{"id":4153,"date":"2019-09-24T10:28:46","date_gmt":"2019-09-24T10:28:46","guid":{"rendered":"https:\/\/www.credit-score.com\/blog\/?p=4153"},"modified":"2022-08-23T09:28:22","modified_gmt":"2022-08-23T09:28:22","slug":"credit-card-or-loan","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/","title":{"rendered":"Should I get a credit card or loan?"},"content":{"rendered":"\n<p>You need some cash, but which is the better option for your needs &#8211; a credit card or loan?<\/p>\n\n\n\n<p>If you only need a small amount of money, you may benefit from making the purchase on a credit card or getting a money transfer card. If you need a larger sum of money, you might want to consider taking out a loan but ensure that you can make the repayments.<\/p>\n\n\n\n<p>Either way, you will want to make sure you are creditworthy at <a href=\"https:\/\/www.check.co.uk\/\" target=\"_blank\" rel=\"noreferrer noopener\">Credit-Score.com<\/a>.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#What_is_a_credit_card\" >What is a credit card?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#What_is_a_loan\" >What is a loan?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#How_do_credit_cards_work\" >How do credit cards work?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#Purchase_Cards\" >Purchase Cards<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#Balance_Transfer_Card\" >Balance Transfer Card<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#Money_Transfer_Cards\" >Money Transfer Cards<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#Credit_Card_Purchase_Protection\" >Credit Card Purchase Protection<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#Credit_Card_Repayments\" >Credit Card Repayments<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#Promotional_Periods\" >Promotional Periods<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#How_do_loans_work\" >How do loans work?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#Loan_Repayments\" >Loan Repayments<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#When_should_I_get_a_credit_card\" >When should I get a credit card?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#When_is_a_loan_better_suited\" >When is a loan better suited?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#To_conclude\" >To conclude<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.check.co.uk\/blog\/credit-score-account\/credit-basics\/credit-card-or-loan\/#Credit-Score_offers_two_fabulous_solutions\" >Credit-Score offers two fabulous solutions<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_credit_card\"><\/span>What is a credit card?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Having a credit card isn\u2019t technically borrowing money until you actually use it. It\u2019s great to have for emergencies or to hold deposits at hotels. You have a pre-set amount that you can use, but there\u2019s no obligation to use it. I remember ordering my first credit card as a \u2018just in case\u2019 \u2013 it sat on my shelf for almost a year, still in the envelope, before I used it for the first time. <\/p>\n\n\n\n<p>You have a credit limit on a card \u2013 the maximum you can\nspend on it, and an APR \u2013 the annual percentage rate \u2013 that you will be charged\nbased on the amount you use. You can continue to use and repay the money infinitely,\nas long as the account is open. <\/p>\n\n\n\n<p>It is very common to have a promotional period on a credit card where the APR is 0%, this means that, as long as you still make regular payments, you won\u2019t incur any interest by using it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_loan\"><\/span>What is a loan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A loan is when you borrow a predetermined amount of money\nfor a predetermined rate (APR). After approval, the money will be put directly\ninto your bank account. You have an agreed amount to pay back every month over\na certain number of months or years. <\/p>\n\n\n\n<p>You can borrow much larger sums of money with loans, which can be used for many different things: such as a wedding, a car, debt consolidation or home improvement. <\/p>\n\n\n\n<p>So what&#8217;s the difference when it comes to a credit card or loan? Well, they work differently.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_credit_cards_work\"><\/span>How do credit cards work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When it comes to choosing a credit card or loan, it&#8217;s best to understand how they work. There are several different types of credit cards, all with their own features. It is possible to get a mix of the three, but promotional periods between the different features will usually differ. These are the three main ones:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Purchase_Cards\"><\/span>Purchase Cards<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You use your credit card to make a purchase, much like you\nwould with a debit card. This money is added up onto your credit card account,\nas a balance that you owe. You can use it up to the limit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Balance_Transfer_Card\"><\/span>Balance Transfer Card<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you already have debt on a credit card, you may wish to\nmove it to a new credit card. The most likely reason for this would be because\na promotional period is ending, or the APR on the new card is lower. To do\nthis, you would use a balance transfer card. <\/p>\n\n\n\n<p>The methods to perform the balance transfer differs between\ncards, but often you start by applying for the new card. You will be asked\nduring the application process the details of the card you are transferring\nfrom, and the amount you will be transferring.<\/p>\n\n\n\n<p>There is usually a one-off fee that applies for a balance\ntransfer, this can be up to 5%, but if you are transferring to a 0% card, you\nmight end up paying less than the interest on the previous card. Make sure you\nwork out the costs to ensure you will be saving money.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Money_Transfer_Cards\"><\/span>Money Transfer Cards<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Money transfers are a lot like balance transfers, but\ninstead of moving the money between credit cards, you are moving it to your\nregular bank account. You usually pay a one-off fee to make the transfer. You\ncan transfer up to the limit on your account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit_Card_Purchase_Protection\"><\/span>Credit Card Purchase Protection<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Purchases made on credit cards are protected under Section 75 of the C<a href=\"https:\/\/en.wikipedia.org\/wiki\/Consumer_Credit_Act_1974\" target=\"_blank\" rel=\"noreferrer noopener\">onsumer Credit Act<\/a>. This means that you are covered if the purchase is faulty, damaged, or lost. It\u2019s worth noting that you only need to make part of the payment on the credit card to be covered for the full cost of the item. