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Irvine, Calif., Lender Offers Unique Credit Card.(Originated from The Orange County Register, Calif.)
Knight Ridder/Tribune Business News, June, 1997 by Sanders, Edmund
Jun. 27--An Irvine mortgage lender is offering a unique credit card -- secured by a borrower's home -- that will enable users to deduct the interest on their charges from their taxes.
The catch? You must have bad credit to apply.
First Alliance Financial Corp., which specializes in loans to homeowners with tarnished credit, said it will begin offering the new gold MasterCards nationwide over the next three months.
Though the tax deduction for credit-card interest was phased out beginning in 1987, the First Alliance card will be tied to a borrower's home equity, so interest on the card may be deducted with other mortgage interest, according to Brian Chisick, chief executive at First Alliance.
As a result, the card's...
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