Best Medical Credit Cards for 2024

Medical credit cards are designed to help you finance medical expenses. The best cards in this category will have low or no interest for a long period of time, helping you avoid high interest payments on big medical bills. Below, we'll look at how medical credit cards work and help you pick one that's right for you.

Best medical credit cards

CareCredit

Bottom line: This card charges no interest for purchases of $200 or more when you pay the minimum each month. You have until the end of the promotional period -- six to 24 months -- to pay off the full balance or you'll be charged interest dating back to the original purchase date. Medical expenses of $1,000 or more are eligible for reduced APR for a certain period of time (24 to 60 months).

• Rewards: None
• Annual fee: $0
• Suggested credit score: Fair

Wells Fargo Health Advantage Credit Card

Bottom line: If your medical provider participates in Wells Fargo's Health Advantage patient financing program, this can be an excellent way to finance your medical bill at a relatively low interest rate.

• Rewards: None
• Annual fee: $0
• Suggested credit score: Good

Simmons Visa®

Bottom line: This card has an extremely low ongoing APR in addition to its balance transfer offer, so you can use it to pay off debt or to make purchases without worrying about outrageous interest fees.

• Rewards: None
• Annual fee: $0
• Suggested credit score: Good

Credit cards with interest-free promotions are solid options to consider if your medical debt can be paid off within the promotional period, which generally ranges from 12 to 20 months. For people who want to make purchases or transfer balances and can pay off balances before the interest-free promotions end, there may be no better way to save money.

The downside is that when the promotional period ends these credit cards will then have an APR that's likely higher than the above options. But if you can pay off your balance within the promotional period, these cards can be an excellent way to finance medical expenses. Here are a select few cards with long 0% intro APR offers you might want to consider.

A medical credit card can be used to pay for services at participating medical providers. These credit cards typically offer special financing options, such as a lower interest rate or an interest-free period. Keep in mind that deferred-interest offers can ultimately make it more difficult to pay off medical debt.

Qualification requirements for medical credit cards vary, but almost all are subject to credit approval. For most medical credit cards you'll need a good credit score, which is a FICO® Score of 670 or higher to have the best chance of approval. That said, there are medical credit cards and other financing options that accept consumers with lower credit scores. You'll also need to be at least 18 years of age and reside in the United States.

The best medical credit cards have low interest or promotional 0% APR periods. Some may also earn rewards, come with sweet welcome offers, or offer you valuable perks and insurance. Most importantly, the best medical credit card for you is one that your medical provider accepts. That means, if your provider accepts Visa and Mastercard, you'll want at least one card from either of those issuers.

A note on medical credit cards with deferred interest

It's crucial to know the difference between credit cards that offer a 0% intro APR and cards that come with deferred-interest promotions.

With 0% intro APR credit cards, you do not accumulate interest during the promotional period. When that period ends, the card's interest rate will go up to the ongoing APR, and you'll pay interest at that rate on any remaining balance. 

Credit cards that offer deferred interest, on the other hand, begin accumulating interest as soon as a charge is made. That interest isn't charged to your account during the promotional period. But if you fail to pay off the balance in full before the end of the period, you'll be charged for all the interest that's accumulated since the original purchase date. And that happens even if you have only $1.00 left to pay. These interest charges can be exorbitant and often come as a surprise to cardholders who believe that they'll only be charged interest on the balance they failed to pay off.

Deferred interest credit cards are less common now, although CareCredit is one card still using deferred interest. These credit cards can still be a good option, but only if you fully understand the terms and are certain you can pay off the balance in full within the promotional period. If you need more time, a credit card with a lower interest rate might be preferable.

A medical credit card can be a good idea if:

• You can't pay for a medical expense upfront.
• Your medical provider doesn't offer a payment plan with more favorable terms.
• You get a 0% intro APR offer and pay off the balance before the promotional period ends.
• You've exhausted other payment options.

A medical credit card is a bad idea if:

• You can afford to pay for a medical expense upfront.
• The medical expense is covered by your health insurance.
• The medical credit card has an extremely high interest rate.
• You won't be able to afford the minimum monthly payments.
• The medical credit card comes with a no-interest promotion that charges deferred interest, and you won't be able to pay off the balance in full before the promotional period ends.

There are many alternatives to medical credit cards when it comes to paying for medical expenses you can't afford. If you need to take on medical debt, make sure to research each option carefully before choosing the one that's right for you.

Medical loans

Medical loans are personal loans that can be used to pay for medical expenses. They're paid off in monthly installments. The best medical loans have two major advantages over medical credit cards. If your expense is large, you might qualify for a larger loan amount than the credit limit you're given on a card. What's more, if you have good credit, you can often qualify for a lower interest rate.

Typical medical loan terms are two to seven years. Your loan amount is broken up into equal monthly payments across the loan term. The longer your loan term, the smaller your monthly payments. However, a longer term also usually means paying more in interest over the life of the loan.

Negotiating your medical bill

Before paying your medical bill, review it carefully to make sure all the charges are accurate. If you have health insurance and believe your charges should be covered, you can file an appeal with your insurance provider. It's sometimes possible to negotiate medical bills, especially if you're willing to agree to a payment plan, so work with your medical provider as well.

Hospital payment plans

Many hospitals offer payment plans to patients who can't afford their hospital bills. These function in a similar way to medical loans, but can be far more affordable depending on the terms. Some hospital payment plans charge very low interest or no interest at all, and they may not even require credit approval. You may even be able to negotiate a lower medical bill if you agree to a payment plan.

You'll need to make minimum monthly payments and have the balance paid off within the specified payment plan period. This can be anywhere from 12 months to seven years. Ask your medical provider if it offers any payment plans. Be sure to study the terms and conditions before agreeing to a plan.

Financial assistance programs

If you're facing a necessary medical expense and you're uninsured, search for medical financial assistance programs in your state that might minimize or help cover the expense. These programs are offered by governments, nonprofits, and hospitals to people who demonstrate financial need. Some organizations have even offered to erase medical debt for certain consumers. Always check to see if you qualify for financial assistance.

A medical credit card is right for you if:

• You're facing a medical expense you can't pay for upfront.
• You can afford the minimum monthly payments.
• You take advantage of no-interest promotional offers that minimize your debt burden, and you can pay your balance off before the promotional period ends.

Paying for medical expenses that aren't covered by insurance is stressful. Taking on debt only adds to that stress. Our study on the psychological cost of debt found that medical debt takes a toll on your mental health. Among people with debt, medical debt holders are the most ashamed of their situation. However, there's no reason to feel shame. Medical issues are unpredictable and the cost of healthcare services can be extremely high. Arm yourself with knowledge of different payment options. That way, you'll be able to pay for medical expenses, keep your debt manageable, and minimize financial stress.

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

Our highest-rated credit cards have:

• A rewards rate above 2% (or 2x points or miles) with average spending, or competitive 0% intro APR balance transfer and purchase offers
• Attainable welcome bonuses that make up for any annual fees
• Low annual fees or a balance transfer fee of 3%
• Top perks such as purchase and travel protections, no foreign transaction fees, travel credits, and status upgrades

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.