Medical expenses can be a significant burden for many individuals, especially in times of emergency or when faced with chronic health conditions. For those with significant medical expenses, finding the best credit card to help manage and alleviate this financial strain is essential. In this article, we'll explore the top credit cards for medical expenses, offering rewards, low interest rates, and additional benefits to help make your healthcare costs more manageable.
Best Credit Cards For Medical Expenses Table of Contents
Why Choose a Credit Card for Medical Expenses
There are several reasons why you might consider using a credit card for your medical expenses:
- Flexibility: Credit cards offer the flexibility to pay off your medical expenses over time, rather than having to pay the entire amount upfront.
- Rewards: Many credit cards offer rewards programs, which could be cashback, points, or miles. When you use these cards for your healthcare expenses, you can earn rewards that can offset your costs or fund other needs.
- Interest-Free Periods: Some cards provide 0% introductory APR offers, allowing you to pay medical bills over time without incurring interest charges.
Best Credit Cards for Medical Expenses
When choosing a credit card for medical expenses, it's essential to consider factors such as rewards programs, interest rates, and additional perks. Below, we've compiled a list of top credit cards for medical expenses, suitable for various needs and financial situations.
1. Chase Sapphire Preferred Card
This card is an excellent choice for those who travel frequently or have upcoming significant medical expenses.
- Earn 2x points on medical expenses (and other eligible categories) and 1x point on all other purchases.
- 60,000 bonus points if you spend $4,000 on purchases in the first three months.
- Points are worth 1.25 cents each when redeemed for travel through the Chase Ultimate Rewards portal.
2. Citi Double Cash Card
This card is ideal for those looking for a straightforward cashback rewards program to offset medical expenses.
- Earn 1% cashback on all purchases when you make the purchase and an additional 1% when you pay it off.
- No annual fee and no limit on the amount of cashback earned.
- 0% introductory APR on balance transfers for 18 months, which can help with high-interest debt consolidation.
3. Blue Cash Preferred Card from American Express
This card offers a high cashback rate on select categories, making it a great choice for families with high medical expenses.
- Earn 6% cashback at U.S. supermarkets (up to $6,000 per year) and on select U.S. streaming services, 3% cashback on transit and U.S. gas stations, and 1% on other purchases.
- $250 statement credit after spending $1,000 in the first three months.
- 0% introductory APR on purchases for 12 months.
Best Credit Cards For Medical Expenses Example:
Let's say you have an upcoming surgery that will cost you $5,000. If you choose to use the Chase Sapphire Preferred Card and meet the $4,000 spending requirement in the first three months, you'll earn the 60,000 bonus points plus 10,000 points from your medical expenses (2x points). These 70,000 points would be worth $875 when redeemed for travel through Chase Ultimate Rewards, significantly offsetting your medical costs and providing additional value for future travel plans.
There you have it – three of the best credit cards for medical expenses to help you manage your healthcare costs without breaking the bank. By choosing the right card for your specific needs, you can earn valuable rewards, enjoy low-interest rates, and better manage medical expenses. Share this article with your friends and family, and don't forget to explore other informative and engaging content here on Flik Eco for more personal finance and investing tips.
