Revolving credit that converts to installment loan?

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Revolving credit that converts to installment loan?

Postby kelvSYC » Sat Apr 13, 2013 12:24 am

I'm wondering if there's something in the US like the RBC MyProject MasterCard in Canada, and if so, what people think of it.

For those of you who do not know, you apply online for a $10K to $40K line of credit, with the card itself to be picked up in person at an RBC Royal Bank branch if approved. For a 6 month interest-free period, the card can be used as any other MasterCard. After that period ends, however, the MasterCard can no longer be used, and anything still left on the card is converted into an installment loan, terms of which are negotiated through the application process.

The card is meant for those of us doing large home renovation projects and such. I'm interested in what people's impressions of such a card are, and how, if such a product exists in the US, how it is reported by credit bureaus.
Current Credit Scores:
VantageScore 3.0 - 760 TU, 764 EX (11-19-16, Credit Karma)
FICO 8 - 747 EX (10-22-16, AmEx statement)
Discover - 750 TU (11-4-16, Discover statement)

Current Credit Cards:
RBC - $8000 CAD
BoA - $13500 USD
Capital One - $2750 USD
AmEx BCE - $4000 USD
Discover It - $8000 USD

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Postby paparoach429 » Sat Apr 13, 2013 12:56 am

Citi Bank has a line of credit, idk if it gets reported as an installment loan though.

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Postby DavidNY » Sat Apr 13, 2013 10:15 am

I don't think I'd be interested in a MC that only works for six months. Either the LOC has a card attached (like a CC account) or it doesn't (like a car loan).

There are often promotional interest-free periods given to new CC accounts, but I wouldn't bother if the term was only six months.

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