Which is better? Using credit card or taking personal loan?

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Which is better? Using credit card or taking personal loan?

Post by enidhi on Thu Jan 31 2008, 11:01

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 )?

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Re: Which is better? Using credit card or taking personal loan?

Post by gbhupesh on Thu Jan 31 2008, 19:12

I am sure there is no interest free period for cash advances on credit card.

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yes...

Post by enidhi on Thu Jan 31 2008, 21:39

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.

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Re: Which is better? Using credit card or taking personal loan?

Post by supreethamave on Fri Apr 25 2008, 14:52

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.

Exclamation 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.

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Re: Which is better? Using credit card or taking personal loan?

Post by ashwini on Sun Apr 27 2008, 16:52

Some employers give an option of Salary advance...I think that should be best option...

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Re: Which is better? Using credit card or taking personal loan?

Post by vishwas.tp on Wed Apr 30 2008, 17:33

>> 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.

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Re: Which is better? Using credit card or taking personal loan?

Post by deal4loans on Fri Aug 28 2009, 18:19

Both are Best But Its depends on situation at You are,
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.

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Re: Which is better? Using credit card or taking personal loan?

Post by bentley1988 on Thu May 06 2010, 06:17

i would use the credit card and have done before for cash flow.its good short term!

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Re: Which is better? Using credit card or taking personal loan?

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