General Disclaimer: *See the online credit card applications for details about terms and conditions of credit card offers. Some type of cash-back rewards program would be a nice bonus. If you need some extra time to pay off medical expenses, this card should definitely be worth your consideration. If you can't pay your credit card statement in full by the time its due, or before a 0% intro APR period expires, any rewards you might have earned from paying a medical expense will likely be canceled out by credit card interest charges. In our search for today's top credit cards, we meticulously analyzed real consumer reviews while also measuring each company against a specific set of metrics. CardRatings.com is not affiliated with any state or government agency. Learn more about how we make money and our editorial policies. There is a balance transfer fee to consider: BalanceTransferFees Still, you may stand to save that and more with the 0% intro APR. Trips to the emergency room, hospitalization, dental care, and diagnostic tests make up the largest share of expenses owed. There's no signing up, no minimum spending or maximum rewards. You can earn an additional 1.5% cash back on everything you buy on up to $20,000 spent in the first year. policy and terms. You can only adjust your 3% cash-back earning category once per calendar month. Consider whether the card has a points/miles plan, is easy to understand, and decide if it fits your spending habits so you can best take advantage of the perks available. Lenders tend to think that if somebody is borrowing no more than 30% of their available credit, they're pretty responsible. What does your monthly budget look like? Why We Like It: Medical bills aren't fun to pay, but earning 1.5% cash back on that payment will help ease the pain. There is 24/7 customer service with automatic account alerts, plus the freedom to pick your own payment date. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. Others might be willing to work with you on a zero-interest payment plan. Often, this will be a zero-interest program. NEW! Many also have welcome offers that will actually lower the cost of the bills youre paying or have cashback rewards that can lower the amount you pay on your medical bills overall. Personal loan interest rates are often much lower than those of credit cards. Given these numbers, its no surprise that 61% of those struggling to pay medical bills have made late payments, and 56% have missed payments altogether. There's also the interest rate you need to think about. Never mind that you are a very responsible credit card user who just had the bad luck to step on a skateboard your kid left in the middle of the hallway.
Reasonable efforts are made to maintain accurate information. An annual fee is pretty standard though for top travel rewards credit cards. No worries, The 6 best Navy Federal Credit Union credit cards of 2022. The introductory period is solid, but there are cards with longer offers if you think you might need more time to pay off new purchases or balance transfers. This is particularly true for credit cards offering a 0% intro APR period, either on new purchases or balance transfers, as these cards give users extra time to pay off balances interest free and could potentially allow you to earn valuable rewards on your hefty medical bill. You can earn up to unlimited 2% cash back on purchases. At the end of your first year as a cardholder, Discover will match all the miles you've earned during that year. That means if you charge a $2,500 doctors bill on this card, you can get a credit on your statement for $37.50 free money that will reduce your balance or reimburse your payment. Neither ZDNet nor the author are compensated for these independent reviews. And, if you've already paid interest on the charges you put on the credit card, that refund certainly won't cover that. Since your APR is based on creditworthiness, you stand a decent chance at getting in the lower percentages with a high credit score and good payment history. Just remember, once these promotional periods expire, regular rates will apply, so it's important to pay off, or at least pay down as much as possible, your balances before that happens. This card also has a $0 annual fee and no late fees, which gives you some peace of mind that you wont be charged more if youre a little late making a payment. We have not included all available products or offers. The reward rate is good for a card with no annual fee, but if you are a heavy traveler you may be better off with an annual-fee travel credit card that offers more travel perks and higher reward earning rates. Indeed, we follow strict guidelines that ensure our editorial content is never influenced by advertisers. These are some of the factors that we considered in finding the best credit cards for medical expenses. As a finance expert with CardRatings, she has provided commentary on credit cards, card rewards and personal finance for outlets including Forbes, Fox Business and many others. Advertisers in our database are highlighted, and advertisements include an option to apply using links on our site. Copyright 2022 CardRatings.com. Check out our list of the best no annual fee credit cards for our top picks. Credit cards with no annual fees are also good to explore, as are cashback cards and rewards cards with welcome offers for spending a certain amount within the first three months. That means the 3% choice category rewards could be worth as much as 5.25% and the 2% categories could be worth as much as 3.5% back! The regular awards are pretty attractive, too. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. A medical credit card is usually thought of as a credit card solely designed for medical purposes. The rewards won't offset the interest you'll pay on that balance. Capital One Quicksilver Cash Rewards Credit Card.
Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, Travel must be booked through Ultimate Rewards, Extended promo period with timely payments, Accepted at 250+ providers and facilities. 
Do you prefer cash back or are you one who likes to accumulate points or miles to redeem for travel or merchandise? Usually, there is a period of time, maybe as much as 18 months, and maybe as little as six months, where you can make your payments - and if you pay it all off in the allotted time, you won't have to pay any interest. You can earn at least 1.5% cash back on all purchases. Our editors rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. Before applying for any card, know your credit score. The longer the better, to give you as much time as possible to pay off that bill. FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions. Make sure to carefully consider the costs and benefits of a credit card before you apply and choose one that fits your specific needs and situation. We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. Your dining purchases earn you 3% back, including your takeout favorites, and there is also 3% off drug store purchases. If you know a large expense will be coming up, you want to time your credit card application so that the charge will fall into the 0% introductory APR period. Once youve been approved, remember that spending wisely will help you keep down overall costs associated with financing medical bills through revolving credit. While the match offer has potential to pay off huge, it's not the most lucrative offer for those looking for instant gratification. ZDNet independently tests and researches products to bring you our best recommendations and advice. Some cards also have a penalty interest rate that kicks in if you are late on your payments. You earn a sign-up bonus of $200 online cash back when you spend $1,000 within the first 90 days after opening an account. This has resulted in collection agencies stepping in for medical providers to facilitate payment of these debts. QuinStreet Inc, 950 Tower Lane, 6th Floor, Foster City, CA 94404. Another thing to consider. So using a medical credit card is far better than not getting a medical procedure done or doing something like taking out a high-interest loan at a payday loan store. Additionally, you can also take advantage of an intro period of 15 months of no interest on purchases and balance transfers (then RegAPR). If this doesnt pan out for you, a personal loan may be another good option.
Why don't more retailers accept American Express? (After the intro period, regular RegAPR APR will apply). That is where the right credit card for medical expenses can help you get the care you need while offering the time and space necessary to pay off those larger bills. There is an ongoing annual fee to consider. The U.S. Bank Visa Platinum card has an introductory 0% APR that lasts an entire 20 billing cycles, longer than many other comparable cards. Once you start getting notices, calls, or even collection entries on your credit report, using a credit card to quickly pay off the total owed becomes a tempting solution. The match offer has potential to pay off huge. There's not a traditional welcome bonus with this card, so you can't look forward to a big chunk of cash back or a statement credit soon after opening an account. Some facilities will offer a discount if you choose to pay your bill all at once by cash or check. However you redeem, Miles keep the same value. The promotional period is the best reward that the Diamond Preferred offers, but it can save you a ton of money in interest over a longer period of time. The Wells Fargo Reflect card carries a 0% APR on purchases and qualifying balance transfers for the first 18 months of having the card. In the case of rewards cards, youll want to get the card so that the expense is charged within 90 days of opening the new account. So let's say you have a credit card limit of $1,000. CareCredit is a unique provider that specializes in medical-related financing for your entire household - even your pets. This content is not provided by any company mentioned in this article. ZDNet's recommendations are based on many hours of testing, research, and comparison shopping. Paying medical bills with a credit card is generally only a good idea if you can pay off the balance within the cards grace period or if the card youre applying for has a 0% introductory APR. Also, if you know youll be having to pay for several medical expenses over the course of a few months or a year, you could use this card to pay upfront and then utilize Amex's Plan It pay-over-time option to pay down the balance. 
