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Medical costs can actually add up, especially in emergencies. Ideally, you should have an emergency fund or health savings account ready for the unexpected. Another option is a medical credit card to help cover medical expenses when they are incurred. The following medical credit cards are some of the more convenient options when you have a large expense.
4 Recommended Credit Cards for Medical Expenses
You can use any credit card to cover your medical expenses, as long as you have available credit. But some offer more benefits than others. Here’s a quick rundown of the top four.
Best for: Long-term adoption APR
If a medical emergency fund is out of your reach, the US Bank Visa Platinum Card has no annual fees, so whether you use it or not, you can easily meet emergency medical expenses without worrying about additional annual fees. .
What makes this card an ideal medical credit card is the interest-free period for balance transfers and new purchases (20 billing cycles at 0% annual rate). A referral offer allows you to afford almost two years of interest-free payment on large medical bills.Be sure to do so — after the period expires, the card will have April.
care credit
Best for: Specific medical use
For a dedicated medical credit card, CareCredit with no annual fee is a good choice. Accepted only in a wide range of clinics and dental clinics. However, many participating medical professionals offer attractive terms, such as 0% funding for 6-24 months.
Depending on the credit, purchases of at least $1,000 may extend the repayment period by 24 months at 14.90% p.a., 36 months at 15.90% p.a. Higher medical bills of $2,500 or more qualify for 60 months with an APR of 17.90%.
The key to getting the most out of your CareCredit card is to take advantage of the referral loan offer and pay off the balance in full before the term ends. Failure to do so will result in interest deferrals, which can be expensive. This means that even if most of the original amount has been paid off, you will be charged full interest back.
Best for: Balance transfer to consolidate debt
The Wells Fargo Reflect card is one of the bank’s credit cards. It has a long repayment period and no annual fee. Given medical bills these days, having a card with an extended interest-free period can be a life saver if you’re hit with thousands of dollars in medical bills.
If approved, you will be eligible for 0% referral APR for 18 months from account opening on all purchases and eligible balance transfers made within the first 120 days. April. This means you can consolidate your credit card debt. In addition, if payments are made on time, Wells Fargo will be able to extend the interest-free period by an additional three months, avoiding a total of 21 months of variable APR.
Best for: daily rewards
For a versatile, all-around card, nothing beats the Chase Freedom Unlimited Visa. You can benefit from a zero interest period while earning cashback on your purchases.
New purchases and balance transfers are subject to a 15-month 0% APR introductory period.After the introductory period ends, the card will April.
If medical costs are high, there can be substantial compensation. Earn 5% cashback when you purchase travel through the Chase Ultimate Rewards portal. He also earns 3% cash back on meals, eligible delivery services and drugstore purchases. All remaining purchases will generate 1.5% cash back.
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Having money set aside as an emergency fund is essential for life’s unexpected curves. However, the cost of treatment and hospitalization is often far more than the average person can save. Having a credit card for medical expenses may be the solution. Especially if you choose a credit card with a long promotional period for interest-free payments.
Frequently Asked Questions
- What credit score do I need for a medical credit card?
- Most credit cards require a minimum of fair to good credit. The better the FICO, the lower the interest you can receive.
- Is a medical credit card worth it?
- Setting aside a credit card for medical expenses may be a good way to supplement your emergency funds. In most cases, you will receive an interest-free period, allowing you to pay off your balance over time without financial costs.
- What is a medical credit card?
- There are cards specifically designed to help cover medical expenses, such as CareCredit. In addition, you can choose a standard long-term, interest-free credit card with low or no annual fees, giving you the headroom to pay off your balance without additional financial costs.
- What can a medical credit card be used for?
- Medical credit cards often have restrictions on what they can be used for. They are generally only accepted at participating health centers or medical/dental practices.Before signing up for a medical credit card, read the terms and conditions carefully to make sure it’s right for you. .
Prices are subject to change. Prices are updated periodically unless otherwise stated. All other information regarding your account is accurate as of September 14, 2022.
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