Best Credit Card for Medical Expenses – Overview
The cost of healthcare can be seriously high even with medical insurance, in some cases. For instance, the 2022 Healthcare.gov plans allow a maximum limit of US$ 17,400 for families and US$ 8,700 for individuals.
However, there are times and situations where you might end up having to pay medical expenses using your credit card. It may be needed, especially if you don’t have an emergency fund tucked away for unexpected medical expenses.
However, you should also be aware of the potential risks of using credit cards to pay off your medical bills.
Credit cards usually charge high-interest rates and may not reward you for medical expenses.
Still, there are some credit cards that allow you to pay off your medical debt in convenient ways.
4 Best Credit Card for Medical Expenses
It is advisable to use a credit card to pay the medical debt if you can pay the credit card debt within a few months.
If you are comfortable with this, then here is a list of the best credit card for medical expenses in 2022:
1 – CareCredit
Best credit card for in-house medical financing.
CareCredit is a good option to cover medical bills within a doctor’s or dentist’s office. Although it is not a conventional credit card, it is recommended highly by medical professionals whose patients need help with their medical bills.
CareCredit allows you to borrow money to pay off medical expenses and pay the amount back to the card carrier over time.
A good credit score can get you numerous features with this card.
For instance, you may qualify for financing for 6 to 24 months with no interest if you pay off the complete amount during that period.
If you need more time to pay off the credit card debt, you can also extend your financing period with a 24-to-60-month reduced APR period.
However, this may incur your interest on par with conventional credit card rates.
Highlights of CareCredit
- 0% interest promotional offers
- Pays off medical bills quickly
- Best for in-house financing
2 – Chase Freedom Unlimited
Best credit card for rewards on medical and drug store requirements.
If you wish to pay off medical debts, but earn reward points in return while avoiding interest rates, then Chase Freedom Unlimited is the best choice.
You receive an additional 1.5% cashback on everything you charge to this credit card.
Once you have used reached the US$ 20,000 charge, you can look forward to earning at least 1.5 % cashback on all purchases, including medical expenses.
Apart from this, you can even earn 5% on Chase Ultimate Rewards travel and Lyft spending.
You can also receive unlimited 3% back on drugstore purchases. This means that the card works as your go-to drugstore credit card too.
It is advisable to charge medical expenses to this credit card when you are sure to pay off the balance amount within 15 months or less.
Highlights of Chase Freedom Unlimited
- O% APR on buying for the first 15 months (14.99% – 23.74% variable APR thereafter)
- Earn reward points on medical and drugstore spending
- Pay off medical bills with no interest charges within the introductory APR period
3 – Wells Fargo Reflect
Best credit card for generous APR and card perks.
If you simply want to cover your medical expenses without having to pay interest then the Wells Fargo Reflect card is the best choice for you.
This card allows you around 18 months to pay off your expenses without charging any interest, thanks to its introductory APR offer. After this, you may incur an APR ranging between 13.24 % and 25.24% variable.
The no-interest charge offer is also applicable to qualifying balance transfers, hence this card is best if you have medical debt on other cards.
Make sure to remember that you need to pay an intro 3% balance transfer fee (or US$ 5, whichever is more) that needs to be paid upfront for each balance transfer.
This is applicable for every balance transfer done within 120 days of opening the card account.
This card also lets you forego the annual fee and you can get different benefits, such as cell phone protection, secondary auto rental insurance coverage, and more.
Highlights of Wells Fargo Reflect
- Long introductory APR for medical bills
- Consolidates all your medical debts into one
4 – U.S. Bank Visa Platinum Card
The U.S. Bank Visa Platinum Card is offered with no annual fee. This is a great option to consolidate several different medical debts into one.
This is one of the most convenient balance transfer credit cards available in the market in 2022. You get an incredible 20 billing cycles of 0% introductory APR on purchases and balance transfers.
You will be then charged 14.74% to 24.74% variable APR after this.
Although this card will not earn your reward points you get several additional perks, such as cell phone protection.
Highlights of U.S. Bank Visa Platinum Card
- For longer than 18 months credit period
- Helps save money on cell phone insurance
- Excellent for consolidating medical debt and other card balances into one
These are the 4 best credit cards for medical expenses in 2022. Make sure to find your eligibility and the perks offered by each card provider before making your decision.
Credit cards can help to alleviate your medical expenses worries and ease the repayment of debts too. Lastly, make sure to choose the credit card which offers the perks you are looking for.
Medical Credit Card for Dental
At What Age is a Child Responsible for Medical Bills
Does Medical Bills Effect Your Credit
How to Negotiate Medical Bills in Collections
Are Medical Bills Tax Deductible