What emergency credit card options do I have during coronavirus?

Riding out a lack of income

Service industries have been hit particularly hard during this outbreak, with several states temporarily closing bars, restaurants and similar businesses. If you’re a service worker affected by these closings, you’ll need to float your finances for at least a few weeks until you can return to your job. There are a few helpful emergency credit cards to consider: 0% intro APR credit cards for purchases, instant approval cards and cards for fair credit.

Intro purchase APR credit cards

A credit card with an intro period on purchases can let you use your card without interest for a set period of time. Since we’re unsure how long these business closures will last, you’ll want a card with a long an intro period.

On average, these cards will stave off interest for 12 months, though some can go even longer. The U.S. Bank Visa® Platinum Credit Card, for example, offers a 20 billing cycles intro period on purchases.

Instant approval credit cards

You might find that you need a credit card faster than the seven to 10 business days it typically takes for approval – and the seven to 14 days it then takes for delivery. If so, there are a few banks that will give you your card’s account information upon approval. These include American Express, Apple, Bank of America, Brex, and USAA.

Once approved, you can copy your card information and use it to make digital and online purchases right away.

Easy-to-obtain credit cards for fair credit

Not everyone will have equal access to the full range of credit cards out there. If you don’t have a credit score or have a history of poor to fair credit, a credit card designed for your credit range could have a high APRs and low credit limits. In some cases, it might not be worth applying for these cards if your spending is going to far outstrip your given credit limit.

Compared to high-end cards, it’s relatively easy to obtain cards for fair credit. While you won’t necessarily get the best rates or rewards with these cards, they’re still a step above credit cards designed for poor credit.

Are secured credit cards helpful during an emergency?

No. Secured cards won’t keep you afloat financially since they require a security deposit which acts as the card’s credit limit.

I can pay for the essentials, but can’t cover my credit card bills

If making rent and grocery payments isn’t a problem, but you don’t think you can make your outstanding credit card payments, emergency credit cards can help here too. Specifically, you’ll want to look at available balance transfer cards.

Intro balance transfer APR credit cards

With a balance transfer card, you can move your existing card debt over to a card that doesn’t charge interest for a set period of time. This means you can move your existing card payments off the table while you focus on taking care of yourself.

Intro periods on balance transfer cards average around 15 months, but some can go even longer. The Citi® Diamond Preferred® Card is one of the current frontrunners when it comes to length, with an intro period of 21 months on balance transfers. It then reverts to a variable 13.74% – 23.74% APR.

How do I choose an emergency credit card?

Given the uncertain nature of the coronavirus response, we recommend erring on the side of caution and prioritizing a card with the longest intro APR period on purchases or balance transfers. These include cards such as the Citi Simplicity, U.S. Bank Visa® Platinum Credit Card and HSBC Gold Mastercard® credit card.

If your primary concern is stabilizing your finances now, factors such as card rewards and perks may not weigh into your decision as heavily. Also note that you aren’t obligated to use the card after your intro period ends, so it might be helpful to choose a card without an annual fee to avoid increasing your financial burden.

Compare credit cards with introductory APRs

Sort by:

Name	Product	Purchase APR	Balance transfer APR	Annual fee	Filter values
Blue Cash Everyday® Card from American Express		0% intro for the first 15 months (then 13.99% to 23.99% variable)	N/A	$0		Earn a $200 statement credit after spending $2,000 in the first 6 months. This is a higher-than-average welcome offer for a card with no annual fee. Terms apply, see rates & fees	Apply now View details	Compare	loading Fetching your data...
Blue Cash Preferred® Card from American Express		0% intro for the first 12 months (then 13.99% to 23.99% variable)	N/A	$0 intro annual fee for the first year ($95 thereafter)		Earn a $300 statement credit after you spend $3,000 in purchases on your new card within the first 6 months. Having 6 months to earn a welcome offer is a rare benefit as most cards give you only 3. Terms apply, see rates & fees	Apply now View details	Compare	loading Fetching your data...
Citi Simplicity® Card		0% intro for the first 12 months (then 14.74% to 24.74% variable)	0% intro for the first 21 months (then 14.74% to 24.74% variable)	$0		With an intro APR of 21 months, this card has one of the longest balance transfer offers on the market. Plus, no late fees and no annual fee.	Apply now View details	Compare	loading Fetching your data...

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Bottom line

The right credit card can serve as a useful crutch as you deal with the short term effects of coronavirus on our economy. Using a credit card this way isn’t sustainable over the long term however, and you’ll eventually need to pay down your balance. Take care to use your emergency credit card wisely and don’t fall behind on payments.