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 ShermanOctober 13, 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 ArticleBest Ways to Advertise Your Political Campaign
    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 January 22, 2023

    How a Poor Credit Score Can Affect Your Business

    Business January 20, 2023

    Never Try to Rely On Your Luck at Trading

    Business January 17, 2023

    Steps to Transfer Physical Shares to Demat Account

    Blogging January 13, 2023

    How To Use Blogger Outreach To Help Your Business Grow Online

    Business December 29, 2022

    What are the Benefits of Having the Best Exhibition Stand Design?

    Business December 26, 2022

    Business Consulting for Bilingual Companies

    Leave A Reply Cancel Reply

    Subscribe to Blog via Email

    Popular Posts
    • The Facts About Online Psychic Reading: Things You Need to Know
    • How to Play American Roulette Online
    • Collection of Love Shayari, Messages,Quotes And Sms In Hindi
    • What Are The Best Study Materials For JEE Exam?
    • 6 Ways To Know If You’re Tech Savvy
    • Colors Bigg Boss Winners List With Photos of All Seasons 1 to 15
    • ‘Thugs of Hindostan’ Star Cast Confirm, Release Date, Story And Teaser Trailer
    • MTV Splitsvilla 10 (X) Winners, Episodes and Contestants
    • Why To celebrate World Population Day? Population Day Quotes And Themes
    • Paresh Rawal Best And Funny Dialogues From Bollywood Movies
    • How a Poor Credit Score Can Affect Your Business
    • Five Games We Can’t Wait To Play In 2018
    Random Posts
    Bigg Boss January 25, 2023

    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

    January 5, 2023

    MTV Splitsvilla 10 (X) Winners, Episodes and Contestants

    January 24, 2023

    MTV Roadies Battleground – Your last chance to be a Roadie

    October 20, 2022
    Latest Posts

    Sunny Deol Best Dialogues From Bollywood Movies

    August 23, 2022

    Fabulous Attitude Status And Quotes For Whatsapp and Facebook

    August 24, 2022

    How Classrooms Are Becoming Dynamic

    August 26, 2022

    How to Answer “What are Your Salary Requirements?” During a Job Interview

    September 11, 2022

    Secrets for Growing a Small Business Quickly

    December 10, 2022
    Facebook Twitter Instagram Pinterest
    Copyright © 2014-2022. eDefines - All Rights Reserved. | Sitemap

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