Loan on Credit Card: Charges, Problems & Limitations: Finance Trading Times

Loan on Credit Card: Charges, Problems & Limitations

This article is the second part of Loan On Credit Card: Beware Of The Charges & Problems.

What are the charges and problems for Loan on Credit Card?
There are multiple things which should be kept in mind before taking Loan on Credit Card:

- Please note that Loan on Credit Card can cost you dearly. It has higher rate of interest as compared to other forms of the loan

- The availability of Loan on Credit Card is based upon your credit ratings. So please ensure that your maintain a good credit rating.Loan On Credit Card

- Loan amount can vary depending upon the limits on your card, and the kind of card you hold - Gold, Silver, Platinum, Titanium, etc.

- Other Charges can cost you heavily. There will be processing charges and you might have to pay taxes on those charges.

- Even if you want to pre-pay your Loan on Credit Card, there will be pre-payment charges

- If you take the Loan on Credit Card, the the cash withdrawal limit on your card may be blocked or reduced. Even the spending limit might be reduced

Hence, overall it appears to be a good option, but one needs to be aware of the multiple charges, high interest rates, processing and pre-payment charges, taxes on the same and all these issues before considering taking a Loan on Credit Card.
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