Personal loan vs credit card: Which one to choose while travelling abroad
Credit cards or travel loan? We compared the two and found that travel loan in India is the way to go. But, what about foreign travel? Which one should you opt for when you go on that dream international vacation of yours? Some people find it hard to believe that they would get a loan to holiday! However, getting a personal loan for travel is rather easy. In fact, India has quite a few service providers who grant vacation loans. Bajaj Finserv is one of them.
However, before you take the final call, consider the following points:
1. Your credit card could get stolen, but your loan is always safe: At your holiday destination, law and order may not be very sound. While you are relaxing on a beach, someone may just take off with your belongings, including your credit card. Before you even discover the theft, they may run up an enormous bill on your card. So, isn’t it a much better idea to have your vacation funds safely in your account? You can withdraw exactly the amount you want. There is no need to carry around excess cash.
2. Your credit card could get rejected but your loan will never let you down: Your credit card could be rejected anytime and anywhere for no fault of yours. Your credit card company may have an internal problem. The hotel you have put up in may have a problem with its card scanner. The restaurant where you just finished a delicious meal with your family may have a sudden network trouble. In your hometown, this may not be a big problem. But in a faraway place, being unable to pay is a frightening idea. A vacation loan would never put you in such a nightmarish situation.
3. Street shopping is more fun with loans; credit cards often play spoilsport: One of the highlights of a vacation is to roam the streets of a new place, looking for local art and craft at a bargain. Unfortunately, most vendors in such colourful local markets sell their ware in informal shacks. They certainly do not accept credit cards. Your shopping could be such a delight if you carried some cash with you, taken out of the personal loan in your account.
4. Getting a credit card is full of hassles, but getting a travel loan is a piece of cake: If you want a credit card from a reputable provider, be prepared to go through tonnes of documentation and verification. However, companies like Bajaj Finserv have made the process of getting personal loans quite simple. You can even apply online.
So, the next time you plan a vacation abroad, just leave your credit card at home and have a great holiday with a personal travel loan!