Credit cards are designed as tools, not emergency funding
During normal times, it’s never a good idea to use a credit card to fill financial gaps. Credit cards are a financial tool to help you build credit and can reward you for responsible spending habits. You should only apply for and use credit cards as backup funds during emergencies when you have few other financial options.
If you take out a credit card for emergency purposes, make sure you have both a short-term and long-term plan. You should not use a credit card and then put it to the side to deal with the consequences later. To avoid hurting your financial health, make sure you have a repayment plan in place for the card after the emergency passes. After all is said and done, you don’t want to end up in an even worse financial situation because you failed to make adequate payments.
Read below to see the types of cards that can help you in an emergency, and how to use them.