Best Credit Cards for Emergencies for 2024

The best credit card for emergencies will often depend on your financial situation. If you already have an emergency fund, any credit card with a reasonable credit limit can do the job in a pinch.

Unfortunately, we don't all have an emergency fund on hand. And some emergencies can stretch even a healthy savings balance to its limits.

In these cases, your requirements for an emergency credit card may be different from your regular cards. We've put together a list of the cards we'd find most useful in an emergency, as well as a few things to consider when selecting your own emergency credit card.

Types of emergency credit cards

The type of credit card that works best as your emergency card is the one that suits your financial needs. Intro APR cards are great for emergency expenses that may take some time to repay. Rewards credit cards, on the other hand, are best for folks who have savings they can tap into, but who want the convenience of a credit card in an emergency.

Intro 0% APR credit cards

A credit card with an intro 0% APR offer can be extremely valuable as an emergency card. These cards charge no interest on purchases for the length of the introductory period. With some of the top options, this can mean 18 months or more of zero interest.

LEARN MORE: Best 0% Intro APR Credit Cards

While these cards are undoubtedly useful, there are two main downsides:

• Credit requirements: Most intro APR credit cards are intended for applicants with at least good credit. If you have fair or bad credit, you may not qualify.
• Limited-time offers: Because the APR offers are usually introductory, they start when you are approved for the card and expire at the end of the introductory period. For this to be useful in an emergency, you need to either already have a card with an active intro APR offer, or have the time to apply for and receive a new card, which is typically seven to 10 business days.

It's important to consider the details of the offer before using your card. This includes the length of the introductory period as well as the standard APR you'll be charged once the intro offer is over. All this information can be found in your credit card's Schumer box, located in the terms and conditions documentation.

LEARN MORE: Schumer Box Complete Guide

Rewards credit cards

In some cases, having an emergency fund doesn't always negate the need -- or utility -- of an emergency credit card. Credit cards are far more convenient in an emergency than trying to withdraw money from a savings account. If you already have an emergency fund and simply want a credit card on hand for peace of mind, a rewards credit card can be a good option.

READ MORE: Best Rewards Credit Cards

Since emergencies are rarely inexpensive, any way you can get a little bit back can be worthwhile. For example, some of the best cash back rewards cards offer 2% cash back on purchases. This could take a little of the sting out of a pricey car repair or unexpected medical bill.

You can also find rewards cards with extra perks that can come in handy in an emergency. A credit card concierge may help you find important services, like car repair shops, while away from home. You could also take advantage of your existing points or miles to save money on last-minute travel or car rentals.

RELATED: How Do Credit Card Points Work?

Medical credit cards

You can find a few credit cards specifically designed to help people pay for medical expenses. These cards often have low interest rates and no annual fee. Some may even have special financing offers that let you make payments over time. Just watch out for deferred interest (see the section on deferred interest below).

READ MORE: Best Medical Credit Cards

A few medical credit cards will require you to have good credit. However, others may have more flexible credit requirements. This can make them useful alternatives for people with fair or even bad credit.

READ MORE: Credit Cards for Bad Credit

Keep in mind medical credit cards can typically only be used for medical expenses. This makes them of limited use as general emergency credit cards. You may also want to explore low interest credit cards as an all-purpose alternative.

READ MORE: Best Low Interest Credit Cards

Things to consider when using a credit card for emergencies

Credit cards are convenient in emergencies, but they're not without their downsides. Here are a few things to consider before using your credit card to finance emergency expenses.

Your credit limit

One big concern when covering large emergency bills is your card's credit limit. For one thing, you need to consider if your card's credit limit is large enough for the expenses at hand. While some high limit credit cards can have limits of $10,000 or more, these are the exception, not the rule.

LEARN MORE: What Happens if You Go Over Your Credit Limit?

Not only can going over your credit limit cause problems, but even getting near your limit can have negative consequences. That's because it will increase your credit utilization rate. This is the ratio of your credit card balance and available credit. A high utilization rate can cause your credit score to decrease. In some cases, it may even cause your issuer to reduce your credit limit.

LEARN MORE: What Is a Credit Utilization Ratio?

If you need a higher credit card limit, you may have options. For instance, you can request a higher credit limit from your issuer. This may require a credit check and meeting basic credit history and income requirements.

LEARN MORE: How to Increase Your Credit Limit

Deferred interest

Although we talked about the benefits of intro APR offers above, there's another kind of zero-interest offer you may encounter: deferred interest offers. While they can seem similar on the surface, financing offers that use deferred interest can be expensive if you're not careful.

LEARN MORE: What Is Deferred Interest?

With a regular intro APR offer, you aren't charged any interest for the length of the introductory period. Once that ends, your remaining balance starts accruing interest at the standard rate.

LEARN MORE: How Does Credit Card Interest Work?

In other words, if any of the financed balance remains at the end of the promotional period, you'll be charged interest on the entire balance. This applies if you still owe hundreds -- or just a few bucks.

Example: Intro APR vs. deferred interest

Here's an example: You make a $1,000 purchase. In Example A, you use a credit card with a 12-month 0% APR introductory offer. In Example B, you use a credit card with a 12-month 0% interest financing deal with deferred interest.

In Example A, you pay no interest on your purchase for the first 12 months. If you pay off the full purchase, great! If you only pay off $900 after 12 months, the remaining $100 balance will start accruing interest at the standard APR.

In Example B, you pay no interest on your purchase for 12 months. If you pay the full $1,000, you never pay any interest on the purchase. If you only pay off $900 after 12 months, you will be charged interest at the standard rate on the entire $1,000 purchase.

Alternatives to using credit cards for emergencies

There's no arguing that credit cards can be a convenient tool for emergencies. But they're not always the best tool.

Without an intro APR offer, credit card balances can accrue interest if not paid in full at the end of your billing cycle. And credit cards tend to charge high interest rates.

Before putting a large balance on your credit card, it may be worthwhile to use a credit card payoff calculator like the one below to see how long it will take you to pay off your balance -- and how expensive it will be when you're done.

If you can't pay off your credit card quickly, it may be better to consider alternative options. Here are some common alternatives to using credit cards for emergency expenses.

Personal loans

A personal loan is a loan you take out that can be used for just about anything. They are distributed as a lump sum and then paid off in monthly installments.

RELATED: The Best Personal Loans

Personal loans have a few benefits over credit cards:

• Longer repayment terms: Personal loans can have terms of up to seven years, depending on the loan. This can mean lower monthly payments than a credit card will charge.
• Lower interest rates: For most people, the interest rate on a personal loan will be much lower than the standard APR on a credit card.
• Set monthly payments: Your loan payments will be the same set amount each month, so you always know what your payment will be.
• Larger amounts: Most personal loans allow you to borrow more than you could charge on a credit card unless you have a high-limit credit card. You also won't be in danger of maxing out your credit card, which can hurt your credit score.

LEARN MORE: Does Maxing Out a Credit Card Hurt Your Score?

Payment plans

Depending on the nature of the emergency, you may be able to work out a payment plan. For example, many doctors and other medical providers will help you set up monthly payments for large bills. You may also have this option with other services, like mechanics, especially if you're already on good terms with the business. At the very least, it doesn't hurt to ask.

Financial assistance programs

This option applies mostly to medical emergencies, but could potentially apply to other situations. Many hospitals will forgive some, or even all, of your debt if you qualify. This is most often an option for low-income families. You can contact the hospital's finance department to ask about financial assistance. You'll likely need to fill out some paperwork on your financial situation, then wait for a response. If nothing else, you may get your bill reduced.