Kat Tretina
Updated On:
June 19, 2020
It’s an unfortunate truth that you’ll likely end up in the doctor’s office or hospital at some point. Medical bills can quickly become overwhelming for us all. 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:
1. CareCredit
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. Upgrade Cash Rewards Visa®
With the Upgrade Cash Rewards Visa® credit card, you have no annual fee. This card combines the flexibility of a card with the low cost and predictability of a loan. This card may be a good low interest option with the right credit.
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 19.74%-29.74% (variable) applies; a 3% fee on the amounts transferred within the first 15 months. The Capital One Quicksilver Cash Rewards card offers 1.5% cash back on all purchases, every day and charges no annual fee.
You’ll get a one-time $200 signup bonus if you spend $500 within the first 3 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.
3. Chase Sapphire Preferred® Card
Another option for those wanting to earn rewards on expenses is the Chase Sapphire Preferred® Card. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®. Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more. You can also get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
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.