Managing your Cards during Disasters
If there is one thing that everyone in the world has in common, it is that we all live somewhere where a disaster can strike with very little notice. It doesn’t matter if you are on the East Coast and in the way of a hurricane or a Nor’easter, or if you live in the West and an earthquake devastates your neighborhood, making sure you have your finances in order and your credit cards secure is very important. Here are a few helpful tips for keeping your cards safe in case of an emergency.
Have Your Finances In One Place – Most folks keep their credit card statements, their mortgage and other important financial documents in a secure, fireproof location. If you don’t own a fireproof box or some kind of filing system for your important documents, get one. If your home or apartment building catches on fire or if you have to evacuate because of an approaching storm, you want to be able to grab your important things in a split second.
Always have some emergency cash on hand – As we all saw with the shots from New Orleans during the Hurricane Katrina aftermath, it is possible to get stuck in a city or town where electricity will be gone for weeks on end. If there is no power, you won’t be able to use or live off of your credit cards. That’s why you should have a small amount of cash, say $100.00, in an emergency box somewhere in your home. Most folks keep it in their fireproof box with their important documents. Don’t assume you will be able to rely on your cards in a post-disaster situation.
Carry your wallet in your front pocket or hidden on your person – If a major disaster like a hurricane or an earthquake strikes your area, lawlessness can take over a city in mere minutes. While you may not be able to use your plastic because of a loss of power, you still need to protect your assets as if things were normal. Make sure your cards are either very well protected or hidden completely so if you should run into trouble, you won’t find yourself financially ruined with no way to contact your card company to let them know.
Be prepared for your cards to get rejected – Even if you are well below your credit limit, sometimes in disasters, card companies panic. After Hurricane Andrew, there were reports of cards being canceled all over South Florida due to the fact that the card companies overacted and had no way to properly verify which transactions were honest and which ones were due to the rioting and craziness. Even if you find yourself in an area that has power, don’t be shocked if your card is declined.
Finally, one of the latest methods insurance companies have been using to quickly reimburse policy holders is by giving them a card that has money loaded on it. This can be good and bad. If your area has no or intermittent power, the card will be useless, and it is also the equivalent of carrying around your entire insurance policy in cash on you everywhere you go. But it can also be a great way to get money fast to supply your family with food, water and shelter. Just make sure you take every precaution to protect that and every one of your valuable cards.