*Loan,banking and credit>>>credit line

What is the difference between a credit card and a line of credit?

Both gives u a freedom of spending up to your credit limit. However, the credit card has wider access as it can access the global credit card network (Visa, Mastercard, AMEX, JCB, etc) whereas a line of credit is usually through a cheque book which consumer credit stores are less likely to accept.

Technical difference
- Credit cards operate via an instant approval network which allows instant access to your credit status, thus consumer stores are willing to accept the card;
- whereas approval for cheques issued against a line of credit will take a few days (with technical advances, hours) to approve, thus stores are less willing to run the risk of you disappearing with their goods

Legal differences
- With a credit card, once approval is granted, VISA / Mastercard / AMEX pays out to the store instantly and obtains the money from your issuing bank. In the event of a default on payment, the liability is you with your bank.
- With a line of credit, the liability is you to the store, until the approval is granted (which transfer the liability to the bank), the store runs the initial risk of not getting back their money

Cost differences
- as a result of the above two issues, the interest on a credit card is higher, as the bank assumes the risk of default

Actual (operations) differences
- in today's financial markets, the gap is really small, many banks are issuing a credit card against the line of credit and to gain competitive foothold, thus offering you lower interest. Why then do people still own credit cards? Usually the reason is that credit cards have a better range of benefits (discounts, reward points, etc) as the higher income on credit cards allow banks to return rewards to the customers.

Line of credit is only good at that particular establishment ie Sears while a credit card is backed by Visa, Master card ect and is good every where there accepted
Actually, a Line of Credit usually comes from your bank. They attach it to a bank account so that you can spend more than what is in your account. Sears and everyone else sign you up for a credit card too.

Generally, the interest rate on a LOC is lower than with credit cards, but it is still revolving. And, if it is part of your regular bank account then any deposits you make will automatically pay down the LOC amount. You have to physically decide to pay a credit card.
A credit card they give you the actual card with a credit limit. This card visa, MasterCard etc can be used anywhere.

A line of credit they will give you a balance. But you have to call them to request funds then they will deposit the funds in your account or mail you a check. These are a pain in the butt as they do a credit check each time you request funds and will deny the request i they wish to.

Both options charge interest. Your credit rating will depend on how much interest they charge you.

Best option is to pay cash for what you want.
A credit card is accepted in every country !

A credit line like a bank account where you can go 'short' !
http://index-go.com/credit-cards.asp...

http://index-go.com/finance-loans-mortga...