5 Essential Insights About Taking a Loan Using Your Credit Card

Own a credit card? Get a loan against it to meet your urgent financial needs. Here are some tips on how to be a responsible borrower to make your loan more affordable.

Borrow responsibly

While your credit card might offer a high loan amount, borrow only what’s needed. Don’t go overboard as repayment might be difficult.

Know the interest rate

Check the Annual Percentage Rate (APR) on the credit card which also applies on the loan. Choose a card with lower rates and save on the cost.

Choose a suitable tenure

Credit cards offer flexible tenures for easy repayments. Choose a tenure that gives you the most affordable EMI for loan repayment. 

Know the processing fee

A processing fee might be charged when you avail the loan. Know the fee as it involves an added, non-refundable expense.

Repay on time

Always pay the EMIs within the due date to avoid added interest charges. Plus, regular payments would also keep your credit score high.

Borrow responsibly and cost-effectively with IDFC FIRST Bank Credit Cards. Get APRs starting from 9% p.a. and repayment tenure going up to 18 months.