.
• Balance transfers: Aven allows you to transfer balances from high-interest credit cards to your Aven card, potentially saving on interest costs. Balance transfers come with a 2.5% fee, as well.

How do you repay an Aven credit card?

Repaying your Aven credit card is, for the most part, like paying off any other credit card. The minimum amount due is calculated like a credit card: 1% of the balance plus interest and fee charges for the billing cycle. 

Of course, you know better than to only pay the minimum balance. You won’t pay off your Aven card unless you pay more than the monthly minimum balance. But a low payment can allow you to make extra payments how and when needed. 

You may also owe more monthly if you’re enrolled in installment plans for your CashOuts.

How is the Aven card different from a traditional HELOC or credit card?

The Aven card offers the convenience of a credit card with the low rates of a HELOC, but it differs from a traditional HELOC and a credit card in terms of APRs, application, and funding speed. 

The tables below break down how it differs from both products:

Aven credit card vs. traditional HELOC

Feature	Aven card	HELOC
Collateral?	✅	✅
Interest rates	Variable	Variable or fixed
Credit line	Up to $250,000	Varies by lender
Cashback rewards	Up to 2%	Rarely
Application	Automated, online	In person or online
Fees	2.5% on cash-outs and balance transfers	Varies by lender, but origination, annual maintenance, appraisal are typical
Appraisal?	Automated	Yes, though some may use automated valuation methods
Repayment	Similar to credit card	Interest-only draw period; interest + principal payments in dedicated repayment period
Credit score	640	Varies

AvenCash, Aven’s traditional HELOC product, offers some perks that you don’t always see with other HELOCs—like fixed rates for the entire term, for example. If you’re curious about how the Aven card stacks up against AvenCash, be sure to check out our review of the HELOC.

Aven credit card vs. traditional credit card

Feature	Aven card	Credit card
Collateral?	✅	✅
Interest rates	Variable	Often variable and higher
Credit line	Up to $250,000	Often lower
Cashback rewards	Up to 2%	Varies by card
Application	Automated, online	Often online
Fees	Cash-outs and balance transfers	Varies
Appraisal?	Automated	No
Repayment	Similar to credit card	Monthly minimum
Credit score	640	Varies

Who is eligible for the Aven credit card?

Aven’s fully automated system evaluates your eligibility for the Aven card based on the following factors:  

• You should own your home and have substantial equity. 
• You should have enough income to support your monthly repayment amount. 
• You must meet their credit score requirements, debt-to-income, and property value.  

Aven doesn’t disclose many of the specific eligibility details for its credit card, but here’s what we’ve found:

Requirement	Details
Properties	Primary residences, secondary homes, investment properties (additional requirements apply for the latter two)
State of residence	Licensed in 45 states and Washington D.C.
Maximum loan-to-value	89% of primary residences
Maximum debt-to-income	Not disclosed
Minimum credit score	640 for primary residences
Minimum income	Not disclosed
Age and identification	Must be 18 years of age or older and possess acceptable government-issued identification

You must also provide proof of insurance for credit lines above $100,000. You must also add Aven/Coastal Community Bank as a beneficiary to that insurance policy. 

You can contact Aven for more information or see whether you prequalify on its website, but this table should give you a solid starting point.

What are the costs and fees of an Aven credit card?

Aven’s variable interest rates range between 7.99% and 15.49%. Your rate depends on factors including your credit score, loan-to-value ratio, and even your state of residence. New cardholders who opt for autopay can get a 0.25% rate discount.

Aven offers fewer upfront fees than many other lenders, but the cash-out and balance transfer fees could sneak up on you. Here’s a summary of what you’ll find in the fine print:

Fee type	Cost
APR	7.99% – 15.49%
Origination fee	$0
Balance transfer fee	2.5%
Cash-out fee	2.5%
Annual fee	$0
Appraisal	$0
Closing fee	$0
Late fee	$29

What’s unusual—and awesome—about the Aven card is the lack of fees you’ll see. You don’t have to pay for an appraisal, lender fees, application fees, or any other fee that another HELOC provider might charge. It’s very straightforward and transparent regarding the charges. 

You should be aware of the balance transfer fee and cash-out fee, which are 2.5% of the amount transferred. 

How does your home’s value affect your terms?

