Should You Get a Medical Credit Card? Pros and Cons

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What Is a Medical Credit Card?
How Does a Medical Credit Card Work?
What Makes a Medical Credit Card Different from Other Credit Cards?
Pros & Cons: Should You Get a Medical Credit Card?
When Should You Consider Using a Medical Credit Card?
What Features to Look For in a Medical Credit Card?
APR: As with any credit card, it’s important to know what your APR will be. Shop around and choose the card that offers the lowest APR, in case you do end up owing interest charges. Length of deferred interest period, if offered: If a medical credit card offers a 0% APR period, it’s crucial to note how long it lasts. It will be easier to pay off your medical bills before the period ends if it lasts for 24 months as opposed to 6 months, for example. Services covered: When comparing health care credit cards, take note of which medical services they will cover. While some may cover everything from dentistry to dermatology, others may be limited to general medical procedures. Penalties: Before signing on with any credit card, it’s important to be aware of the fees and other costs you could incur for a late payment. Some cards also end your 0% APR promotional period prematurely if you miss a payment, so make sure you’re aware of that to avoid missing any months of a 0% APR.
Alternatives to Medical Credit Cards
1. Loans
2. Emergency Savings
3. Retirement Savings
4. Financial Assistance/Payment Plan
5. 0% APR Credit Card
6. A Regular Credit Card
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About the Author
Lantern is a product comparison site that makes it easy for individuals to shop for products and compare offers with top lenders. Lantern is owned and operated by SoFi Lending Corp., the digital personal finance company that has helped over one million people get their money right.
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