Even though I now primarily use my rewards debit card to purchase everything I need -- groceries, airfare, etc. -- I still carry ONE good credit card in the back of my wallet (it happens to be a Bank of America VISA Signature Card, if you must know... it has never let me down).
An extra card can be a great way to guard against unexpected emergencies or cash shortages. I'm a big fan of redundancy and backup systems in all areas of your life -- have more than one checking account, more than one way to pay for something, more than one stock or industry ETF in your portfolio.
Whenever you find yourself in a bind and need to use your emergency credit card, just remember to pay it off before the due date, so no interest accrues. Pay off the whole balance. Never let a balance "ride" from month to month, unless you want to give your hard-earned money away to the bank in the form of interest payments.
Also, although I know some of you guys are die-hard American Express and Discover Card fans, I would recommend that your emergency card be a VISA or MasterCard. The reason is simple: they are accepted at more locations. You want something that is likely to be taken if you need to get out of a sticky situation fast, especially if you are traveling in another country.
Not professional financial advice; opinions expressed; content presented with no warranties or guarantees whatsoever.
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