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What is the difference between bank loans and credit card? |
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Date:
February 9, 2007, 11:58 am |
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What is the difference between bank loans and credit card? |
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Answer:
The essence of both bank loan and credit card is the same - the bank lends you money and you return it paying fees and interest rate. But the main difference between these two things is that a credit card enables you to use your money whenever you go, you don't have to carry a lot of cash plus if you use the credit card regularly, you can earn rewards, depending on the type of credit card. Mind that credit cards are basically intended for cashless payments, and banks charge fees for cash advance. Bank loans are given in cash and you can either use checks or take the whole sum and use it.
The choice between credit cards and bank loans depends wholly on your needs, but credit cards are better for everyday purchases and regular use, and loans are for buying something significant - house or car. |
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