Credit card vs line of credit

Joined
Oct 25, 2016
Messages
2,803
Location
Montana
Name
Swani
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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Joined
Oct 7, 2006
Messages
18,834
Location
Benton KY USA
Name
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%.
 
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FB7777

Guest
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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Joined
Dec 14, 2006
Messages
3,568
Location
Detroit Michigan area
Name
Brian H
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

Boy Sprout
Joined
Feb 4, 2016
Messages
23,464
Location
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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FB7777

Guest
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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Joined
Apr 17, 2009
Messages
7,877
Location
Yukon, Oklahoma
Name
Kenny Hayes
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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