If you do end up using a credit card to navigate an emergency, it’s crucial to hatch a plan to pay off the debt as quickly as possible. If you can pay off the balance quickly, it’s less expensive than taking money out of a retirement account and quicker than getting equity out of your home or selling physical possessions. It can also provide an additional layer of reassurance and security when you’re traveling - in the event you lose your debit card or cash, are the victim of fraud or miss your flight and need to rebook immediately.Ĭharging a large expense to a credit card can buy you time to rearrange your finances in a timeline that makes the most sense for your specific circumstances. Unexpected expenses - for a car repair or home maintenance job - can throw a wrench in the best laid financial plans.Īn emergency credit card can help you navigate a cash crunch.
Even if you don’t use a credit card for everyday purchases, there are a few good reasons to keep one in your wallet anyway.
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