Which is better? Using credit card or taking personal loan?
+3
supreethamave
gbhupesh
enidhi
7 posters
Page 1 of 1
Which is better? Using credit card or taking personal loan?
You need some urgent cash, say Rs 60000, which you will be able to repay within 3-6 months. Is it economical to apply for a personal loan (at around 14% interest and other fees and prepayment penalty) or just swipe your card (convenience, 45-60 days interest free time, 1-3% monthly charges )?
Re: Which is better? Using credit card or taking personal loan?
I am sure there is no interest free period for cash advances on credit card.
yes...
gbhupesh wrote:I am sure there is no interest free period for cash advances on credit card.
yes. What I meant was swiping the card at the shop directly...Not withdrawing money from ATM.
Re: Which is better? Using credit card or taking personal loan?
If I needed cash urgently, I would make a purchase by swiping the card, and after the interest free period, would make use of Balance Transfer which would give me 3 months to repay the amount. 2% is charged on balance transfer. You can keep making payments monthly to reduce the balance amount, or pay the whole amount at the end of 3 months.
If you do a balance transfer to another CC, you should not have any other payments due on that card. Coz if you make any payment in that period, it'll be considered as payment for the balance transfer amount and you will be charged interest for the acual payment due in that card.
If you do a balance transfer to another CC, you should not have any other payments due on that card. Coz if you make any payment in that period, it'll be considered as payment for the balance transfer amount and you will be charged interest for the acual payment due in that card.
supreethamave- MoneyTalker
- Number of posts : 9
Location : Bangalore
Registration date : 2008-03-12
Re: Which is better? Using credit card or taking personal loan?
Some employers give an option of Salary advance...I think that should be best option...
ashwini- MoneyTalker
- Number of posts : 26
Age : 41
Location : Udupi
Registration date : 2008-02-02
Re: Which is better? Using credit card or taking personal loan?
>> Which is better? Using credit card or taking personal loan?
Depends on the "Urgency"...
1. I think when there is urgency, borrowing from two or three Friends will help.
2. Not able to arrange from friends and still there is an urgency then use the credit card and later covert that into easy EMIs.
3. and If you have enough time to go to bank and wait until they process your loan request, then personal loan will be better. As loan on credit card will be charged around 20% interset/annum compared to 15-16% on personal loan.
Depends on the "Urgency"...
1. I think when there is urgency, borrowing from two or three Friends will help.
2. Not able to arrange from friends and still there is an urgency then use the credit card and later covert that into easy EMIs.
3. and If you have enough time to go to bank and wait until they process your loan request, then personal loan will be better. As loan on credit card will be charged around 20% interset/annum compared to 15-16% on personal loan.
Re: Which is better? Using credit card or taking personal loan?
Both are Best But Its depends on situation at You are,
click for Apply credit card,more information on credit card
click for Apply credit card,more information on credit card
gbhupesh wrote:I am sure there is no interest free period for cash advances on credit card.
deal4loans- MoneyTalker
- Number of posts : 9
Registration date : 2009-08-22
Re: Which is better? Using credit card or taking personal loan?
i would use the credit card and have done before for cash flow.its good short term!
bentley1988- MoneyTalker
- Number of posts : 21
Registration date : 2010-05-06
Similar topics
» Credit card as saving instrument
» which is the best credit card in terms of benefits it has to offer?
» latest viral by hdfc bank credit card!!!
» Sriloans-The Best Personal, Car and Home Loans on the Market
» Education Loan
» which is the best credit card in terms of benefits it has to offer?
» latest viral by hdfc bank credit card!!!
» Sriloans-The Best Personal, Car and Home Loans on the Market
» Education Loan
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum