Personal loan vs. credit card: Which one should you get?

Personal loans and credit cards require you to borrow money that must be paid back, but the way they're set up and the perks they offer work better

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The Weekly The latest news & offers Thursday, May. 19, 2022   Featured Article   Personal loan vs. credit card: Which one should you get? Personal loans and credit cards require you to borrow money that must be paid back, but the way they're set up and the perks they offer work better for some than for others. Read on to find out which might work better for your goals.       More Great Reads     What is a good APR for a credit card? A good credit card APR might not matter much to you if you always pay your bill in full every month, have a big emergency fund and know you'll never use the card to finance a large purchase. But you should pay close attention to the APR if you ever carry a balance.       What is a charge-off and how does it affect your credit? A charge-off is an uncollected credit card balance that has been overdue so long it is removed from a bank's books and charged against its loss reserves. Its credit score damage can be significant, and long-lasting.       Credit card grace period: Use it to pay no interest With most credit cards, you can get a one-to-two-month loan on new purchases simply by paying your balance in full each month. But you can also forfeit your cards' grace period by either paying your bill late or by intermittently carrying a balance.

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