Aven allows a maximum combined loan-to-value (CLTV) ratio of 89% on primary residences for its credit card. This means that your loan amount combined with what you owe on your mortgage can’t exceed 89% of your home’s value.

For example, if you have a home worth $500,000, 89% of that is $445,000. If you have a mortgage for $300,000, that’s a potential $145,000 line of credit. 

A higher value on the home could mean a higher loan amount or a lower combined loan-to-value (CLTV) ratio. A lower CLTV ratio could mean a better interest rate. But your income and debt levels also play a role in qualifying you for the card and the terms you get.

Pros and cons of an Aven credit card

Aven’s credit card is unique, so it’s essential to weigh the pros and cons to determine if it’s the right fit for you. Here’s a rundown of its strengths and weaknesses.

Pros

• Easy process

  The technology Aven uses speeds the application process along. You may be able to access a large credit line with favorable interest rates within a week.

• Low interest rates

  The APR on the Aven card can be around half of the APR on other credit cards.

• High credit limit

  In many states, you can get a credit line up to $250,000, which offers substantial borrowing power.

• No appraisal required

  Aven’s automated system means you skip the traditional appraisal, speeding up the application process.

• No origination fees

  Traditional HELOCs often come with origination fees. With Aven, you avoid that upfront cost.

• Up to 2% cash back

  By using your Aven credit card, you earn 2% cashback on your spending.

Cons

• High qualifications for low rates

  For Aven’s most favorable rates, you’ll need a high credit score and substantial home equity.

• CashOut and balance transfer fees

  Aven levies fees on balance transfers and cashOuts, which adds 2.5% to the amount transferred. That amount is less than what a typical credit card charges, but it’s not a fee you have to worry about with a traditional HELOC (for example, you aren’t charged when you need to write your contractor a check or transfer money to a bank account).

• Aven can reduce your credit limit

  If you’re not using your account, Aven reserves the right to reduce the credit line you can access on each account anniversary.

• Daily and monthly withdrawal limits

  Users report daily and monthly limits of $15,000 and $30,000, making it difficult to make larger purchases. CashOuts have a higher daily $50,000 withdrawal limit, but they’re still subject to the 2.5% fee.

• Required initial draw for credit lines over $100,000

  If your credit line is over $100,000, you need to draw at least $50,000 in the first 90 days, or your credit limit will be reduced.

Aven’s main draw is how convenient the card is to get, especially considering it’s a home equity product. The Aven credit card offers a high credit limit, low interest rate, and no closing costs. The tradeoff is that the card has fees for CashOuts and balance transfers. 

Aven credit card reviews

Customer reviews are a great way to set your expectations when considering any product from a company. Here’s a quick look at how Aven is rated on popular platforms:

Source	Customer rating	Number of reviews
Trustpilot	4.9 out of 5	3,811
Better Business Bureau (BBB)	1 out of 5	7

Aven stands out on Trustpilot, where nearly 4,000 customers praise the ease of applying and its financial flexibility. The notary process, often a pain point elsewhere, gets particularly high marks for being smooth and user-friendly.

Aven also earns an A+ BBB rating and accreditation, although it has a lower customer rating based on a small number of reviews.

When considering the Aven credit card, we recommend weighing the Trustpilot ratings and A+ BBB rating more heavily, given the volume of Trustpilot reviews and the credibility of the BBB. 

With only seven reviews on the BBB, it’s difficult to give as much weight to that score, although themes from the customer comments should be noted. These include customers reporting they didn’t receive all the funds they were approved for and being unable to access them.

How do you manage your Aven credit card?

You may want to download Aven’s app to help manage your Aven card. This app allows you to check your balance, see your transactions, and pay your bills. You can also manage your Aven card online. 

If you need to contact customer service, you have several options to get in touch:

• Email: [email protected] 
• Website: Send a message via the contact form.
• Schedule a call back: Set up a time that’s convenient for you
• Call: 415-582-6613 

How to apply for an Aven credit card

Applying for an Aven card is much faster and easier than applying for a HELOC. The card also allows you to prequalify, which allows you to check your offer without affecting your credit score. 

If you do proceed, you will be subject to a hard credit check later in the process. You will also need to provide proof of income and sign in front of an online notary. 

