A good plan is the key to success for many things in life, including your personal finances. But, no matter how excellent the plan, some things simply defy planning — like medical emergencies.
And, while having a healthy emergency savings can be enough to buffer a few medical bills, a single trip to the emergency room can easily wipe out even the most robust savings account.
While many medical offices offer financing through medical credit card accounts, a regular, open-loop credit card may provide an even better deal for those who can qualify. Let’s take a look at some of our top picks for the best medical credit cards out there today. We’ll dive into cards specifically for medical expenses and take a look at other cards that, while not designed specifically for medical bills, may be worth considering.
Medical Specific | 0% APR | Rewards | Balance Transfers
Best Credit Cards Specifically for Medical Expenses
Dedicated medical credit cards are very similar to store credit cards in how they operate. Primarily, medical credit cards are closed-loop, meaning they can typically only be used for medical purchases with a single provider.
Additionally, the financing deals offered through medical cards, like those offered by most store cards, tend to operate with deferred interest. This means that you’ll need to pay off your full financed amount before the end of your financing period to avoid interest fees.
If any amount of your balance remains when your offer expires, you’ll be charged interest on the entire financed amount, not just the part that’s left. For those who can pay off their balance before the deadline, however, these cards may be worthwhile.
1. CareCredit
The CareCredit card provides short- and long-term financing for a variety of medical bills, from chiropractic to urgent care, and the application process can be done directly online. Zero-interest financing plans are available with terms of 6, 12, 18, or 24 months, depending on purchase (and creditworthiness).
- Special 0% financing of 6, 12, 18, or 24 months depending on your purchase
- No interest if paid within promotional period
- Longer-term plans available with low interest rates
If you need longer than 24 months to pay off your medical purchase, you may qualify for CareCredit longer-term financing for 24-, 36-, 48- or 60-month terms at a reduced interest rate. These plans require fixed monthly payments.
2. AccessOne MedCard
The AccessOne MedCard provides both 0% and low-rate financing, depending on the amount you need to finance and your personal credit profile. However, the site states that all credit types are welcome, and you won’t be turned down due to poor credit.
- Special 0% or low-interest financing, depending on your needs and credit
- No minimum credit score to qualify
- Does not report to credit bureaus
Long-term plans with 0% interest will have higher monthly payments. For a lower monthly payment, you can obtain a low-interest loan. There are also plans for partial financial assistance, high deductibles, and catastrophic balances.
3. Wells Fargo Health Advantage
Wells Fargo Health Advantage is an in-office medical credit card applied for with your provider. It’s offered by a range of medical services practices, including dental, hearing aid, eye surgery, and veterinary offices.
- Special financing plans with fixed monthly payments allow you to pay over time
- Plans have competitive APRs
- Revolving credit line
While the card promotes “competitive APRs,” the lack of 0% financing makes it less-than-ideal for large medical costs, as even low interest fees can add up quickly. If you can’t qualify for a 0% financing deal elsewhere, however, this could be a good option.
(The information related to Wells Fargo Health Advantage has been collected by CardRates.com and has not been reviewed or provided by the issuer or provider of this product or service.)
Best Credit Cards with 0% Introductory APRs
Although dedicated medical credit cards can be useful for short- and long-term financing, the deferred interest they typically use can end up being expensive if you have even a portion of your balance left over.
A better option, for those who can qualify, may be an open-loop card with a 0% intro-APR offer. The best deals provide at least 15 months of 0% financing on new purchases, with no deferred interest. If you have a balance at the end of the promotional period, interest will start accruing on that portion only.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- Earn unlimited 1.5% cash back on all other purchases.
- Earn 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on all other purchases.
- No annual fee.
- 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
- No minimum to redeem for cash back. Cash Back rewards do not expire as long as your account is open.
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% Intro APR on Purchases 15 months
|
N/A
|
14.99% - 23.74% Variable
|
$0
|
Good/Excellent
|
- One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase, every day
- No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.49%-25.49% variable APR after that
- Pay no annual fee or foreign transaction fees
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% for 15 months
|
N/A
|
15.49% - 25.49% (Variable)
|
$0
|
Excellent, Good
|
- For a limited time, get a special 0% introductory APR on purchases and balance transfers for 20 billing cycles, then a variable APR applies
- Enjoy Cell Phone Protection Coverage when you pay your monthly cellular bill with your U.S. Bank Visa® Platinum Card
- View your credit score anytime, anywhere in the mobile app or online banking. It's easy to enroll, easy to use, and free to U.S. Bank customers.
