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Taking a loan with your credit card
Taking a loan on your credit card
Getting cash on your credit card is a very expensive affair. When you borrowing cash on your card; you may get an offer from the bank to opt for the EMI (Equated Monthly Installment) facility to make the payment. Loan from your credit card facility does not come cheap and the interest on the EMI is excessive. The interest rate may vary from 30-45% Better that you make the payment before the due date in one go and give the EMI facility a miss.
A credit card is an unsecured loan. This means that unlike a secured loan. Credit cards have their pros and cons. Always pay the whole balance and if you are forced to pay less than that, make sure that you pay higher sums whenever possible.Its not at all advisable to bank on a credit card loan since the amount that has to be paid as interest is very much higher, different banks charge differently, If you are a person who misses payments then that would add you to more trouble by paying extra money as fine and other charges.
You would all have had your chances with credit cards if you like to share do write in the comment box it would help others to know and understand.
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