Credit card vs line of credit

Swani

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Oct 25, 2016
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Nick
We have both.

Credit card - is nice for small expenses like chemicals, tools, gas ect.

Line of Credit - is nice for bigger things like equipment or other major expenses.
 
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Benton KY USA
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Lee Stockwell
I pay off cards each month. So far I am their master. If I get in a pinch and need to run them up to 15 or 20k they may be a lifeline....but then they would be MY master.

If I need to buy another van or machine it's hard to beat my credit union at 3%.
 

Papa John

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John Stewart
An advantage of each is not to expose your capital to fraud or identity theft. We aren’t talking about running up debt. It’s firewall between you and criminals.
Cash does the same without exposing your money to ransom in the form of paid interest. :stir:
 
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Fred Boyle
Which do you have and why do you like it?
I have both…


they are 2 entirely different borrowing instruments , however


I use my 2% Cash back Citibank card daily for EVERYTHING… the key is to set your bank acct to autopay entire balance each month

this way you exploit all the benefits of getting everything at a 2 % discount without any fees or interest


a line of credit , or HELOC is advantageous when you can’t attain a lower rate ( mine is 3.9% ) or want more flexible payback terms
 

Brian H

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I use my 2% Cash back Citibank card daily for EVERYTHING… the key is to set your bank acct to autopay entire balance each month

this way you exploit all the benefits of getting everything at a 2 % discount without any fees or interest
We have done that for years!! I haven't paid interest for as long as I can remember.

I have however carried a balance on a few other credit cards. The ones that you get that offer 0% interest for 18-24 months. I have used them several times to purchase building materials for some major projects on my house and new garage, easily over $40,000. They were of course paid off before the end of the 0% interest period and eventually cancelled. It's nice to be able to borrow money for free!!
 

Nomad74

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Feb 4, 2016
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Redding
If you don’t have one by 60, I’ll buy you one


I owe you that 😎


course by then , they’ll be electric
Dude. You owe me nothing. Without you I would have never gravitated to the joy of selling options. But I will meet up with you in Alabama and we can doorbell ditch Marty.
 
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Fred Boyle
Dude. You owe me nothing. Without you I would have never gravitated to the joy of selling options. But I will meet up with you in Alabama and we can doorbell ditch Marty.
Can you set your sights higher than a swamp state?

Im heading to Key West in October , would love to head west soon but Covid is being a little b!tch again regarding travel to blue states
 

Kenny Hayes

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Can you set your sights higher than a swamp state?

Im heading to Key West in October , would love to head west soon but Covid is being a little b!tch again regarding travel to blue states
Key West is a fun hangout! 90 mi. to Cuba! I’m going the other direction on the 30th for about 2
weeks. Kanab, Utah. Zion, North rim of GC and whatever else the two of us can get to. Just got our flu shots, so should be good to go.
 
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