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Summary: Stranded by an urgent bill? Don’t sweat it! IDFC FIRST Bank Credit Cards offer instant loans against credit cards. Skip the wait, ditch the paperwork, and get the cash you need—now! But use it wisely. Read more here!
Ever face a situation where you urgently need cash but your paycheque seems miles away? The same happened with Mohit recently. His car needed an unexpected repair, leaving a dent in his wallet. With an upcoming rent payment looming, he needs funds instantly.
This is where a loan against a credit card became a lifesaver.
Let’s explore how this service works and how it can help you get an instant loan.
A loan against a credit card, also known as a credit card loan, allows you to borrow money instantly against your available credit limit. It converts a portion of your credit limit into a loan with a fixed repayment schedule. This facility can be a lifesaver when you need immediate funds and don’t have the time or resources for a traditional loan application process.
IDFC FIRST Bank recognises that unexpected situations can arise. That’s why they offer credit cards with the convenient option of a loan against your credit limit. The application process is quick and hassle-free, allowing you to access funds instantly within minutes of approval.
A credit card loan has several advantages that can be a lifesaver in unexpected situations. Here’s how it can benefit you –
Unlike traditional loans that take days or weeks to get approved, a loan against a credit card can be available instantly. Many credit card issuers provide pre-approved loans. So you can get the funds without lengthy application processes!
Since the bank already has your information on file, minimal documentation is required. It saves time, allowing you to focus on what matters most—resolving your emergency.
The more responsibly you’ve used your credit card, the higher your credit limit might be. It could lead to a larger loan amount when you need it. Think of it as a reward for good financial habits!
Is your credit limit just sitting there, unused? A loan against a credit card lets you tap into that unused credit and convert it into a loan with a fixed repayment plan. It’s like giving your credit limit a new job – helping you in a pinch!
A credit card loan comes with the flexible repayment option of EMI. You can choose a repayment term that fits your budget and financial situation, making it easier to manage your repayments comfortably.
A loan against a credit card has a much lower interest rate than regular credit card withdrawals. Thus, it can save you money in interest charges in the long run.
Unlike other loans, you don’t need to put up your car or house as security for borrowing against a credit card. The loan is based on your creditworthiness and your existing credit limit, making it a more accessible option compared to traditional loans.
So, the next time you’re faced with an unexpected expense, a loan against a credit card can be a quick, convenient, and affordable way to bridge the gap.
Taking a loan against a credit card can be a lifesaver in a pinch, but let’s hit pause for a quick check-in. Here are some factors you should consider to determine if it's the right move for you –
The interest rates can pack a punch compared to other loans. Knowing the rate upfront helps you plan your budget and avoid surprises. Can you comfortably repay the loan with interest?
A loan against a credit card increases your credit utilisation ratio, which is the percentage of your credit limit you’re using. A high credit utilisation ratio can negatively impact your credit score.
Watch out for any hidden charges, like processing fees or penalties. These can add up and make the loan more expensive. Factor them in when calculating the total cost.
Shop around! Consider personal loans or borrowing from other sources, like family or friends. They might offer better terms and lower interest rates. Comparing options helps you choose the smartest financial solution for your situation.
These factors can help you decide whether a loan against a credit card is right for you.
Borrowing against your credit card can be a double-edged sword! Here’s why –
Using a loan against a credit card limits your ability to withdraw cash directly from ATMs. It can be a pain if you need to withdraw some money for emergencies.
Interest rates on these loans can be higher than those on other options, like personal loans. It means you will pay more on top of what you borrow.
Using your credit card for a loan shrinks the limit available for regular purchases, which means you might not have enough credit for other needs. Don’t max out your card—leave some breathing room for everyday spending.
The easy access to cash can be tempting. If you’re not careful, you could easily fall into a debt trap where you’re constantly borrowing to pay off old loans.
Here are some tips that you can practise to avoid the pitfalls and make a loan against a credit card work for you
You can get a pre-approved loan, or QuickCash, with your IDFC FIRST Bank Credit Card. With QuickCash, funds are transferred instantly to your bank account with zero paperwork. It offers the flexibility to pay in EMIs ranging from 3 to 48 months with interest rates starting from 1% p.m. Click here to avail now or call on 1800 10 888.
Here are some reasons to consider getting an IDFC FIRST Bank Credit Card:
A loan against a credit card catches you when you need it most and allows you to access funds instantly during financial emergencies. But responsible use is key. Hence, understand the benefits, risks, and factors before choosing this option. With the IDFC FIRST Bank Credit Card, you're not just getting instant access to funds; you’re gaining peace of mind.
So, the next time you face an urgent expense, remember that the solution might be closer than you think.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.