Butterfield Bank yesterday launched Butterfield Line which will enable customers to access lines of credit up to $500,000.

The Bank said the new home equity product would enable customers to access their lines of credit through a Butterfield Line MasterCard credit card as well as personalised cheques.

"Butterfield Line is a new way to finance major personal expenses with a pre-established revolving credit line," a statement from the bank said.

"It gives customers easy access to their available credit without having to refinance a mortgage or apply for a loan every time money is needed. Butterfield Line offers Bermudians more flexibility when financing kitchen remodels, college tuition or a dream wedding."

The bank noted that one of the major innovations of the scheme was that customers' primary access to their line of credit for major local and international transactions would be through the credit card, although it is also offering personalised cheques for domestic use.

A minimum monthly payment is required for the credit line, hand customers can make periodic, or balloon payments. at any time as their cash flow allows.