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Are credit card loans better than personal loans?

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    Are credit card loans better than personal loans?

    Hello! Everyone I'm from India and I'm planning to get a credit card loan from HDFC Bank do you think it's a good idea compared to a personal loan. A bit confused about whether I should go for a personal loan or a credit card loan.

    #2
    What are you buying that you need the loan for?

    maybe there is another option

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      #3
      Originally posted by Apsar Hussain View Post
      Hello! Everyone I'm from India and I'm planning to get a credit card loan from HDFC Bank do you think it's a good idea compared to a personal loan. A bit confused about whether I should go for a personal loan or a credit card loan.
      Apsar - you could just save the money. Why even borrow at all?
      james.c.hendrickson@gmail.com
      202.468.6043

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        #4
        Originally posted by Apsar Hussain View Post
        Hello! Everyone I'm from India and I'm planning to get a credit card loan from HDFC Bank do you think it's a good idea compared to a personal loan. A bit confused about whether I should go for a personal loan or a credit card loan.
        Whichever loan will cost you less is the better loan. If at all possible, saving up and paying cash is the best "loan" of all.

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          #5
          I would think both would be lousy options as both are unsecured debt. What are the rates on each?

          Assuming this isn't spam, if you tell us more about your situation and the options we can give better advice.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

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            #6
            I guess it would depend on what it's for and what is the time frame to pay it back and the interest rate, etc

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              #7
              Does HDFC offer any interest free promotions for their credit cards? Or very low interest? I imagine most of us here would say that taking unsecured loans is generally a bad idea, but I also know sometimes a person runs out of other options. If you absolutely must do it, I'd try to get the lowest interest rate loan you can, either from credit card or personal loan.

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                #8
                I just googled it, and the example rate that HDFC gives on their website for their insta-loans is 1.25% - PER MONTH. I'd probably see if you can find a better interest rate than that.

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                  #9
                  Thanks for the response guys but I didn't opt for either of the options as I think saving money gradually would be a better option than paying extra money in interest.

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                    #10
                    Originally posted by Apsar Hussain View Post
                    Thanks for the response guys but I didn't opt for either of the options as I think saving money gradually would be a better option than paying extra money in interest.
                    probably a good option.
                    neither are very good options in most circumstances
                    Brian

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