It’s an unfortunate truth that you’ll likely end up in the doctor’s office or hospital at some point. With that comes hefty medical bills. Even if you have health insurance, you could be on the hook for hundreds or even thousands of dollars, particularly if you have a high deductible.
When that happens, one option to cover the cost is to charge your medical expenses to a credit card. However, if you choose to do so, it’s important to take into account interest rates and terms. Otherwise, you could end up paying far more than you originally charged in interest fees.
We went through dozens of credit cards to find the best cards for medical expenses. Below are our favorite six cards.
Best medical-specific credit cards
If you know you’re going to need a medical procedure, check out medical-specific credit cards. These cards are designed to be only used to pay for medical expenses, so they’re limited in use. However, they tend to offer lower interest rates and more generous repayment terms than other credit cards. Three of the best cards are:
With CareCredit, you can pay for your medical procedure and qualify for a financing term of 6, 12, 18, or 24 months at no interest, as long as you make the minimum payments on time.
However, keep in mind that CareCredit is a deferred interest card. That means that if you do not pay off the balance in full by the end of your promotional period, interest is charged from the original purchase date.
2. AccessOne MedCard
Depending on how long you need to finance your purchase, you could qualify for 0% APR or a low-interest rate with AccessOne MedCard. Like CareCredit, AccessOne MedCard is a deferred interest card.
If you have poor credit, AccessOne MedCard may make sense for you. The company is open to applicants with all credit scores.
3. Wells Fargo Health Advantage
The Wells Fargo Health Advantage card is one you apply for directly through your healthcare provider. It offers low APR options, but you should know that it does not offer a 0% APR promotional period like other medical-specific credit cards.
Best general credit cards for medical expenses
Medical-specific credit cards can be useful, but they have their limitations. If you do not pay off the balance by the end of the promotional period, you could end up paying a fortune in interest charges.
If you want to avoid deferred interest charges, or simply want a card that offers more flexibility, check out these other options:
1. Chase Freedom Unlimited®
With the Chase Freedom Unlimited®
credit card, you can qualify for 0% intro APR for 15 months from accounting opening on new purchases and balance transfers, giving you time to pay off your purchase without worrying about interest fees. After that, a variable APR of 16.49% - 25.24% applies. Plus, you never have to worry about an annual fee with this cash back rewards favorite.
You can also earn a $150 bonus after you spend $500 on purchases in your first 3 months from account opening. Along with this bonus, earn 1.5% cash back on all purchases, so you can even get money back after paying for your medical procedures. Cash Back rewards do not expire as long as your account is open.
2. Capital One® Quicksilver® Cash Rewards Credit Card
The Capital One® Quicksilver® Cash Rewards Credit Card gives you 0% APR for 15 months on purchases and balance transfers. After that, a variable APR of 15.49% - 25.49% applies. Like Chase Freedom Unlimited®, the Capital One® Quicksilver® Cash Rewards card offers 1.5% cash back on all purchases and charges no annual fee.
You’ll get a one-time $150 signup bonus if you spend $500 within the first three months, helping to offset the cost of your medical expenses. There are also no foreign transaction fees with Quicksilver, so you can even use the card if you travel outside of the country for your medical care should you have a health emergency while traveling or plan to explore medical tourism to save on elective procedures.
The information about the HSBC Cash Rewards Mastercard® credit card has been collected independently by CreditSoup.com. The card details have not been reviewed or approved by the card issuer. Please refer to the Issuer’s website for accurate pricing details.
3. HSBC Cash Rewards Mastercard® credit card
Another option for extending payments beyond a year while enjoying 0% APR for 12 months is the HSBC Cash Rewards MasterCard® credit card. As with the previous two popular options the HSBC Cash Rewards Mastercard® credit card offers 1.5% cash back on all purchases along with no annual fee.
You can also earn a unlimited 1.5% cash back on all purchases, along with enjoying no foreign transaction fees while traveling outside the United States.
Paying for your medical bills
When you’re faced with medical bills, using a credit card can help you cover the cost, even when you don’t have the cash handy. By shopping around, you can find a credit card that offers low interest rates or even 0% APR, giving you time to pay off your expenses without paying interest fees.
If you’re shopping for a new card, check out our favorite low-interest credit cards.
Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.