5 things to consider if you're thinking about opening a new credit card right now - Business Insider

Again, it's not necessarily a bad idea to consider opening a cash-back rewards card — if you can commit to paying off the balance in full and on time each month. If you lose your ability to do that because your income drops, then stop using the card until you've exhausted all of your other options. The last thing you want to do right now is dig yourself into more debt.

But if your income is still holding up strong, now might be a good time to consider a cash-back rewards card if you'd rather have cash in hand. That's especially true if you're still working on saving up. "If you are responsible and in a great financial place, the sign-up bonuses and cash-back rewards can be used to build up your emergency fund," says Johnson.

"I think it is wise to open a credit card line as backup; however, it should be used as the last resort," says Johnson. "The issue with using a credit card in times like this is the rapid build-up of interest that you will eventually have to pay back. This can quickly place you in a cycle of credit card debt that is hard to pay off."

If you've lost income because of the coronavirus pandemic, the most important thing to know is that there are many resources available to you right now. A credit card should be one of the last ones you consider because if you start accruing a balance, you'll just be adding more fire to the flames in the form of interest charges.

If you don't have an emergency fund to float you during this time, here are some options to consider before using a credit card to pay your bills:Ask your landlord, utility company, bank, student loan servicer, or other creditors for assistanceSeek out community food banks and charities"It's okay for individuals that have exhausted all of their other options; however, they still need financial assistance to pay their bills," says Johnson.

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