4 Benefits of an Emergency Credit Card
4 Benefits of an Emergency Credit Card
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Home Page > Finance > Personal Finance > 4 Benefits of an Emergency Credit Card
4 Benefits of an Emergency Credit Card
Posted: Nov 23, 2011 |Comments: 0
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Consumers use credit cards for all kinds of reasons. In truth, credit cards can actually be an asset to your credit profile when used the right way. Use them recklessly, without a budgeting plan in place and a credit card can be quick to work against you. Among the multiple reasons why people utilize credit cards, one of the most popular reasons is to cover emergency situation.
What Is an Emergency Credit Card?
An emergency credit card is a conventional credit card that consumers set aside for emergency purchases only. In some cases, cardholders of multiple credit cards designate different purposes to each card. For instance, their Visa card is for grocery and gas purchases while their American Express pays for online purchases. The emergency credit card would essentially not be used unless of a true emergency (vehicle repairs, home repairs, medical costs). The purpose behind the emergency credit card is to have access to the money you need when you need it most.
Here are four benefits for reserving a credit card for emergency situations:
You Have Accessible Payment Options
Emergencies can occur at any time and no matter how hard you plan ahead, an emergency can change your whole perspective in an instant. As a for instance, say you were driving on the road alone at night when your vehicle suddenly stops working. In the interest of safety and if you don’t happen to be mechanically-inclined, it likely means you will need to employ the services of a tow truck as well as a repair service to get back on the road. Because tow truck operators deal with people from all walks of life, many have a rule about requiring payment up front before agreeing to provide services. Unless you typically carry a few hundred bucks on hand at all times, an emergency credit card will come in handy because you are sure to have the full line of credit needed to take care of unexpected expenses.
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You Are Creating a Strong Credit History
Credit scores are based on several factors including the mix of credit a consumer maintains. For a consumer who only has credit cards, their credit score may not benefit as much as if they had a personal loan, a car loan, and credit cards. Lenders want to know you can manage different types of credit accounts and so your credit score will reflect your level of responsibility. Even if you don’t like using credit cards for everyday use, applying for a credit card to be used for unexpected emergencies will be advantageous to your overall credit standing.
You Can Reap the Rewards
Many credit cards these days come with rewards programs offering cash back on purchases or discounts on items you buy often. It is important to search for a credit card that meets your financial needs and fits your spending lifestyle. Even for a credit card you do not use that often, it can be beneficial to seek out one with a rewards program that makes sense for you so when you do use the card you are rewarded with things you use, need, or want.
You Are Protected
During emergency situations there may not be as much attention to detail paid as you normally would. For instance, your home has been flooded in recent storms and you need to stay at a hotel. Because of the chaos in your life, you may not realize that hotel employees have charged you for items you did not purchase. You have the protection of your credit card company for such unauthorized charges when you discover them on your statement. You can not do that with cash. Once cash is gone, you’ll be hard-pressed to get it back.
If you do not have an emergency credit card, take the time to ensure your credit score is up to par and apply for a credit card that is a good fit into your spending lifestyle. Remember to keep it accessible yet safe. Since you may not use it often, you may not notice when it goes missing. Be sure to read your monthly statements even if you did not make any charges on the card to help avoid being the victim of identity theft on top of your other emergency life situations.
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About the Author:
Steve Dowell is an expert in credit repair, debt settlement, and the proper way to look for and apply for a credit card. Read more at his blog, ApplyForACreditCard.com!
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