Facebook Twitter Instagram
    eDefines
    • Home
      • About
      • Contact Us
      • Privacy Policy
    • Business
    • Games
    • Education
    • Internet
    • Entertainment
    • Technology
    • Gadgets
    • Health
    • Softwares
    • Social Media
    • Shopping
    Facebook Twitter Instagram
    eDefines
    Home»Business»5 Solid Reasons to Choose a Credit Card Over a Conventional Personal Loan
    Business

    5 Solid Reasons to Choose a Credit Card Over a Conventional Personal Loan

    Floyd ShermanBy Floyd ShermanMay 19, 20223 Mins Read
    Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Confused between a personal loan and a credit card? Can’t figure out which of the two makes a more suitable funding source?

    Personal Loans Vs Credit Cards

    Both credit card and personal loan meet different funding requirements and have different merits in different situations, but we recommend using a credit card. Here’s why:

    Table of Contents

    • 1] Approvals are Easier
    • 2] The Borrowing Limit is Relatively Lower
    • 3] Interest is Charged on the Amount You Use
    • 4] Attractive Rewards and Benefits
    • 5] Flexible Repayment Options
      • The Final Verdict

    1] Approvals are Easier

    When it comes to availing credit, the simplicity of the application process and the ease of approval that accompany a credit card, make the balance tilt in the favour of credit cards.

    2] The Borrowing Limit is Relatively Lower

    With a credit card, you can borrow an amount as small as Rs. 3000 but with a personal loan your approved amount is relatively bigger and once it is disbursed, you start paying interest on the entire amount from Day 1, regardless of how much you actually use. Also, with a credit card, your repayment amount can be easily converted into affordable EMIs.

    3] Interest is Charged on the Amount You Use

    A credit card is your best bet if you need a short-term loan for 6 months because you are charged interest only on the amount you actually spend. Why should you burden yourself with long-term interest if you can be free of debt quickly with a credit card?

    Also, personal loans are offered for a minimum of 1-2 years so if you have sufficient cash flow and are confident of repaying on time, opting for a credit card makes a wise decision.

    4] Attractive Rewards and Benefits

    You can enjoy a plethora of benefits every time you swipe your credit card. From reward points and travel benefits to discounts, cash back and insurance coverage – all of this along with an interest free credit period for up to 45 days in most cases.

    5] Flexible Repayment Options

    Flexible repayment options

    While personal loans come with fixed repayment schedules of equated monthly installments, credit cards come without any predetermined repayment tenure or an end date. So, if you are unsure of your repayment ability within a specific timeframe, then you should definitely choose a credit card over a personal loan.

    The Final Verdict

    If you want to enjoy the pros of both personal loans and credit cards without their limitations, apply for MoneyTap’s personal line of credit which can be used as both a credit card and an instant loan. Download their money loan app here.

    With MoneyTap’s line of credit, you get instant access to money which you can spend as and when you need and pay interest only on the amount you withdraw or swipe. With MoneyTap you can get approved for an instant loan of up to 5 lakh rupees and convert your repayment amount into affordable EMIs of your choice.

    Its built-in-flexibility also lets you determine your repayment tenure anywhere between 2 months to 36 months.

    Also, since MoneyTap’s line of credit is a revolving account, every time you repay your borrowed amount, your available balance gets recharged by the same amount so you will never run out of funds as long as you are regular with your monthly repayments.

    Whether you need some extra cash to cover last minute wedding expenses or need a loan for buying a used car, MoneyTap’s line of credit is a clear winner with the combined benefits of an instant loan and credit card.

    Best Credit Card for You Choose a Credit Card Choosing and applying for a credit card Conventional Personal Loan Credit Card Apply Credit Card Help Credit Card Offers Credit Card vs. Personal Loan Credit Cards
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Previous ArticleVJ Bani Roadies Biography, Workout, Images and Audition (Gurbani Judge)
    Next Article 5 Upwork Careers To Work From home
    Floyd Sherman
    • Website
    • Facebook
    • Twitter

    Floyd Sherman is a Computer Geek, Internet Entrepreneur, Blogger, Day Dreamer, Business Guy, Fitness Freak, Music Lover and Digital Marketing Specialist. He also helps companies to grow their online businesses.

    Related Posts

    Business May 21, 2022

    Keys to Starting a Home-Based Business Even with Bad Credit

    Business May 19, 2022

    Smart and Easy Ways of Marketing Your Small Business Online

    Business May 19, 2022

    How to Make Your Business Succeed

    Business May 19, 2022

    Why Short-Term Business Loans Can be the Answer to Your Problems

    Business May 19, 2022

    The Right Strategy to Follow During an IPO

    Business May 19, 2022

    The Branded or Third-party Optical Module, Which One to Choose?

    Leave A Reply Cancel Reply

    Subscribe to Blog via Email

    Popular Posts
    • Which Casino Game Is Best for You?
    • Rahul Roy Biography, Profile, Wiki, Personal Details
    • Keys to Starting a Home-Based Business Even with Bad Credit
    • Six of the Greatest Sites to Surf the Web
    • 7 Factors You Need To Consider While Buying A New Smartphone
    • Shah Rukh Khan’s Movie Raees All New Dialogues collection.
    • All Time Best Dialogues Of Nana Patekar From Bollywood Movies
    • Do You Need Ski Boots to Ski?
    • How To Look Beautiful With Voogueme Eye Wears
    • Dialogues Of Anil Kapoor From Bollywood Movie In Hindi
    • Is GTA 5 The Best Game Ever Made
    • The Phenomenon of Online Bingo
    Random Posts
    Bigg Boss March 6, 2022

    Colors Bigg Boss Winners List With Photos of All Seasons 1 to 15

    MTV Roadies Winners List With Pictures of All Seasons 1 to 18

    February 15, 2022

    MTV Splitsvilla 10 (X) Winners, Episodes and Contestants

    March 5, 2022

    MTV Roadies Battleground – Your last chance to be a Roadie

    May 19, 2022
    Latest Posts

    Haryana Land Records – Jamabandi. Check Nakal Online @ jamabandi.nic.in

    May 19, 2022

    How To Apply For PAN Card Online (Step by Step Guide)

    May 19, 2022

    Bhulekh Bihar: How to Check Land Records in Bihar @ biharbhumi.bihar.gov.in

    May 19, 2022

    Raghu Ram Roadies Biography, Wife, Wiki and Profile

    January 28, 2022

    Things You Should Know about Bonuses in Online Casinos

    May 19, 2022
    Facebook Twitter Instagram Pinterest
    Copyright © 2014-2022. eDefines - All Rights Reserved. | Sitemap

    Type above and press Enter to search. Press Esc to cancel.