Keeping a CC for an "emergency"

Missko

Hello,


I have got into trouble with CCs in the past and now only have 1 left to pay off


The question is, do I keep it once it's cleared for "emergencies" (esp if travelling abroad) or just use my overdraft in that case. I would intend NOT to carry it in my purse on a day to day basis.


For those of you who DO have an "emergency" credit card, do you ditch it once the 0% expires, if you have never used it.


Many thanks in advance for all thoughts!!


Good luck to you all!!:money:

jonesMUFCforever

If you can really put in a drawer and not use it - it is a very good idea to have a card for emergencies.
I can't comment on whether it is a good idea for you - only you can do that.


If you are going to keep one it is good practise to use it at least once every 3 months or so to keep the account 'live' - a card you need in an emergency would be no good to you if they had marked as a dormant card.

lottie3000

I've got an MBNA cc which I use regularly to get cashback and it's my emergency card too. It's got a high interest rate on which gives me the incentive to always pay it off.

SeduLOUs

I'd suggest keep the credit card available but not on your person.

Start building up a buffer emergency fund in your main bank accounts, and close the credit card once the fund is higher than your limit or at an amount you are comfortable with.

Later down the line you get a credit card that has a real benefit such as cashback or loyalty points, use it as a spending tool rather than a borrowing tool and always pay in full.

bryanb

Missko wrote: »

For those of you who DO have an "emergency" credit card, do you ditch it once the 0% expires, if you have never used it.


Many thanks in advance for all thoughts!!


Good luck to you all!!:money:

I do have a CC for emergencies, interest rate doesn't matter as I don't use it. Well actually I use it once a year and pay off in full just to keep the bank happy.