credit card for emergencies

bkca1230

hi we have never had a credit card but thinking about getting one for emergencies , eg vet bills, washing machine etc. normally
if we need something we save up for it. so any advice appreciated thanks kay

Tixy

Good idea to have one for emergencies. Have you had any other credit products before? There are 2 likely options for you with a lack of much credit history try your own bank account to see if they will accept you - if not you'd need to try a sub-prime card to start building a credit history. Sub-prime cards have high APRs but obviously if you only want for emergencies that shouldn't be too much of a problem. Have a read of http://www.moneysavingexpert.com/cards/bad-credit-credit-cards

CLAPTON

try your bank first as they know how you manage your bank accout

however, once you get one do use it regularly for things you anyway buy e.g. petrol as non use often means they will cancel it
set up a DD to pay the monthly bill in full so you avoid forgetting and never pay any interest
using a CC properly will improve your credit rating so if you need a mortgage one day this will make it easier

bkca1230

our account and mortgage is with barclays. its just knowing where to start

CLAPTON

bkca1230 wrote: »

our account and mortgage is with barclays. its just knowing where to start

well try them first; they have a range of cards so you should be Ok

do remember that CC aren't joint cards; only one person is the primary holder although you can get a second card for a second person... better to have separate cards

book12

Since you are a customer with Barclays, try this website: https://letmechoose.barclaycard.co.uk/

It tells you which cards you might be eligible.

izools

Whilst I agree with the idea of building your credit history up and getting a credit card, I would like to suggest you are perhaps getting one for the wrong reason.

You say you want one for emergencies. Vet bills. White goods. Fair enough, but consider this:

You pay a vet bill, and buy a new washing machine.

You then have to make monthly payments towards the card until the balance is clear. This means that you have money available to make these payments with.

As that money is available to make repayments, you should be subscribing it to a savings account already.

The savings balance will then be your source for emergencies.

IMHO credit cards should only be used to get Section 75 protection, defer payment of day to day expenses by up to two months to earn more interest on the higher resultant bank balance, or finance a specific, planned, expensive purchase like a car that you need before you're able to save the purchase price in an ISA.

/rant

bkca1230

hadnt even thought about about opening another account this seems to be a better option.

lisyloo

Izools talks a lot of sense.
Replacing household items, car repairs, vet bills etc. are all forseeable bills.
Therefore it would be really useful for you to do a budget and start putting some money aside for a rainy day.
If you put this into an ISA you won't pay any income tax on the interest.
A rainy day could also mean being out of work e.g. redundant, although that often requires a larger fund.

Start planning ahead.

Soundgirlrocks

[QUOTE
The savings balance will then be your source for emergencies.
[/QUOTE]

I think you should still have an emergency credit card as most savings accounts don't come with a card and might take a few days to transfer funds (especially if you hunt down a good rate) Imagine you get stuck somewhere in an EMERGANCY you would have to pay then and there for a hotel / transport /food!:eek: