When people need money, they can choose to apply for a loan from a bank or withdraw cash from a credit card. But many users don't know which interest is higher, bank loans or credit cards. Next, Mr Xi Cai Jun will lead you to do a simple calculation. After calculating the comparison, everyone will be clear. Let's get to know it together!

Which is the higher interest rate, bank loan or credit card?

If you want to compare the interest rates of bank loans and credit cards, it depends. Credit card withdrawal is essentially a kind of consumer loan. If there is no special demand, most users will apply for a loan in the bank, so Xi Cai Jun compares bank consumer loans with credit cards.

Among the bank consumer loan interest rates, the minimum annual interest rate for short-term loans is 4.35%, and the minimum annual interest rate for medium and long-term loans is 4.9%. The daily interest rate of bank credit card loans is generally around 0.05%, and the converted annual interest rate is about 18%. In this way, the interest of bank consumer loans is lower than that of credit card withdrawal.

If the borrower applies for a bank online consumer loan, take CCB Express Loan as an example. The minimum daily interest rate is 0.02%. Compared with the cash withdrawal interest of credit cards, the interest of bank online consumer loans is also lower. However, the personal qualification of each lender is different, and how much loan interest rate the lender can apply for depends on the actual situation.

In addition, we need to remind everyone that credit cards have interest-free periods, while bank loans have no interest-free periods. If the borrower has no installment demand, it is recommended to use credit card, which is more cost-effective.