Why Credit Cards are a Must for Medical Emergencies for those with No Emergency Savings!!!

A brief talk on Medical Emergency Money and Credit Cards.

[kenjohnson]

It's good to have emergency plans a b and c .... credit, debit, cash. Also, good to have a regular personal physician or two who has privileges at a hospital of your choice. A medical evacuation plan is also advisable, within the Philippines or to a nearby country like Singapore or Korea. Take care.

[banjammy]

Yes it is nice to have, you need someone to know you are there

[DigitalNomadsExplore]

Agreed! Keep your balances clear and have your pin numbers ready.

[smllville]

You give a lot of good advice Steve. I really appreciate all the videos. Thanks for all your help. What you do matters.

[JimboandGhen]

Another good informative video Steve and thank you for assisting Ex-Pats. Great idea to start a small business where it keeps us busy and also helps others.

[candyman]

It's a good idea to have credit cards and occasionally use them in the Philippines. No interest is charged if the bill is paid in full each month. Using them occasionally makes sure the credit card doesnt cancel you for none use, makes sure it is still working when emergencies happen, and prevents having to carry large amounts of cash when traveling. Be advised that many places charge less for using cash so ask before you use the card.

[kevink]

Another thing to remember is, you can call the credit card companies and ask as mentioned for a lower interest rate but you can also ask for an increase to you max limit. If you have been with them for a good amount of time they will increase your spending limit too. It is not a bad thing to use the credit card from time to time so that the bank sees that you are using it. Some banks will close cards that show no activity for a long time.

[jlynnburton]

I think some credit card companies require it to be used every 6 month's or so in order for it to stay active. So I would use it a couple times a year just to pay for Gas or a meal. It would be bad to need it for an emergency only to find out it had been deemed inactive.

[brent]

Sometimes a credit card company will lower your credit limit, or cancel the card completely if you don't use it occasionally. Something to consider.

[surfboy]

A transition assistance business for incoming expats is a great idea. I know that I would need help coming into the Philippines.

[James-szrm]

2 credit cards.
use one for the emergency.
the 2nd to transfer the debt for the offered 0% for about 10 to 18 months or so.
before the low rate period expires transfer the remaining 😮 debt back to the 1st card.
be advised: 3-5 points upfront!
if you’re disciplined enough to do this you could try saving for emergencies!

[gailmaplesden]

Creating a liaison business for expats is a great idea and would be a lot safer for people than random taxi drivers.

[mikesimpson]

My cards were 11 to 14 percent they have all gone up now . Interest rates going up on cars and houses too

[puppetmasterblaster]

If your are still working, make sure if your employer offers an HSA, you can save money for medical expense tax deferred. At 65, you can use the money for anything, subject to taxes, but medical isnt taxed. And mine offers a visa card as well.

[MrSteelepalm]

Health insurance is very expensive here cash only, insurance companies here Pacific Cross don’t cover

[wingandhog]

“Emergency” being the key word…… but I know some folks have a different definition when it comes to what constitutes an emergency <sigh>. (Good topic. Important)

[banjammy]

The impression I get is fined low rent and fix them up

[tomgerryinphilippines]

I have a 0% interest rate on a credit card that I got through my credit union. I have small balance on it now but I have 10, 000 limit on it. I don't use it for anything since I have been here and plan to use it for big medical expenses. I'm trying to build up my savings because I used some on my arrival for house upgrades that needed to be done. I have blue cross blue shield but involves paperwork to be reimbursed so at least I can pay upfront and get reimbursed if I need. For doctor and dental and prescription drugs it is cheap enough to just pay out of pocket but always good to have some emergency funds for hospitalization if needed.

[joshuarizalforeman]

I don't have a credit card - although my wife does, but we only use it as proof of our financial security - as I have been (unsuccessfully) the victim of a scam in the past while on a trip to Cebu. I had a hefty medical bill last year due to a road accident, but we had sufficient proof of savings/income to preclude any delay in treatment so we were able to pay in cash before undergoing the protracted process of reclaiming the bill through insurance, although I knew I would get the cash back eventually.However, I do recommend having a credit card in case of emergencies, but it doesn't mean you have to use it.

[spacetraveler]

Great advice as always. My personal advice is, don't even leave your country if you don't think you can afford to move to the Philippines. STAY where you are and keep saving. Moving to the Philippines is not what you think. PLEASE think about it. Cheers.