HELOC vs Credit Card

Richard Wagoner

I know the old advice was to set up a HELOC as a credit card in Quicken Mac. But I've read conflicting information fairly recently - that you should still set it up as a credit card, or that you should set it up as an actual HELOC (not available before a year or two ago). What is the general opinion on this?

UKR

For me as a Quicken for Windows user, the old advice still holds true:
Set up LOC or HELOC accounts as "offline" (manual) credit card accounts. Never activate them for downloading. There's no need to do so, because you typically only have the monthly interest charge and any payment transfers from / to your checking account.
Reconcile monthly against paper statement when you receive the "new statement available" notification from the bank.