Credit cards favoured but more expensive 30 May 2008
A survey conducted by Citibank has found that one-third Australians use their credit cards for large purchases even though 55 per cent think that personal loans are cheaper. When asked how they would prefer to pay for a purchase of $3,000 or more, only 10 per cent opted for a personal loan while 38 per cent wanted to use their savings and 33 per cent went for the credit card. To overcome the perception that it takes too long to obtain a personal loan, Citibank has come up with a new system which allows applications to be made completely online, and if successful receive approval in a minute and the funds within 48 hours.
