 TITLE: Should I Get a 0% APR Card or Personal Loan? CONTENT: When Should I Use a Personal Loan vs. a 0% Intro APR Card?\n----------------------------------------------------------\nHere are a few things to consider as you decide whether a personal loan or a 0% interest credit card makes the most sense for your financial situation:\n*   **How much money do you need?** Depending on your credit and other factors, you can find personal loans as large as $100,000, which is likely higher than the maximum credit card limit you may qualify for. If you need to make a large purchase, a loan may be best. And since the smallest loan many lenders will issue is $1,000, a credit card is probably the wiser bet for a smaller purchase or recurring expenses over a time. Also, keep in mind that carrying a credit card balance above 30% of its limit can hurt your credit scores, so even if you get a card with a high credit limit, carefully monitor your balance.\n*   **How's your credit?** Your creditworthiness helps determine if you'll get approved for a loan or credit card and what your terms will be. While those with excellent credit can more easily qualify for personal loans with low rates (under 7%) and cards that have lengthy 0% APR periods, options are more limited at the other end of the spectrum. The interest rate on a personal loan can be as high as 36% for someone with a lower credit score, and you'll be on the hook to pay the interest no matter what. If your credit scores are less than stellar, you consider borrowing with a credit card as you can avoid paying interest as you repay what you borrow within the card's grace period.\n*   **Is it a one-time purchase or an ongoing purchase?** A personal loan may be ideal for one large expense that you will then pay off over time—say, a new roof on your house or a surgery that isn't covered by insurance. If you need something for a smaller purchase or you want to be able to finance multiple purchases, a 0% intro APR credit card might make more sense.\n*   **How fast can you repay?** If you go with a 0% intro APR card and want to benefit from not paying any interest, you have to pay off your purchase before that introductory period ends. Can you really pay it off by then? If not, can you afford to pay interest on the remaining balance and pay more than just the minimum payment? If the answer is no, a personal loan could be better for you since payments are stretched out over a period of several years. END