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 2024 Healthcare.gov plans allow a maximum out-of-pocket limit of $18,900 for families and $9,450 for individuals.
However, there are times and situations when you might have to pay medical expenses using your credit card. This may be necessary, especially if you don’t have an emergency fund tucked away for unexpected medical expenses.
However, you should also know 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, some credit cards allow you to pay off your medical debt conveniently.
4 Best Credit Card for Medical Expenses
If you can pay the medical debt with a credit card within a few months, it is advisable to do so.
If you are comfortable with this, then here is a list of the best credit cards for medical expenses in 2022:
1 – CareCredit
Best credit card for in-house medical financing.
CareCredit can be used within doctors’ or dentists’ offices and for other healthcare services and veterinary expenses, making it more versatile than indicated. 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.
Chase Freedom Unlimited is the best choice if you wish to pay off medical debts but earn reward points in return while avoiding interest rates.
You receive an additional 1.5% cashback on everything you charge to this credit card.
Chase Freedom Unlimited does not require a $20,000 charge to earn 1.5% cashback. It offers at least 1.5% cashback on all purchases from the start without such a spending threshold.
Apart from this, you can even earn 5% on Chase Ultimate Rewards travel and Lyft spending.
You can also receive unlimited 3% back on drugstore purchases, making the card your go-to drugstore credit card.
It is advisable to charge medical expenses to this credit card when you are sure to pay off the balance amount within 15 months or less.
Highlights of Chase Freedom Unlimited
- O% APR on buying for the first 15 months (14.99% – 23.74% variable APR after that)
- Earn reward points on medical and drugstore spending
- Pay off medical bills with no interest charges within the introductory APR period
3 – Wells Fargo Reflect
Best credit card for generous APR and card perks.
If you simply want to cover your medical expenses without having to pay interest, then the Wells Fargo Reflect card is the best choice for you.
The Wells Fargo Reflect card offers an introductory APR period that can extend up to 21 months (18 months plus up to a 3-month extension with on-time minimum payments during the intro and extension periods) on purchases and qualifying balance transfers, not just 18 months. After this, you may incur an APR ranging between 13.24 % and 25.24% variable.
The no-interest charge offer is also applicable to qualifying balance transfers, hence this card is best if you have medical debt on other cards.
Make sure to remember that you need to pay an intro 3% balance transfer fee (or US$ 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 has no annual fee. It is a great option for consolidating 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 (interest rates apply after the promotional period).
After this, You will be charged 14.74% to 24.74% variable APR.
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
Conclusion
These are the 4 best credit cards for medical expenses in 2022. Make sure to find your eligibility and the perks each card provider offers 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.
See Also
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
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