First of all, let’s take a look at the scope of use 1. Credit card: There is no special scope of use for credit cards. You can swipe the card at any place where the card can be swiped, and you can also conduct online transactions and even use it to withdraw cash. Anyway, as long as you pay it back on time after finishing it, it will be fine. 2. Consumer loans: When applicants apply for consumer loans from banks, they usually choose the purpose of the loan. In other words, this type of loan can only be used for special purposes. If you choose to use it to buy a car, you can only buy a car. If you choose to use it for decoration, it can only be used for decoration, and you cannot use it for other purposes.
Next, let’s take a look at the costs of the two. 1. Credit card: This so-called cost actually refers to the interest-free period of the credit card. Many card friends know that the interest-free period of the credit card ranges from 18 days to 56 days. No, if you use it well, your overdraft consumption within 56 days will be free. As long as you repay it in full on the final payment date, you don’t need to pay other fees. 2. Consumer loans: As a loan product, banks charge interest for lending, so there is no interest-free period or interest-free period for consumer loans. As long as you successfully apply for a loan, the interest must be calculated as agreed from the day of the loan. , and each period must be repaid on time, so borrowing costs cannot be avoided.
Then, take a look at the convenience of application 1. Credit card: Application is very convenient, and there are many application channels. Customers can apply through bank offline outlets, bank official websites, WeChat, mobile apps, etc. During the application process, you only need to provide proof of employment, income proof and other application materials. The approval time is relatively short, and the results can be available in up to two weeks. 2. Consumer loans: It is troublesome to apply, the process is cumbersome, the approval is strict and the approval time is usually long. Many times, applying for consumer loans requires applicants to provide a lot of supporting documents, and even provide mortgages, guarantees, etc.
Finally, let’s introduce the repayment methods 1. Credit card: There are various repayment methods. If you have more money, you can repay in full. If you feel pressured to repay, you can choose to repay in installments or repay according to the minimum amount. , which makes repayment more convenient for cardholders. 2. Consumer loans: There is only one repayment method, that is, you must repay on time. If you underpay or fail to repay, you will be blacklisted by the People's Bank of China. China Merchants Young Card (no handling fee for the first cash withdrawal every month; 100% of the cash withdrawal limit; double points in the birthday month; only applicable for customers under 30 years old)