Although you might wish to use a credit card for emergencies and to establish a good credit rating, you might also look into the possibility of applying for a debit card (also called a checkcard). The big advantage of a debit card is that you don’t always have to carry cash and thus don’t run the risk of losing it. Because the amount of your purchases will be limited to the funds in your bank account, a debit card is also a good form of constraint on your spending.

The only real disadvantage is that a debit card provides direct access to your checking account, so it’s very important to keep your card in a safe place and away from your personal identification number (PIN). The safest way to protect your account is to commit your PIN to memory. If you lose your debit card or credit card, notify your bank immediately.