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Is a personal loan or a credit card better for travelling?

3 minsNovember 5, 2018

Are you passionate about travelling? Do you want to explore the beauty of various destinations across the globe? But have kept your plans on hold? Now you don’t have to curb your passions anymore, as you can get loans or use yourcredit cards to travel anywhere you want, without facing any major financial burdens. If you are one of the thousands of people who have wondered whether to use loans or credit cards for funding their trips, this article might be of some help to you.

  • Personal loan for travelling
    • When you decide to apply for a personal loan to fund your trips, you should be aware of its pros and cons as well. The main advantage of a personal loan, is the quick disbursal and instant remittance. However, the downside is that these loans come with a high interest rate and you will have to pay back more than what you borrow. If you are lucky to find a personal loan with a fixed interest rate or 0% interest rate for the time you will be travelling, you are really lucky; however, the chances of finding such a loan are very rare.
  • Credit card for travelling
    • One of the best things about using a credit card for funding your travelling requirements is that it comes with 0% interest for the first 40-50 days, which you can use to your maximum benefit. For example, if you swipe your card for Rs. 50,000 on January 3rd, you will have an interest-free period till about Feb 20th. If you can pay off the entire amount by this time, you are in a win-win position; you can use your card when you really want it and you don’t have to pay even Re.1 as interest.
    • Since there are pros and cons in both these options, it depends on individual preferences to choose the one of these. If you are choosing a personal loan, you should read the terms about interest rates carefully and if you are choosing a credit card, you should try to pay it back fully within the interest-free period, as the exorbitant interest charged on these cards can burn a deep hole in your pocket.


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