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit_Card_Repayments\"><\/span>Credit Card Repayments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Each month, your credit card issuer will set a minimum\nrepayment based on the balance on the card, you can choose to pay this, or a\nbalance above this. If you pay in full, you won\u2019t pay interest, if you don\u2019t\npay in full, interest will be determined by the amount left on the card and the\nAPR. <\/p>\n\n\n\n<p>Note: You should aim to pay higher than the minimum\npayment, and in full where possible. Potential future lenders will look at this\ninformation on your credit report to determine how creditworthy you are.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Promotional_Periods\"><\/span>Promotional Periods <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you have a promotional period\non your credit card, then you won\u2019t pay interest until this time is up. You\nwill still need to make regular payments of at least the minimum payment and be\ncareful not to exceed the limit. <\/p>\n\n\n\n<p>It\u2019s worth being aware that\ncredit card issuers won\u2019t work out your payments based on how long you have\nleft on your promotional period \u2013 often, it can be difficult to find out this\ninformation. Make sure you note down these dates and work out how much you\u2019ll\nneed to repay each month to avoid paying any interest. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_loans_work\"><\/span>How do loans work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Loans are usually used to borrow higher amounts of money. You are unlikely to find a 0% loan, so you\u2019ll want to find the lowest APR possible when searching for a loan. Whether you need a credit card or loan is dependent on your needs.<\/p>\n\n\n\n<p>Lenders offer you an APR based on your creditworthiness, so it\u2019s a good idea to ensure that it\u2019s top-notch before you make any applications, you can do this by looking at your Credit-Score Factors. &nbsp;<\/p>\n\n\n\n<p>When you are approved for a loan, the amount will usually be\nplaced into your bank account within just a few hours. If you are using it to\nconsolidate any debt, you may be required to do this yourself, although some\nlenders may offer to do this for you. An account will be set up with your\nlender where you can view your remaining loan amount and make payments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Loan_Repayments\"><\/span>Loan Repayments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Your loan repayments are often the same amount every month\nand leave your account by direct debit. If you find that you can pay back more\neach month, you can contact the lender to increase the payment amounts,\ntherefore reducing the term. <\/p>\n\n\n\n<p>Depending on your loan agreements, you may be able to pay\nthe loan back early. You would need to contact your loan issuer if you wish to\ndo this as the amount will differ from the amount you see when you log in. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_should_I_get_a_credit_card\"><\/span>When should I get a credit card?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A credit card is more suitable if the amount you need to\nborrow is smaller, and if you can pay it back quicker. With a 0% card, you may\nbe able to spread a cost over several months. You have a lot more flexibility\nwith a credit card, as you have the benefit of being able to use it again. <\/p>\n\n\n\n<p>If you are trying to build credit, a credit card is a great\nway to do so, as long as you pay it back in full every month and only use up to\n10% of the limit. <\/p>\n\n\n\n<p>There are plenty of benefits to having a credit card, such as Credit Card Purchase Protection and reward points.<\/p>\n\n\n\n<p>So when it comes to credit card or loan, credit cards are better for smaller purchases.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_is_a_loan_better_suited\"><\/span>When is a loan better suited?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Borrowing a small amount with a loan will incur a higher APR,\nso borrowing less than \u00a37,500 could work out quite expensive with a loan.<\/p>\n\n\n\n<p>A loan is more suited if you need to borrow more money and\nare happy to commit to paying back a consistent amount over a period of time. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_conclude\"><\/span>To conclude<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>No matter which method of borrowing you choose, you\u2019ll want to make sure your credit report is at it\u2019s best when you apply. The best way to do this is to sign up for Credit-Score. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit-Score_offers_two_fabulous_solutions\"><\/span>Credit-Score offers two fabulous solutions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you\u2019re preparing to take a mortgage, never apply until you\u2019ve tried our unique and&nbsp;<a href=\"https:\/\/home.credit-score.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">FREE Credit-Score Home app.<\/a>&nbsp;Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We\u2019ve even added your own mortgage broker, so you get the best deals available.<\/p>\n\n\n\n<p>More focused on your credit rating? Well, get started for free with&nbsp;<a href=\"https:\/\/www.check.co.uk\/register\" target=\"_blank\" rel=\"noreferrer noopener\">Credit-Score\u2019s 24- Factor Credit Check<\/a>&nbsp;to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don\u2019t use your credit score! We\u2019ll show you what lenders look for and how to get your credit report in the best shape possible).<\/p>\n\n\n\n<p><strong><em>Last updated by Robert Edwards, July 2022<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"You need some cash, but which is the better option for your needs &#8211; a credit card or&hellip;\n","protected":false},"author":22,"featured_media":4155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[324,254,275,279],"tags":[371,369,399,446,447],"class_list":{"0":"post-4153","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-credit-basics","8":"category-credit-cards","9":"category-loans","10":"category-personal-loans","11":"tag-credit-activity","12":"tag-credit-cards","13":"tag-loan","14":"tag-loans","15":"tag-personal-loan"},"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2019\/09\/photo-1562542472-c36f98399845.jpg","author_info":{"display_name":"admin","author_link":"https:\/\/www.check.co.uk\/blog\/author\/admin\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Should I get a credit card or loan? 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