While most experts agree that you shouldn’t use a credit card for everyday purchases, you might run into a few emergencies over the years where using a credit card is actually a good idea. Here is a quick look at five common situations that justify a big credit card purchase.
Medical Emergencies
When it comes to your health and the health of your family, you can never be too careful. Medical emergencies must be taken care of right away, and you should pay with a credit card if you don’t have any other options. After you pay with your card, you need to save all of your paperwork so that you can file a claim with your insurance provider later on.
Bereavement Travel
Plane flights can be pricey, but heading to a loved one’s funeral is very important. In addition to getting some closure, you might also need to wrap up all of their affairs. Before you book your flight, you should contact the airline to see if they offer discounted bereavement fares.
Burst Pipe
A burst pipe is going to bring your life to a grinding halt, and you must take care of the damage as quickly as possible if you want to avoid future problems. Even a relatively small leak could result in major water damage and mold in your walls. To avoid those issues, you must immediately close the main shutoff valve for your home’s water supply and contact a local plumber for emergency repairs.
Heating Repairs
Keeping your home at a comfortable temperature during the coldest months of the year is an absolute necessity. If your heating system goes out while the temperatures are plummeting, then you need to hire HVAC services. You can also reduce your risk of a catastrophic breakdown by catching problems fast. Even small leaks can cause mold infestations and add more expenses and repairs.
Mechanical Issues with Your Car
Ignoring minor mechanical issues with your car could result in expensive damage later on. That is why you must have your car repaired if you notice any unusual problems. You will also need to have your car serviced once every few months in order to keep it running smoothly. During those appointments, your mechanic will be able to change the oil, top off fluids, and rotate the tires.
Once you have used your credit card for a large purchase, you must make monthly payments if you want to preserve your credit score. Missed credit card payments will stay on your credit report for years, and those blemishes are going to make it very difficult to buy a house or get a car loan.