4 Types of Credit Cards You Can Use in Times Like These

Apply Now

on Discover's secure site

 

Rated 4.5/5 stars by our editorial team

Click the stars to submit your rating.

Thanks for rating!

Your Rating:

3.7/5.0 from 612 Offer Ratings
Over the Past 60 Days!

(612) Over the Past 60 Days!
No one can fully prepare for a crisis like this, especially when that crisis is a global pandemic affecting health, home and finances. 
 
With so many people facing job losses, furloughs and unemployment — on top of recommendations to stay home to curb the rapid spread of COVID-19 — we could all use some financial relief. 
 
We suggest you gather as many resources as you can to cope financially. That includes leveraging credit cards, which can help you make emergency purchases or offset what you’re spending in your bank account. 
 
Knowing which credit card to choose in a time like this can be tricky and overwhelming. This brief guide will help you figure out what kinds of credit cards you may want to consider in the weeks or months ahead as we all try to manage our way through this.
 
A quick disclaimer: Credit cards are a type of high-interest debt. They can’t fully replace your income, so use them wisely (and sparingly) to avoid getting trapped by too much debt. You have enough to deal with; you don’t need more bills.
 

Low interest credit cards

 
If you’re going to use credit cards to stay afloat in the short term, it’s smart to use the ones with the lowest interest rate you can get. Several banks offer cards with 0% APR during an introductory period that can range between a year and 18 months. 
 
Low interest credit cards save you money because you’re not accumulating as much debt. Without the added interest, you can repay what you owe on your card much more easily, which can free you up to make bigger purchases if you have to.
 
A low interest card we really like is the Wells Fargo Platinum card®, which has one of the bank’s longest 0% intro APR offers on both purchases and balance transfers. The card comes with $0 annual fee and up to $600 cell phone protection against covered damage or theft when you use the card to pay your monthly phone bill. The My Money Map feature helps you create a budget and manage your spending, and you get easy access to your FICO Credit Score with Wells Fargo Online®.  
 
 
 

Balance transfer 

 
These cards, which let you move your high-interest credit card debt onto a new card with a lower interest rate, are great for buying your everyday necessities, like groceries or gas, especially if you are one of the essential workers who is still commuting. 
 
Here’s another benefit: You may be able to transfer balances from several cards. That leaves you with fewer credit cards to manage and no new interest will pile up during the introductory period. Balance transfers may come with a 0% introductory APR period, meaning every penny of your payment will go toward paying down your balance during the promotional period.
 
Rewards cards
 
Points you can redeem for gift cards or free merchandise could really help cushion the blow of an unexpected job loss or reduced income. You can get all that and more with the right rewards card.
 
These cards come with an array of perks, bonuses and benefits that you may enjoy if you find yourself needing to rely on credit cards. For instance, with the Chase Sapphire Preferred® Card you can earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. that's $750 toward travel when you redeem through chase ultimate rewards®
That’s a lot of money, so we understand if you’re a bit skittish to charge that much on a single card. But, using the Chase Sapphire Preferred® Card card also gets you unlimited deliveries with a $0 delivery fee and reduced service fees for qualifying food orders over $12. That’s if you sign up for a minimum of one year with DoorDash’s subscription service. In a time when most people are sequestered at home, it doesn’t hurt to get a little cash shaved off the cost of food delivery.
 
Small business
 
COVID-19 has hit small-business owners especially hard. Because being self-employed oftentimes means being in close contact with customers or clients, many small businesses have had to close their doors or lay off employees as they deal with fewer sales and little foot traffic. Now more than ever, entrepreneurs could be looking for some short-term relief to keep their businesses running until the economy picks up again. 
 
There are quite a few cards that can help small-business owners cover employee expenses, offset operating costs and earn cash back for buying office supplies, fuel, advertising and more.
 
Take care of yourself 
 
You can apply now for any of these cards to ease some of the financial pressure you may be feeling. Most of all, make sure you’re taking care of your physical and mental health the best way you know how.
No one can fully prepare for a crisis like this, especially when that crisis is a global pandemic affecting health, home and finances. 
 
With so many people facing job losses, furloughs and unemployment — on top of recommendations to stay home to curb the rapid spread of COVID-19 — we could all use some financial relief. 
 
We suggest you gather as many resources as you can to cope financially. That includes leveraging credit cards, which can help you make emergency purchases or offset what you’re spending in your bank account. 
 
Knowing which credit card to choose in a time like this can be tricky and overwhelming. This brief guide will help you figure out what kinds of credit cards you may want to consider in the weeks or months ahead as we all try to manage our way through this.
 
A quick disclaimer: Credit cards are a type of high-interest debt. They can’t fully replace your income, so use them wisely (and sparingly) to avoid getting trapped by too much debt. You have enough to deal with; you don’t need more bills.
 

Low interest credit cards

 
If you’re going to use credit cards to stay afloat in the short term, it’s smart to use the ones with the lowest interest rate you can get. Several banks offer cards with 0% APR during an introductory period that can range between a year and 18 months. 
 
Low interest credit cards save you money because you’re not accumulating as much debt. Without the added interest, you can repay what you owe on your card much more easily, which can free you up to make bigger purchases if you have to.
 
A low interest card we really like is the Wells Fargo Platinum card®, which has one of the bank’s longest 0% intro APR offers on both purchases and balance transfers. The card comes with $0 annual fee and up to $600 cell phone protection against covered damage or theft when you use the card to pay your monthly phone bill. The My Money Map feature helps you create a budget and manage your spending, and you get easy access to your FICO Credit Score with Wells Fargo Online®.  
 
 
 

Balance transfer 

 
These cards, which let you move your high-interest credit card debt onto a new card with a lower interest rate, are great for buying your everyday necessities, like groceries or gas, especially if you are one of the essential workers who is still commuting. 
 
Here’s another benefit: You may be able to transfer balances from several cards. That leaves you with fewer credit cards to manage and no new interest will pile up during the introductory period. Balance transfers may come with a 0% introductory APR period, meaning every penny of your payment will go toward paying down your balance during the promotional period.
 
Rewards cards
 
Points you can redeem for gift cards or free merchandise could really help cushion the blow of an unexpected job loss or reduced income. You can get all that and more with the right rewards card.
 
These cards come with an array of perks, bonuses and benefits that you may enjoy if you find yourself needing to rely on credit cards. For instance, with the Chase Sapphire Preferred® Card you can earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. that's $750 toward travel when you redeem through chase ultimate rewards®
That’s a lot of money, so we understand if you’re a bit skittish to charge that much on a single card. But, using the Chase Sapphire Preferred® Card card also gets you unlimited deliveries with a $0 delivery fee and reduced service fees for qualifying food orders over $12. That’s if you sign up for a minimum of one year with DoorDash’s subscription service. In a time when most people are sequestered at home, it doesn’t hurt to get a little cash shaved off the cost of food delivery.
 
Small business
 
COVID-19 has hit small-business owners especially hard. Because being self-employed oftentimes means being in close contact with customers or clients, many small businesses have had to close their doors or lay off employees as they deal with fewer sales and little foot traffic. Now more than ever, entrepreneurs could be looking for some short-term relief to keep their businesses running until the economy picks up again. 
 
There are quite a few cards that can help small-business owners cover employee expenses, offset operating costs and earn cash back for buying office supplies, fuel, advertising and more.
 
Take care of yourself 
 
You can apply now for any of these cards to ease some of the financial pressure you may be feeling. Most of all, make sure you’re taking care of your physical and mental health the best way you know how.