Glass Bowl Filled With Cash

Managing Credit Card Loans

Credit cards have so much features that you can take advantage of. One feature it has is a credit card loan. A bank is the primary organization who offers credit card to its clients. Being a financial institution, the credit card can often be linked to other services that a bank can offer which includes credit card loans.

ocbc credit cards

Credit card loans are loans being made where the amount is being charged to your card. The interest incurred is charged to your card as well. This is a great way to generate cash for emergencies but you will need to make sure that you manage it correctly, else it can bring you deep in debt.

Here are a few points you may need to look into to avoid getting yourself in credit card debt.

  1. Avoid using your card for purchases and loans at the same time.

When you use your credit card for purchases and have accumulated a certain amount of debt, it is advised that you pay off the amount due to ensure that you are clear of debt when you apply for a loan. Having your loan as the only one charged to your card will allow you to ensure you can pay off the debt without anything else that adds up to your monthly amortization due.


  1. Get a loan amount which you can pay off easily.

Make sure that the loan amount that you are getting is something that you can pay off. Other than the loan, your monthly amortization will include fees and interest payments so you will have to consider those.


  1. Check with your bank on promotional offers

A bank will always have promotional offers for loans. A bank earns a bulk of its income from interest payments from loans. Getting in touch with your bank can help you take advantage of the promotional offers they have such as low interest rates. Make sure that you make use of the these promotional offers.