Here’s what the application looks like from start to finish.

1. Check your offer: Go to Aven’s homepage and click “Check your offer.” You’ll enter your mobile phone number to get started.

2. Enter the max amount and purpose: You’ll give the lender your top value and specify a purpose (debt consolidation, home improvement, etc). 
3. Confirm identity: You’ll fill in your name, email, address, last four digits of your social security number, date of birth, property address, and joint applicant information.
4. Review your offer: Check whether you qualify, and review the terms. You’ll see a credit limit, APR, and cashback percentage. Proceed to the next step if you can accept the terms. 

5. Income verification: You can verify your income by connecting a bank account or by uploading tax return documents, pay stubs, W-2s, retirement and benefit income. 
6. Credit check: Aven will do a hard credit check at this stage. 
7. Digital signing: An online notary will help you sign the required documents via video call. 
8. Get your card: Once loan documents have been notarized, you’ll usually get your card and access to funds within seven business days.

What if I’m denied a credit card card from Aven?

​​If Aven turns down your credit card application, you can reapply after a six-month waiting period. However, Aven doesn’t offer manual overrides—its underwriting system is fully automated. 

The lender should notify you by mail why it denied your application.

Here are four common reasons for denial and next steps:

• Low credit score: Improve your credit by paying bills on time and reducing debt.
• Insufficient income: Boost your income or reduce other debt to improve your debt-to-income ratio.
• High debt obligations: Pay down other debts to improve your financial standing.
• Low home equity: Build more equity in your home before reapplying.

Given that Aven’s system is automated, understanding these pitfalls can help you make necessary improvements before you try again. Also, remember: Aven isn’t the only home equity company. Consider prequalifying with others, starting with our top-rated HELOC and home equity loan lenders.

How do other home equity products compare to the Aven credit card?

When exploring your options for tapping into home equity, it’s important to understand how the Aven credit card stacks up against other products:

• Home equity loan: With a home equity loan, you receive a lump sum and repay it in fixed installments. Unlike the Aven credit card, you can’t borrow from it again once it’s paid off.
• HELOC: The Aven card functions similarly to a traditional HELOC as an equity-backed line of credit from which you can borrow as needed. However, it offers fewer fees and skips the lengthy closing process.
• Reverse mortgage: The Aven credit card is designed for active borrowing and repaying, allowing you to regain your equity as you pay down the balance. In contrast, a reverse mortgage provides access to your equity without requiring payments, but it reduces your overall equity over time.
• Cash-out refinance: Unlike a cash-out refinance, the Aven credit card doesn’t require you to replace your existing mortgage. This could make the card a more cost-effective option in terms of closing costs and interest rates.

Aven credit card card FAQ

How long does it take to receive funds from Aven?

After you apply for an Aven credit card, the approval process involves a few steps, such as confirming your identity and income. The process is quick, often culminating in an online notary session to sign the required documents. 

After the formalities, you can generally expect to get your card and access to your funds within 10 business days.

Do you need to tell Aven what the funds are used for?

During prequalification, you have the option to select the purpose: home improvements, a balance transfer, or “other.” Your choice doesn’t appear to affect your eligibility, and Aven doesn’t seem to put strict limitations on fund usage.

Can you back out of an Aven credit card card?

The ability to back out of a credit card contract with Aven depends on what stage you’re in. During the application process, you’re not locked into anything. If you’ve been approved but haven’t gotten the funds, you likely still have an option to back out. 

Once you receive the funds, the contract is generally binding, and specific conditions will apply for cancellation or closure.

Can you close your Aven account at any time?

If you wish to close your Aven credit card account, you’ll send a payoff letter to [email protected]. Once you’ve paid off all balances, Aven will process the liens and close your account. 

Specific terms might apply, so it’s best to read your contract to understand any penalties or conditions for early termination.

Why we recommend Aven

Aven’s credit card is a unique offering that’s still waiting for a rating from LendEDU. However, Aven’s traditional HELOC product, AvenCash, has already earned an impressive 4.8 rating. Based on this strong performance, we recommend Aven as a trustworthy and reliable choice for your home equity needs, with AvenCash being one of our top recommendations for a HELOC.

Product	Best for
Aven HELOC credit card	Easy online application with minimal fees