Best Medical Credit Cards for 2023

If you're wondering how to pay medical bills, a medical credit card might be the solution. Medical credit cards are credit cards designed to pay for medical expenses you can't afford to pay for upfront. 

Many of them offer special financing options that can save you money. Be wary of deferred interest offers, though. Deferred interest can cost more in the long-run if the balance isn't paid off on time. Our list of the best medical credit cards includes both medical credit cards and 0% intro APR credit cards that can be used anywhere.

Best medical credit cards

1.) CareCredit

• Bottom line: A medical credit card with both short- and long-term financing options that offer low or no interest. You have to be especially careful to pay off the balance before the promotional period ends. If not, you'll be charged a high interest rate dating back to the original purchase date.
• Rewards: None
• Annual fee: $0
• Suggested credit score: Fair

2.) 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.
• Suggested credit score: Good
• Rewards: None
• Annual fee: $0

3.) 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.
• Suggested credit score: Good
• Rewards: None
• Annual fee: $0

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

The downside is these credit cards tend to have higher APRs than the above options and interest will be charged on the remaining balance. Here are a select few cards with long 0% intro APR offers for both purchases and balance transfers

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.

A medical credit card is a credit card that can be used to pay for medical 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 being said, there are medical credit cards and other financing options that accept consumers with lower credit scores. You'll also normally need to be at least 18 years of age and reside in the United States.

Medical credit cards are not created equal. It's crucial to look for the right features so you avoid unnecessary fees. With some careful research, you'll be afford your monthly payments and begin paying off debt. Note each card's fees and interest rate, and make sure to always read the fine print on any special financing options or promotional offers.

The best medical credit cards:

• Have no annual fee
• Have a low ongoing APR
• Offer true 0% intro APR offers (rather than deferred interest)
• Are accepted at your medical provider of choice

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.

When weighing payment options, it's important to consider your personal situation. Medical credit cards aren't the right choice for every circumstance. It's smart to avoid high-interest debt unless absolutely necessary. Unfortunately, sometimes, there are few options to finance medical expenses.

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.

There are many ways to pay for medical expenses. Medical credit cards are only one. While they're useful in some situations, they can also lead to overwhelming debt or unexpected interest fees. 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.

0% intro APR credit cards

The best 0% intro APR credit cards offer long introductory periods of up to 18 months. During this time, your credit card balance won't accumulate any interest. You can use them anywhere that accepts credit cards, so they're not just for medical expenses. 

If you pay off your balance in full during the introductory period, you'll be able to avoid interest entirely. If not, the remaining balance will be charged interest at the regular APR (which is usually quite high on these cards). They can still be a good option if you need only a few extra months to pay off a small remaining balance. But if you know you'll take years to pay off the charges, it's better to go with a lower-interest option.

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 they offer 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, reserved for people who demonstrate financial need, are offered by government and nonprofit organizations as well as hospitals. 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.

Now that you understand how medical credit cards work and what to look for in a medical credit card, you should be able to choose a financing option that's right for you.