Credit Cards vs Lines of Credit vs Personal Loans - What's the Difference? Pros and Cons Discussed 

Support our channel by choosing your next credit card using one of the card links at: - BEST: www.proudmoney.com/best-credit-cards-on-the-market/ - CASH BACK: www.proudmoney.com/best-cash-back-credit-cards/ - TRAVEL: www.proudmoney.com/best-travel-credit-cards/ - BALANCE TRANSFER: www.proudmoney.com/best-balance-transfer-credit-cards/ - BONUS: www.proudmoney.com/best-credit-card-bonus-offers/ - BEST 0% APR: www.proudmoney.com/best-0-apr-credit-cards-on-purchases/ - BUSINESS: www.proudmoney.com/best-business-credit-cards/ - GAS: www.proudmoney.com/best-gas-credit-cards/ - BEST AMEX CARDS: www.proudmoney.com/best-american-express-credit-cards/ - BEST CHASE CARDS: www.proudmoney.com/best-chase-credit-cards/ - BEST CITI CARDS: www.proudmoney.com/best-citi-credit-cards/ - BEST CAP ONE CARDS: www.proudmoney.com/best-capital-one-credit-cards/ - BAD CREDIT: www.proudmoney.com/best-credit-cards-for-bad-credit-unsecured-secured/ - FAIR CREDIT: www.proudmoney.com/credit-cards-for-fair-credit/ (We'll get compensated if you're approved, and we thank you kindly.) Other ways to support this channel: - Use our Amazon.com link: amzn.to/2PpQWoB (As an Amazon Associate, we earn from qualifying purchases.) - Get a $25 - $325 bonus when you open a SoFi Checking/Savings Account at: www.sofi.com/invite/money?gcp=68388c1c-9593-48a6-8872-7052db78d937 . NOTE: Credit card information in this video is not guaranteed; we have attempted to confirm all information to the best of our ability but we could simply be wrong or the information could be outdated by the time you watch this video. We are doing our best here, but check our work!

Thanks Adam. The fundamentals of financial IQ.

I just got another LOC at the same time I got my wife a new car. It was a regional CU that allowed you to double dip. Easy $10k line. I’ve been in the game enough the number of cards I want is fewer and having these LOC’s is beneficial to ensuring you always have cash.

I got a loan from my Chase Freedom Flex. Limit is $16,900 and took out 13k. Interest rate is 8.99% and I'm happy they offer this now. So much simpler than a line of credit with no extra hassle. Score dropped about 20 points because of utilization but still in a healthy range. Great video!

>You should get in additional gig Adam as a game show host. "Up-to thirty *thousand* dollars". All jokes aside good points as usual. >There are a few (mainly credit unions as far as I knew) that like you say give you no cash advance fees though watch out for no grace period on those. If you find one that has a grace period and no cash advance fee (both of them) let me know as they are rare to have them both in the same card. >With a decent amount of issuers you can ask and get 0% on an existing account on new purchases on an existing card. Though beware if your income drops of the ramifications.

I get loans against my own money which is in a savings account. The loan is at only 3.5 percent My savings is at 5 Then put my loan in another savings account and different bank cause same bank won’t do it. But another 5 percent interest on that So I’m making money on my loan I use the interest to pay it back . I use my credit cards with cash back and also use my interest to pay them .

Great content as always, thanks Adam!!!

Just got notice Wells Fargo is converting my Propel to the Autograph. Someone mentioned it on one of your videos a while back and I thought it was bs because the rewards are the same but it turns out I'm just late to the party.

Do personal loans also charge APR on your daily balance??

700 score even though I screwed myself at 18 woth 7k in debt but I’m paying it off quickly I had like 10 cards and now I only have 2 cards and they =4k at age 20 and those are from state employees credit union and local government federal credit union of NC

Hi Adam, question, do you know if line of credit count towards chase 5/24? Thanks

Forgot to explain credit cards with transfer balance wich could save u some interest for a period of time

Amazing

Another educational video. Thank you!

Confused still on paying debt with debt

What is it called when you apply to get, for instance, an appliance and the store finances the purchase with a bank like BofA, Wells Fargo etc.?

I got approved for a PLOC with a low score in the 600s. Made horrible mistakes and Im still paying the price, but I wised up - opened a line of credit at a local credit union in my area, I "drew" half of it to float me until payday in a few weeks. Had I known lines of credit were better than a personal loan I would of never even taken a single loan out. Using my LOC to pay off debt and to help me make bigger payments on CCs so I don't keep having to max payments and having to see maxed out cards. I personally never and still don't like CCs, but I get it, sometimes life gets in the way. I prefer to use CCs for small stuff, like gas, or ordering food. Keeping it reasonable. Thanks for the info!

Gracias por la info! Great video

thank to information

This a line of credit the same thing as an overdraft facility?

Let's say if I use money from my line of credit and pay it back the exact same day will I have to pay interest

Thanks for sharing ❤

Good

I’m still a bit confused on the payment of LOC’s. If I don’t pay it back in full as soon as I use it, how often do they accrue interest? From what I’m understanding, you have to pay interest on anything you spend as soon as you take it out of the account, but how often do you pay interest on it if you don’t pay it back immediately?

well explained thank you🙂

❤❤

🎉

I’m out of the game.