Huge discounts on seasonal sales planned repairs or any further travel that urgently needs extra money. What to use – credit card or consumer credit?
Each of us has been in a situation where we suddenly need extra resources, such as having to go to the dentist or another doctor urgently. Money may be needed for some major purchase or, quite simply, for security when traveling for a longer period. Of course, the best solution, in this case, would be to transfer the money from the reserve account, but if it is not, then it is better to borrow safely rather than risk falling into the fast credit or living with guilt if you borrow money from relatives and friends for unforeseen reasons. you can’t return it on time.
To borrow safely means to use one of the financial instruments offered by the bank – consumer credit or credit card. And it is safer, perhaps, because the bank is carefully assessing your creditworthiness before granting this loan because perhaps the best solution now is to tighten your belt a bit rather than find yourself in an even bigger financial hole after a month or two when the loan is due.
What to choose – credit card or consumer credit?
Before choosing a credit card or consumer credit, it is important to understand the purpose and amount of credit required. A needs calculator can be used to do this. The short answer would be that for one-time spending, consumer credit is more appropriate, but if you need the money at a glance and on a regular basis, or as security, for example on a trip, a credit card will be more beneficial.
What else to know about consumer credit?
- Getting a consumer credit is quick and easy – when you complete an application in a mobile app, the application is evaluated within 20 minutes and credited to your account within minutes of signing the contract (also remotely via online banking or mobile app while still in the store).
- For consumer credit, higher limits are available than for credit cards, for example, the amount offered by Good Credit ranges from USD 500 to USD 12,000.
- The amount of credit available depends on the borrower’s monthly income, credit obligations, and credit history.
- Apply for and apply for a consumer credit faster with Good Credit’s mobile app, as you will only receive a 20-minute response on your borrowing options.
What Do You need to Know About Credit Cards?
- Once the contract is signed, the funds are available for credit card payments, but if needed, they can be remitted and paid directly from the credit card account immediately after the contract has been signed, even before receiving a plastic credit card.
- You can also deposit and use your own funds in your credit card account, which can be beneficial for insuring your purchases.
- Borrowing interest is calculated only on the limit used. Credit card purchases have a non-interest period of up to 50 days depending on the type of card. The fixed payment card, in its turn, offers to repay the spent limit gradually – with fixed monthly payments.
- Choosing a credit card within the range of 300 to three salaries, the application is evaluated within one to two business days.
- There are different types of credit cards available – Fixed Credit Card, Good Credit Credit Card, Gold Credit Card and Platinum Credit Card.
It is advisable to choose a credit card with a fixed payment
If it is more convenient for you to pay gradually for your purchases the monthly fee of the card is 0 USD, and if necessary, the refund can be used in the future. Purchases are insured.
The Good Credit credit card is great for everyday use – interest-free periods and discounts allow you to save, but purchase insurance will cover you in unforeseen situations. The amount used can be repaid at will, until the date you have chosen, only the interest is due.
A gold credit card is great for traveling. It provides more than just extra funds – this credit card includes family travel insurance, purchase damage and theft insurance, and special discount offers.
The Platinum credit card is an exclusive international payment card that will serve as a guarantee of security when traveling and will come in handy every day. This credit card includes travel insurance, Priority Pass card, purchase insurance, up to 50 days interest-free, as well as benefits of VISA Premium card users.