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911 - Emergency Credit Cards
Extenuating circumstances call for emergency credit cards.
Andrew Fugal was on his way to a new client site, when he was mugged. Samantha received a scholarship that did not cover the cost of her college textbooks. After buying a new home, Allison Devlin depleted her banking account to pay closing costs. All of these people were victims of situations beyond their control. Nevertheless, all the above-mentioned scenarios could be solved, simplified or managed through the convenience of an emergency credit card.
Sometimes unforeseen situations require expenses that were not accounted for in one’s budget. It could be the financial inconvenience of paying to repair a car’s transmission, purchasing a new laptop or paying for the inflated cost of college textbooks. Dire situations require the availability of an emergency credit card (ER CC).
After buying a new home, Allison Devlin was not financially prepared to pay $1200 to repair the transmission of her two-year old Acura. Fortunately, she had the hindsight to have an emergency credit card for surprise expenditures. Armed with a low APR credit card from Chase with a special discount on automobile services Allison was able to charge the repair and pay the balance of the credit card over the course of three months with minimal interest rate fees.
Emergency credit card tip: Instead of being penalized for taking money out of a money market or IRA, an emergency credit card can serve as a lifesaver during a financial crunch. Always maintain one credit card without a balance and a minimum of $2000 worth of available credit. Consumers who do not have a balance-free credit card should apply for one—even if they never plan to use it. An emergency credit card will enhance one’s purchasing power and can serve as a lifesaver.
Emergency Credit Cards for College Students
When the Casey’s sent their daughter, Paige away to UCLA for school, they were so proud that she had earned a scholarship -- that they neglected to inquire whether it covered the cost of her books. Unfortunately, her parents never figured anything more than maintaining a bank account with a $200 withdrawal limit. If only Paige had signed up for a credit card, she would have been able to complete her first two days of class assignments, on time.
Emergency credit card tip for college students: Credit is a precious and college credit cards can be dangerous. The general rule of thumb is: if you don’t have the income to pay, for what you charge, restrict credit card use to emergency situations – (unless of course you’re an heir or heiress). Dire circumstances do not include buying new iTunes to download onto one’s iPOD, indulgence at the hippest Sushi café or splurging on wardrobe shopping adventures. Since credit cards can make or break a credit score, devise a budget to manage spending and try to use credit cards for emergencies and school supplies only.
Emergency Credit Cards for Cash Withdrawals
As easy as it may seem to take-out a credit card cash advance a few days before payday, avoid the temptation. Cash withdrawals come with hefty interest rates of 24 percent or more. Instead of opting for the cash advance, choose to apply for another credit card that offers a rebate on gas, and a moderate APR on product purchases. For instance, credit card magnate, Chase’s Platinum Visa features credit cards with gas incentives and other automotive discounts.
On the contrary, certain dire life situations need to be extinguished. For instance, losing a laptop along with personal pieces of identification, could be temporarily resolved with an emergency credit card. In the case of the mugging victim Andrew Fogel, he could have recuperated his day, if he had an extra emergency credit card stored away at home. If he was a cardholder of Chase’s Visa Platinum, he could have received an emergency replacement card and cash advance. In the case of Allison Devlin, not having an emergency credit card could have cost her three days of work --
until pay-day to repair her car's transmission.
Emergency credit card tip for travelers: To account for unforeseen situations, always carry a reserve emergency credit card during travel. But, be sure to conceal it in the dark confines of your luggage, a pair of socks or any other unsuspecting place no one would think to search.
In conclusion, urgent situations are not limited to being a crime victim or not having enough to cover vital expenses. An emergency credit card can be a lifesaver for both business and leisure vacation or any other unforeseen circumstance. Applying for an emergency credit card can be the difference between a time sensitive setback and the convenience of a back up plan.
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