Abstract: A line cutting apparatus includes a cutting tool and a mounting base separate from the tool. In the present embodiment, the mounting base is adapted for attachment to a fishing rod. The cutting tool and mounting base include interconnecting means for removably engaging the tool to the base. The cutting tool includes a tool housing that encloses a blade but defines limited access openings to expose portions of a blade cutting edge. Each opening is defined by a pair of lips projecting beyond the blade cutting edge and being spaced apart less than the length of the exposed edge. The tool housing also defines a receptacle for retaining a sharpening stone in alignment with the blade. The tool housing is shaped along its undersurface to provide a gap between the tool and mounting base. This gap enables the fishing rod and attached mounting base to flex without interference from the tool.