Is a Healthcare Credit Card the best option for you?

As patients struggle to pay for the high cost of medical expenses, opening a healthcare credit card looks increasingly appealing and necessary in some cases. At first glance it often looks like a great option; take out a loan for the procedure, establish a payment plan and repay the balance within the promotional zero-interest time period. In this ideal scenario, all parties benefit. The provider is paid upfront for their services, and the patient receives medical care quickly. But buyer beware… If two conditions are not met there can be major financial ramifications.

  1. You must make the minimum payment every month, never defaulting.
  2. You must pay the balance in full within the zero-interest promotional period.

Healthcare credit cards can operate on deferred interest structure, allowing them to retroactively charge interest on the full balance. This is not to say that a healthcare credit card is the wrong decision, but it is one that needs to be made with serious consideration. Do your research and find the best terms and conditions for you and your financial situation.