Big purchases for your business, should you use credit cards or loans

Personal loans or credit cards, which is a better financial product for making big purchases?

By: Hitesh Khan/

Image credit: Hloom via Flickr

Should you use a personal loan or credit card when making major purchases? Assuming that you have good credit and can qualify to borrow money, here are some things to consider when choosing between the two financial products.

Best interest would determine the financial product you should use for big purchases

The first thing most people look at when borrowing money is the amount of interest being charged. It usually isn’t a problem to find personal loans with fixed rates. Having a fixed interest rate means there won’t be any surprises when you receive your loan statement. You’ll always know exactly how much to set aside each month for your loan payments.

Credit card interest rates sometimes fluctuate. While you may initially be offered a low introductory

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Best Credit Cards for Home Improvements in 2020

The Discover offers on this page are no longer available via CNBC. As a result, Discover offers described on this page may be out of date.

Americans pay a pretty penny to upgrade their homes every year.

In 2019 alone, homeowners spent an average of $7,560 per year on home improvement renovations, according to a HomeAdvisor report.

It’s inevitable — no matter how careful you are with your budget, unexpected costs will always arise with renovation projects large and small. But, if you use the right credit card, you can save on these expenses and even benefit from added perks like cash back, promotional financing and more.

Below, CNBC Select rounds up the best credit cards for home improvements so you can earn rewards while remodeling your home (and potentially raising the resale value) — no matter what kind of project you have planned.

Best credit cards for home renovations

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