As crucial as it is to retain good credit and maintain a low balance to qualify for the best credit cards, sometimes certain emergencies can surface that shock and awe our budgets. Situations can range from an unexpected need for $1,000 to repair your car’s engine, to a $699 last minute round-trip for a family funeral.
These circumstances are never desired. However, your personal woes shouldn’t extend to your finances. It’s always smart to carry an emergency credit card that can be used for these occurrences so you can take a deep breath and know the plastic has your back.
The Perfect Emergency Credit Card
First of all, there is no such thing as an “emergency” pair of shoes, or an “emergency” HDTV. The idea of an emergency credit card is that it stays put in a safe place so you can finance unexpected budget-busters. It isn’t to be used for anything but emergencies, and certainly shouldn’t be maxed out when a crucial situation does take place.
When it comes to an emergency-only card, you’re looking for the best credit card with a few different specifications.
Since you’re not using it on a regular basis, a no-limit credit card with tons of benefits and perks is not what you need. Ideally, you want to find a credit card with a high enough limit to cover the average sudden expense (car problems, home repairs, transportation tickets, a motel stay), but with a low enough interest rate so you can pay the card off quickly once life returns to normal.
Although this next quality may be harder to locate these days and you must have great credit, you should try to find one with no annual fee. This way, it can sit in the back of your wallet for a long time without you feeling as though it’s just costing you money while going unused.
Keep in mind that before filling out a credit card application, it’s issued by a major credit card company. Emergencies can happen anywhere and you want it to be accepted in most locations across the nation. Ideally, find a card accepted throughout the globe.
Here’s a list of the best emergency credit cards offered by major credit card companies:
Best American Express Emergency Card
Blue from American Express — The card comes with no annual fee, 0% APR for six months, flexibility to pay over long periods of time and great protection, even internationally.
Best Visa Emergency Card
Chase Freedom Visa — The card has no annual fee, 0% APR for six months and 0% APR on balance transfers for 12 months. Visa is generally recognized worldwide as well.
Best MasterCard Emergency Card
Chase Freedom MasterCard — This card also has no annual fee, 0% APR for six months and 0% on balance transfers for one year.
Fill out your credit card application and hide one of these cards into a safe spot so you’ll be financially prepared take care of your next emergency.
