The major differences between a mortgage, loan, and a credit card is the term of the loan, that is, how long one has to repay and what terms and what is the percentage of interest that you have to pay for the privilege of taking out the loan. A mortgage is typically structured for a set amount over a set period of time. A loan is typically set for a set amount and the person pays an amount for a period of time. A credit card is a revolving line of credit that one pays interest on balances.