I love the idea of having a revolving line of credit for emergencies. My wife and I have a LOC from our credit union for 10k. We first used it to pay off her credit cards, but now we have it sitting empty for emergencies. We keep an emergency fund too, but it's nice to know that that low interest (<6%) line if for some reason we can't completely pay off our cards one month.We're in the process of opening a similar LOC, but this one a home equity line. We have a rental that was trashed, so we need some cash to fix it up before we rent it again, at which time we should get at least $400 above our mortgage. The home equity line has a slightly lower rate and is tax deductible. The best part about these lines are that they are available online and we can transfer money out of them into our checking accounts any time its needed, or just write checks on the LOC itself.I don't know anything about MBNA except that I'm always wary in dealing with CC companies, but I do know that if you think you may be unemployed and need the credit, apply now before you're unemployed, as the terms and limit will be much better. If you wait until you need it, you'll probably not qualify for it.
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