The information in this article is believed to be accurate as of the date it was written. If you have a $900 bill due to a twisted ankle that took you to the emergency room, and your insurance didn't cover all of it, suddenly those algorithms are going to say, "This chucklehead just spent $900 on a card with a $1,000 credit limit. Rewards Rate: Earn unlimited two miles per dollar on all purchases made. The Citi Simplicity Cardoffers a 0% introductory APR for12 months on purchases (then 15.49% to 25.49% (variable)). If you can't pay that $900 any time soon, that $900 bill is going to actually be higher - so maybe you end up paying $970 or $1,042 or whatever, depending on how many months it takes you to pay it off. You also may want to consider this card if you have a balance on another card that you used to pay for past medical bills. That offer could save you a substantial amount of money if you need to consolidate some existing medical bill debt from other credit cards (or other credit card debt in general, for that matter). More commonly, many facilities have a credit department and are willing to work with a patient (or their family) on a payment plan. It depends on a lot of factors. There are shorter financing terms of anywhere from six to 18 months on purchases you make of $200 or more. This helps support our work, but does not affect what we cover or how, and it does not affect the price you pay. There is no annual fee, and you also receive up to $600 in cell phone protection when you pay your bill with your Reflect card. The intro 0% APR offer is only for balance transfers, and not for new purchases, too. Ask the questions. Discover helps remove your personal information from select people-search websites. You can earn up to 75,000 bonus miles (worth up to $750 in travel) when you spend $4,000 on purchases in the first three months from account opening. There is 5% back on travel but you must buy through Chase to qualify. Additionally, this card comes with a generous welcome offer earn a $200 statement credit after spending $2,000 in the first 6 months that gives you more cash to manage your medical expenses. That's a good rate for a card with no annual fee. The funds can be used to pay a deductible or to pay for out-of-pocket procedures. For example, if you use your card with a 16% APR to pay a $1,500 medical bill, and then only make a minimum payment that pays the months interest and 1% of the balance, you would have a low, seemingly manageable payment of $50 a month. Why We Like It: This no-annual-fee card has one of the longest introductory 0% APR periods on the market for balance transfers. There are no awards, but there is no annual fee to save you some cash. To see the rates and fees for the American Express cards featured, please visit the following links: Rewards Rate: Earn 5% cash back on travel purchased through Chase, 3% back at restaurants, 3% back at drugstores and 1.5% back on all your other eligible purchases. Activate by mobile app for free. Then you paid off your healthcare bill with no interest. UNLIMITED BONUS: Only Discover gives you an unlimited match of all the Miles you've earned at the end of your first year. The APR after that is largely reasonable at a variable APR 15.99%-25.99% for standard ongoing rates. Always have a plan for paying off the expenses you charge and stick with the budget youve created for accomplishing this. If you could put a $900 bill, or a $2,000 bill or some other insanely high medical bill on a card with an interest-free introductory period, that would help you pay off the bill more slowly without high interest charges. Redeem Miles to pay any part of your monthly bill, including your minimum payment. Your financial situation is probably the most important thing to consider before choosing a card for medical expenses. You also can search more than 250 practices and medical professionals covered by CareCredit on its website to ensure you select a provider that is covered by the program. Many of the credit card offers that appear on this site are from credit card companies from which CardRatings.com receives compensation. Turn Miles into cash in any amount, any time. The deferred interest rate that these medical credit cards generally offer are a little like a ticking time bomb. Almost half of Australians are back in the office and don't want to be there, Indo-Pacific economic framework to counter China, Misinformation needs tackling and politicians need to stop muddying the water, How to keep your credit card details from being stolen online, The best crypto credit cards available now, How to get pre-approved for a Chase credit card. When it comes to paying medical bills, each institution likely has there own policies, but there are some common options that could be available depending on your situation. Do the research. With that said though, with responsible use and planning, using a credit card to pay for medical expenses can sometimes be a good option to consider. At the end of the promotional period, the rate changes to a 14.49% to 26.49% variable APR. The rewards program is super simple. This can be a substantial savings if you are in a position to do it. In these situations, you'll eventually receive a refund of what you've overpaid, but that will likely come in the form of a check rather than a direct refund to your credit card. None of this is to say that you shouldn't use a credit card for medical bills, but if that's your plan, and if you think you have any hospital or major doctor's visits coming up that you're aware of and believe you'll get socked by a large bill, you might want to consider applying for a new credit card that has an introductory 0% APR offer for, say, 12 or 18 months. Likely the best option for paying off medical debt is to try and negotiate a payment plan directly with the provider. Nearly all medical facilities accept multiple types of credit cards, with Visa and Mastercard the most widely accepted. You only paid off, say, $4,900? Then 13.49% - 24.49% Standard Variable Purchase APR will apply. And Miles never expire. The annual fee is easily offset with the number of travel rewards this card offers, but if you're not a regular traveler you may not find these benefits to be valuable. The cash-back rewards program is lucrative, which is nice when paying medical bills. A few of the risks include: increased credit utilization, possible interest payments, cash flow issues and situations of overpayment. Bonus:There is no traditional rewards bonus, but the intro APR periods are bonuses in and of themselves. This is rolled into the amount of the loan, and your monthly payment is calculated based on that balance. U.S. Bank will even cover your phone with cell phone protection when you pay your bill with your Visa Platinum card. Her own wanderlust and travel experiences led to her interest in maximizing credit card rewards and benefits and motivate her to provide easy-to-understand advice and resources designed to help everyday people best match their credit cards to their lifestyle, finances and goals. 