Summary
- Applying for another credit card can help provide a financial buffer for emergency expenses.
- Explore options for credit cards based on your current credit standing.
If you are currently facing or anticipating a reduced income during this time, applying for a low-interest credit card can help provide a buffer for emergencies. We’ve outlined some options and resources below to help you find the right credit card based on your personal circumstances and needs:
- Low-interest credit cards are useful if you will not be able to pay off your balance immediately. This is also helpful if you need to make a big purchase that you’ll need to pay off over time. Explore low-interest credit cards >
- If you are just starting out with credit, have limited or no credit history, or are rebuilding your credit, you may want to consider one of these credit cards to help you build your credit. Explore these credit cards if you are starting out with credit >
- If you have poor or fair credit, shop around and compare options because credit cards for those with lower credit scores tend to carry higher interest rates. However, with responsible use, the right credit card can help put you on the path to a better score over time. Explore options for poor or fair credit >
No matter which credit card you apply for, we recommend doing this in conjunction with a strict budget to ensure you are not accumulating more debt than is necessary since you will need to pay it off eventually.
We’re hopeful that this information can help inform your refinancing decisions at this time. It is important to remember that when refinancing or applying for new lines of credit, lenders will pull a hard inquiry, which could temporarily lower your credit score. However, being approved can have a positive impact on your score by improving your credit utilization and account mix. Be sure to weigh your options and your approval odds before making any decisions. In the meantime, Credit Sesame can be a free valuable resource to help you monitor your finances during these uncertain times.
And most importantly, please stay safe and healthy.
Disclaimer: You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. This blog article is for informational purposes only and should not be relied on as financial advice. Although reasonable efforts have been made, we do not guarantee the accuracy of the information presented.