- Fraud Protections detects and notifies you of any unusual card activity to help prevent fraud
- Choose your payment due date
- $0 Annual fee
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% for 20 billing cycles
|
0% for 20 billing cycles
|
14.49% - 24.49% Variable
|
$0
|
Excellent Credit
|
Depending on your credit and needs, you may be able to find a good financing deal on a rewards credit card. This could help you earn cash back, points, or miles on your medical bills, which can help take a little of the edge off high-priced procedures, especially when paired with an intro-APR deal.
Just remember not to charge more than you can pay off in a reasonable amount of time. While any balance remaining after your promotional period expires won’t be subject to deferred interest, it will start accruing interest at the regular purchase rate, which will likely be at least 15% or more.
Best Rewards Credit Cards for Paying Medical Bills
While there are many situations in which getting a good financing deal on your medical bills is the main concern, patients who can pay off their medical bills right away will have other priorities. Namely, scoring the best rewards on their necessary medical expenses.
Since we couldn’t find any credit cards that have a dedicated bonus category for medical purchases, you may want to simply use your favorite rewards card. Or, make the most of a big bill by using it to get closer to the spending requirement for a new card’s signup bonus.
- One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase, every day
- No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.49%-25.49% variable APR after that
- Pay no annual fee or foreign transaction fees
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% for 15 months
|
N/A
|
15.49% - 25.49% (Variable)
|
$0
|
Excellent, Good
|
- INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
- Plus, earn unlimited 1% cash back on all other purchases - automatically.
- Redeem cash back in any amount, any time. Rewards never expire.
- Use your rewards at Amazon.com checkout.
- #1 Most Trusted Credit Card according to Investor’s Business Daily.
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% for 14 months
|
0% for 14 months
|
11.99% - 22.99% Variable APR
|
$0
|
Good/Excellent
|
- Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening
- Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
- No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.49% - 25.49% variable APR after that
- No foreign transaction fee
- No annual fee
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% for 15 months
|
N/A
|
15.49% - 25.49% (Variable)
|
$0
|
Excellent, Good
|
Of course, the key to turning a signup bonus into big savings is to ensure you don’t wind up paying interest fees on your purchases — especially since cards with big bonuses tend to forgo intro-APR offers.
This means interest charges begin on any purchases you carry past your due date after just one billing cycle. So, make sure you actually have the funds on hand to repay your purchases before you start charging your way to a signup bonus spending requirement.
Best Balance Transfer Offers for Existing Medical Expenses
While intro-APR offers and emergency savings accounts can do a lot to prevent a future problem from turning into debt, what about your past medical expenses? If you have current credit card debt that’s sitting around accruing interest at a high rate, you may want to consider a balance transfer.
By transferring a balance from a card with a high rate to one with a lower rate, you can save on interest fees. And, if you have at least good credit, you may qualify for a credit card that offers an intro-APR deal on balance transfers that can drop your interest rate to 0%.
- For a limited time, get a special 0% introductory APR on purchases and balance transfers for 20 billing cycles, then a variable APR applies
- Enjoy Cell Phone Protection Coverage when you pay your monthly cellular bill with your U.S. Bank Visa® Platinum Card
- View your credit score anytime, anywhere in the mobile app or online banking. It's easy to enroll, easy to use, and free to U.S. Bank customers.
- Fraud Protections detects and notifies you of any unusual card activity to help prevent fraud
- Choose your payment due date
- $0 Annual fee
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% for 20 billing cycles
|
0% for 20 billing cycles
|
14.49% - 24.49% Variable
|
$0
|
Excellent Credit
|
- Earn cash back twice! Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time
- Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness. Balance Transfers do not earn cash back and will have a fee of either $5 or 3% of the amount of each transfer, whichever is greater.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- 24/7 access to customer service representatives
- $0 annual fee
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
N/A
|
0% for 18 months
|
13.99% - 23.99% Variable
|
$0
|
Excellent/Good
|
- Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening
- Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
- No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.49% - 25.49% variable APR after that
- No foreign transaction fee
- No annual fee
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% for 15 months
|
N/A
|
15.49% - 25.49% (Variable)
|
$0
|
Excellent, Good
|
The main downside to balance transfers is that most credit cards will charge a balance transfer fee. Transfer fees typically range from 3% to 5% of the total transferred amount and are charged by the card to which you are transferring your balance.
Keep in mind that you’ll only be able to transfer a balance up to the card’s credit limit, and that the balance transfer fee will be added to the balance, reducing the total amount you can transfer.
Manage Your Medical Bills with the Right Card
Although a good plan can make all the difference in a great many situations, some of life’s little surprises defy planning and prediction.
If you’re faced with unexpected medical bills, your credit card may be a useful tool for financing your medical expenses, particularly if you can qualify for a good intro-APR offer.
However, avoid making purchases with your credit cards that you can’t repay in a reasonable amount of time. Interest fees can add up quickly, turning a medical emergency into a financial one before you know it.
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Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
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