In the era, a large number of people were using credit cards. The main reason for this is the convenience of having a credit card, but the interest rate on a credit card is very high, but the personal loan interest rate is much lower. Let us understand the reason behind this.
Adil Setti, CEO of Bank Bazaar, said, “In today’s era, credit card has become a tool through which we can withdraw more money when needed. In addition, rewards for its use are also available. This is a medium that puts a great deal of responsibility on consumers during usage. These are the reasons for charging interest on credit cards from 21% to 42%.
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In general, the interest rate on personal loans ranges from 11% to 16%, and credit card interest rates range from 21% to 42%. In most cases the credit card has no security or security and is considered an unsecured loan. It is also possible to default. This is one of the reasons why credit card interest rates are so high.
Despite all this, credit card eligibility is lower than personal debt. Once the credit card is available, no additional permission is required. Also, credit card issuers do not know what use is being withdrawn. This will increase the risk.
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