While I do not promote the use of credit cards I do know that for some people that when emergencies come up the bank account does not have the funds to use cash and so the only thing there is to use is a credit card. We have been there and while it stinks putting stuff that is needed on a credit card, sometimes it has to be done. When the car dies and it is the only car you have and it needs $1500 to fix it because almost 1/2 the car (or it feels like 1/2 the car) is needing to be fixed and you do not have the cash to cover it, and it is needed to get to work, kids to school ect. you sometimes do have to bite the bullet and use a credit card to pay for it.
But there are things that you can do and look out for to make sure you are making a smart choice in the credit card that you use. If you are in that type of situation then you want to make sure you are using a credit card that has no annual fees and a low interest rate. If you have a credit card right now that has a high interest rate that you are working on paying off, transferring your balance to a credit card that has no interest will save you money. But you have to make sure that you pay the credit card off before the no interest period ends so that you truly are saving money on the interest. To avoid paying interest on ANY credit card make sure you pay the purchase off in full by the end of the month that you make the purchase. I have found that you are better off with getting a credit card from a credit card company instead of a stores credit card (that you can only use in that store) because it does limit you to where you can use it when there is a situation and the interest rates for those tend to be a lot higher then a regular credit card.
To give you an example of a credit card that if you must get one would be a good one to get, check out the Discover® More Card
- No annual fee
- 0% intro APR for 15 months from date of account opening – meaning for the first 15 months you will have NO interest on your purchases or your balance transfers. You can transfer the balance from a credit card with a high interest rate to this credit card and not have to pay interest for 15 months
- Your due date is at least 25 days after the close of each billing period(at least 23 days for billing periods that begin in February). We will not charge you any interest on purchases if you pay your entire balance by the due date each month. Which means if you make a purchase at the beginning of your billing cycle and pay it off before the next one starts you will not have interest on that purchase
- Look for one that has rewards, with the Discover More card you can get 5% cash back on certain purchases,
- No annual fee
- 0% intro APR for 6 months from date of account opening.
- 0% intro APR for 18 months from date of first transfer, for transfers under this offer that post to your account by September 10, 2012
- Your due date is at least 25 days after the close of each billing period(at least 23 days for billing periods that begin in February). We will not charge you any interest on purchases if you pay your entire balance by the due date each month.
Remember that using credit cards responsibly is important and you can get your self in to a world of mess if you are not careful, but if you are needing an emergency credit card, or have debt you want to pay off that is on a high interest credit card already looking around for the best deal you can get on a credit card is important. And remember that just because you have a credit card doesn’t mean you have the money to spend, if you have using it as an emergency credit card then make sure you keep it as such so you don’t get yourself into a yucky mess of credit card debt. Also remember to ALWAYS read the fine print, read the fees section and make sure you won’t have additional fees later on, when your bill is due ect. so that you are being a smart and informed credit card user.
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