Do you keep a credit card "for emergencies"?

**Greebo** · 08-13-2009, 02:45 PM

Been listening to a lot of reports lately about how even people who keep a CC and never maintain a balance are getting hit with fees just to keep the privilege of having the card.

So that got me to wondering - how many people here on FV keep a Credit Card for emergencies?

And - if you do keep a credit card just for emergencies (meaning you DO NOT maintain a balance), then the next question, which won't fit in the poll, is - how much credit do you have available for said "emergency"?

**calimomx2** · 08-13-2009, 03:34 PM

We have 1 credit card for emergencies. We got it through dh's credit union and it has a 5K limit at 8% interest......zero balance. We really talked about getting it since we are trying to work through baby step 2. Dh talked with them about the card and carrying a zero balance and we do not get penalized for not using it, no fees invovled. It is put away and would only be used in the event we had a major issue at home or if I needed to get to my Mom very quickly, she is 82 and lives in another state.

**skw6559** · 08-13-2009, 03:42 PM

I have a total of 4 cards with no balance. In total there is around $25,000 available. Two of these cards get used for all purchases and paid off every Sunday night. I rotate them so that they get used every other month. So if I can't afford to pay it off each week then it doesn't get bought.They are used simply for the rewards attached to them.

**Rosebush3** · 08-13-2009, 03:43 PM

One card, zero balance and only a $1500. limit.

**thesightofoneself** · 08-13-2009, 03:45 PM

no but i plan to

**Palooka** · 08-13-2009, 04:39 PM

I have a home Depot card with no balance. I think it's around 5k of credit. It's been forever since I used it, so it might be closed now. I might need a new fridge sometime.

**Preston** · 08-13-2009, 04:52 PM

I have ONE card I use for purchases and I pay it in full every month. The credit limit is $12000, but I may just reduce that soon. The reason I use it is it gives me 5% back on gas purchases and I can pay at the pump so I won't be tempted to buy junk and waste money while I am at the gas station (one of my bad habits from the past.)

It also gives me 1% back on all other purchases so I use this one for cell phone bill, car insurance, and groceries -- but I stickto my budget and pay it in full every month... often times before the bill even shows up.

**Charles C** · 08-13-2009, 04:56 PM

Wife has an Old Navy Card, and I'm gonna sneak in her purse and cut it up.

Why pay interest, we live on a fixed income, and it's sufficient, for any needs we have, especially when considering , I sell my garden produce, and if need be, fix small engines, and even large ones, if I have too, to bring in some money.

Now paying interest galls, me to no end. And if all else fails , we have 2 millionaire sons we could count on for a no interest loan.

I've paid too much to those people in my lifetime, to ever want to do it again.

**Neeley** · 08-13-2009, 05:18 PM

Not a single credit card here. If there is an emergency that our checking account cannot handle, then there is the savings account.

**firefly615** · 08-13-2009, 07:30 PM

I have one credit card that I have had forever. $17,500 limit. I use it only for emergencies or large bills that I have planned for such as insurance.
It's paid in full every month. No exceptions. I have received 3 round trip flights using this card. Since I have family out-of-state, this has saved me a ton of money on plane trips.

**xtena** · 08-14-2009, 01:24 AM

I have a credit card I mostly use for on-line purchases. DH has one that he mostly uses at Sam's Club and to buy gas. We also use them on the rare occasions we travel. We pay them off each month.

I refuse to use my debit card ever again to purchase on line and I won't let DH use his, either. He got screwed out of $60 for a bogus charge from Skype on his BOFA debit card (he doesn't have a paid Skype account) and BOFA sided with Skype and said it was a 'verified by Visa' charge. I just think it's safer to use a card (our limits are relatively low).

We are allergic to interest. In the past five years I think I've paid a grand total of $3 in interest and that was a mistake on my part, I usually check the card balance on line and pay things off as soon as the charge appears, but I got careless one month and incurred the charge.

Oh, I also have a Kohl's card which I only use a couple of times a year in order to use during those sales when you can get the additional 15, 20 or 30% off if you use your card. Naturally I pay it off without fail.

**frugalfranny** · 08-14-2009, 03:02 AM

Have multiple cards. The minute I get hit with any fees they will get cancelled.

**hotprincesscm** · 08-14-2009, 07:37 AM

I have alot of credit cards! I only carry a balance on two at the moment and am working very hard to pay them off. One has no interest until November, and it'll be paid off by then! Then they will only be used for online purchases and emergencies! I have been working so hard lately at getting money put aside for savings, xmas, and misc. things that I shouldn't need to use them unless it's an emergency! The interest bugs me, and I have noticed for no reason that some credit cards have reduced my limit for no reason? I think it just a sign of the times!

**nuisance26** · 08-14-2009, 08:05 AM

Originally Posted by skw6559

I have a total of 4 cards with no balance. In total there is around $25,000 available. They are used simply for the rewards attached to them.

~This pretty much describes our situation. I've been trying to get dh to close 2 of them since they're never used but he likes the 'security'. We have a 6 month EF but I can't seem to convince him that we don't need those cards. None have charged fees yet but the accounts will certainly be closed if they try to!~

**nuisance26** · 08-14-2009, 08:21 AM

~Just wanted to add that we don't use cards for "emergency" purposes. We use them because we feel they're safer to carry around than cash and easier to track spending with.
I think dh wants the extra credit cards because he's thinking of a 'crisis' type of emergency. The only crisis situation I can think of where they might be 'needed' is an medical crisis.~