For large purchases such as real estate, cars, expensive jewelry, a credit card is not suitable. If only because the limit is not enough for it. Particularly large limits can only be on elite credit cards, which banks issue only to selected customers.
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Therefore, we will compare a credit card and a consumer loan for a relatively small amount: for the purchase of household appliances, electronics, furniture, etc. What will be more profitable in this case: a consumer loan or a credit card?
To answer, you need to evaluate your financial capabilities. If you manage to get the money back quickly, it will be more profitable to get a credit card. After all, if you meet the grace period, then you don’t have to pay anything at all.
If you feel that paying in the grace period will not work, and you have to use the money of the bank for several extra months, then it is better to arrange an installment plan. This is a type of consumer loan, which involves paying for the goods in several equal installments. Banks usually tie this service to their credit cards. It can be either paid or free. We already wrote about installment credit cards.
If installment plan is not available or money is needed for a much longer period than it assumes (from a year or more), then the next reasonable option would be a consumer loan. For it, unlike credit cards and installments, which can be free, you definitely have to pay a commission to the bank. But it will certainly be cheaper than some possible alternatives: online loans to MFIs or pawnshops.