recommendations for emergecy credit cards

[Maverick1701]

How about you close the Savings account and move the money to a second checking account with a debit card. Why get a credit card if you don't want one?

I think I am going to try this option before trying a true credit card. Your post actually got me thinking and I am probably going to try this:
3 accounts total through my bank (I already have 1 checking and 1 savings acct)
This is what I was thinking:
1 savings account that isnt connected to my debit card with min balance of 10K that I can xfer if needed. This account will also get any "rollover" from the 2nd checking account after it hits 4K.

1 secondary checking account to be hold unused money from my main checking after the month is out. Acct balance kept between 2-4K which should cover most minor emergencies/vehicle repair/etc (this will probably be checks only since it won't be getting used often)

1 primary account that will be used to day to day purchases (connected to my debit card)


Thoughts?

 

[geojag]

An American Express, paid off every month, does wonders for your credit as well as being a commonly accepted card.

 

[Maverick1701]

An American Express, paid off every month, does wonders for your credit as well as being a commonly accepted card.

thanks. Ill check out their website.

 

[Lucky j]

As for debit card that can be used anywhere, this is not thrue. Same for Amex.

A cousin from New-york travel to canada once a year to visit us, and At on point I always end up paying for him cause the system does not recongnized his card. Major store and gas station will accept any credit card, other smaller store will only accept basic credit card like mastercard or visa and no foreign banking card, even if they are tag by visa or master etc.

So a stantard credit card I beleive is a must for emergencies. And anyway, you only paid interest when you do not paid in full what you purchase. So technicaly, it is not credit, it is just a way to mannage differently.

Perso, I have transaction fees at my bank. Using my free credit card alow me to pay have only one transaction to my account and I do not pay any interest. So no credit fees on my account or my cards and always able to paid no matter what situation I'm in. Cash, banking card or credit.

And also, amex is not used everywhere! I know, I have one. Transaction fees are so expensive for the stores, that lots of them simply do not accept them as way of payement.

As for monthly fees, here in canada we do have credit cards with monthly fees, but we also have some that are free. Maybe they have higher interest rate, but I don't care, I pay in full when I get my bill!

 

[Joe917]

For no fees go with the appropriate VISA card or second choice MASTERCARD. Outside the US AMEX is less common.
Only charge what you can afford to pay off at the end of the month.
A huge benefit of credit over debit cards is the credit card companies are very protective of their cardholders in the case of fraud. It is also easier to refuse to pay in a dispute than get your money back from a bad or fraudulent debit transaction.
Credit cards are a great tool you just have to be self disciplined.

 

[Ozarker]

I am thinking about getting a credit card for emergencies and was wondering what you guys use (what you like about your card and don't like about your card).

I am very anti credit card and I hate debt....but I have been travelling a lot lately and if something was to happen I dont really want to be stranded.

Now I try to keep between 5-7K in my savings account for emergencies. But if something was to happen lets say on a friday night then my money wouldn't transfer into my checking account until monday morning (when my online banking processes my transfer)...which wouldn't be too helpful.

Is there a card out there that won't charge me a monthly fee if the card is not being utilized?

I have been doing some research for the past few months but I like to get more opinions before making a decision.
thanks.

Check with area credit unions, now they accept general membership, for example, a "Teacher's CU" or "Postal CU" is open to the public. I'm with Blu Current (former postal CU). Visa is 9.9% APR and no monthly fee.

Better hid some cash in the vehicle, you said "emergency" bad weather or whatever, electric goes out it usually means no one can run cards. I stopped for a beer and dinner, power went out and I ended up having to wait long enough for 2 pitchers before I could pay!

 

[Kelly Campbell]

I’d suggest getting a debit card when you travel. Its value will only be as good as what you put into it so it would be pretty much under your control. Most of the credit card issuers have them. I know Visa has them.

 

[Maverick1701]

I already have a debit card. it came with my checking account.
Thanks for the other card info. I will check those out.

 

[PatriotUSMC]

Good thread, I have the same questions and concerns.

 

[JHa6av8r]

This thread is curious to me. What is the fear of credit cards?

The best emergency credit card is one with a high credit limit and high cash advance limit if not the same as the credit limit. It should have as low an interest rate as possible should you have to carry a balance for a few months and have no annual fee. If you're into rewards pick rewards from a company, airline, etc., you're going to use. The rate you get or can negotiate will be dependent on your credit history.

Debit cards I don't trust because if security is breached they have full access to the account balance. Also to make it useful the balance needs to be high enough to cover any anticipated emergency which means cash is sitting around at extremely low interest rates in today's environment.

From my travels, Visa and Mastercard are universal. Pick one and stop worrying about it.

 

[Joker]

Emergencies? World-wide? American Express.

Had to go to London for work a couple of years ago and a lot of places would not take my Amex; took the train over to Paris on Saturday and most places there wouldn't take it either so I had to use cash. Whenever I travel I try to use credit first and save the cash for emergencies.

 

[luangwablondes]

Your best bet. One Visa with a chip(for international travel) as primary card. Google best Visa credit cards to help you decide which one, according to your normal usage to best benefit(check Creditkarma.com also). Get a MasterCard and an Amex as backups. You don't need 2 Visas or 2 Mastercards. Just one of each is generally fine. Amex and MasterCard have limitations that have been touched on. I have had some negative experiences with both over the years. Run one recurring minor expense like Netflix on each of those 2 credit cards and put those cards on autopay. Keeps the cards in good standing.

 

[Stumpalump]

I've never owned a debit card. They take the money right out of your acount. With credit I see the bill and decide to pay. Debit cards were invented for those with poor credit or the inability to manage money. If that's not you then why in the world would you use debit?

 

[Maverick1701]

I ended up getting a capital one venture card. I have had it for about a month. No complaints...and I earn lots of miles.

 

[The Yak]

....... Debit cards were invented for those with poor credit or the inability to manage money. If that's not you then why in the world would you use debit?

Thank you for that compliment! I have a debit card with each of my two current accounts so I obviously have poor credit according to you. Oh dear, I had best tell my credit card companies!

Why in the world would I use a debit card you ask? Here is one example, I regularly pay an account on line that if I pay by credit card I get charged a service charge, but if I pay by debit card there is no charge. It's a no brainer!

Bob.
The Yak.