Best Credit Cards for Medical Expenses in 2024

Have you ever found yourself in a situation where unexpected medical bills have left you scrambling to find a way to pay? Or maybe you have an upcoming medical procedure that isn’t fully covered by insurance, and you need a solution to bridge the financial gap. While it’s generally not advisable to rely solely on credit cards for medical expenses, having the right card in your wallet can provide some much-needed relief when faced with these costly situations.

In this blog post, we will explore the best credit cards for medical expenses, which can in-turn help you to find the card that best suits your needs. Whether you’re looking for rewards, flexible financing options, or a combination of both, we’ve got you covered. So, read on and discover how you can make the most of your credit card when it comes to managing medical expenses.

Why Choosing the Right Credit Card for Medical Expenses Importance?

Medical expenses can be a significant financial burden, and choosing the right credit card can make a world of difference. With the rising costs of healthcare, even those with insurance may find themselves facing out-of-pocket expenses that can quickly add up. By selecting a credit card that offers rewards or benefits specifically tailored to medical expenses, you can offset some of these costs and potentially save hundreds or even thousands of dollars.

However, it’s crucial to approach this decision with caution. Using a credit card for medical expenses should be a last resort, as carrying a balance and accumulating interest can exacerbate your financial situation. Therefore, it’s essential to understand the terms and conditions of any credit card you consider, including interest rates, fees, and reward structures, before making a decision.

Key Factors to Consider When Choosing a Credit Card for Medical Expenses

When evaluating credit cards for medical expenses, there are several key factors to consider:

Rewards and Cash Back Categories

Look for cards that offer bonus rewards or cash back on purchases made at drugstores, hospitals, or with healthcare providers. These rewards can help offset the costs of prescriptions, medical supplies, and other healthcare-related expenses.

Interest Rates and Promotional Offers

If you anticipate carrying a balance, look for cards with low interest rates or promotional 0% APR periods. These offers can provide some breathing room while you pay off medical expenses over time without accruing significant interest charges.

Annual Fees

While some cards with excellent rewards or benefits may come with an annual fee, it’s important to weigh the potential savings against the cost of the fee. Consider your anticipated medical expenses and whether the rewards or benefits will outweigh the annual fee.

Financing Options

Some credit cards offer specialized financing options for medical expenses, such as deferred interest or interest-free promotional periods. These can be helpful for larger medical bills, but it’s essential to understand the terms and conditions to avoid unexpected interest charges.

Acceptance

Ensure that the credit card you choose is widely accepted by healthcare providers, hospitals, and pharmacies in your area. This can help streamline the payment process and avoid any inconveniences or additional fees.

Top Credit Card Picks for Medical Expenses

Based on our research and analysis, here are some of the best credit cards for medical expenses in 2024:

1. AARP Essential Rewards Mastercard from Barclays

3% cash back at gas stations and drugstores (excluding Target and Walmart)
2% cash back on medical expenses, including dentists, optometrists, hospitals, and more
No annual fee

The AARP® Essential Rewards Mastercard® from Barclays is an excellent choice for those looking to earn rewards on various medical expenses. With 2% cash back on a wide range of healthcare services and products, and an impressive 3% cash back at drugstores, this card can help offset the costs of prescriptions, over-the-counter medications, and other medical-related purchases.

2. KrowdFit Wellness Rewards Mastercard

4% cash back on a long list of qualifying “health, wellness, medical and lifestyle partners,” including Walmart and Target
2% cash back at grocery stores (excluding warehouse clubs)
No annual fee

The KrowdFit Wellness Rewards Mastercard is a standout choice for those who frequently shop at big-box retailers like Walmart and Target for their medical and wellness needs. With an impressive 4% cash back on a broad range of health, wellness, medical, and lifestyle partners, this card can help you save on everything from prescription medications to fitness equipment.

3. Upgrade Triple Cash Rewards Visa

3% cash back on home, auto, and health purchases
Unique financing option for carrying a balance
No annual fee

The Upgrade Triple Cash Rewards Visa® is an excellent option for those looking to pay down medical debt. With 3% cash back on health-related purchases, including hospital visits, medical equipment, and more, this card can help offset some of the costs associated with medical expenses. Additionally, its unique financing option allows you to pay off any remaining balance at a fixed interest rate within a set repayment period, potentially reducing the financial strain of medical debt.

4. Citi Custom Cash Card

5% cash back on up to $500 spent in your highest spending category per billing cycle (including drugstores)
1% cash back on all other category spending
No annual fee

The Citi Custom Cash® Card offers unparalleled flexibility when it comes to earning rewards on medical expenses. With 5% cash back on your highest spending category each billing cycle, including drugstores, you can easily maximize your rewards on prescription medications, over-the-counter products, and other healthcare-related purchases. Additionally, the card’s automatic category adjustment ensures that you’ll continue to earn elevated rewards as your spending patterns change.

5. Chase Freedom Unlimited

3% cash back on drugstore purchases
5% cash back on all other purchases
No annual fee

The Chase Freedom Unlimited® is an excellent choice for those looking to earn rewards on drugstore purchases. With 3% cash back on qualifying drugstore purchases, this card can help offset the costs of prescriptions, over-the-counter medications, and other healthcare-related items. Additionally, the card’s generous sign-up bonus and 1.5% cash back on all other purchases make it a well-rounded option for everyday spending.

Some Other Possible Options

While the cards mentioned above are our top picks for medical expenses, there are a few honorable mentions worth considering:

The myWalgreens Mastercard

If Walgreens is your go-to pharmacy, the myWalgreens Mastercard can be an excellent choice. With 10% back on eligible Walgreens-branded items and 5% back on all other Walgreens and Duane Reade purchases, including pharmacy items, this card can help you save on a wide range of medical and wellness products.

CareCredit Card

The CareCredit Card is a specialized financing option for medical expenses not covered by insurance. It offers interest-free periods of 6, 12, 18, and 24 months on purchases of $200 or more. However, it’s crucial to understand the deferred interest terms and pay off the balance before the promotional period ends to avoid significant interest charges.

General 0% APR Cards

If you need to finance a larger medical expense, consider a 0% APR card with a long interest-free period for purchases and balance transfers. Cards like the BankAmericard® credit card or the Wells Fargo Reflect® Card can provide valuable breathing room while you pay off medical debt without accruing interest charges.

Tips for Using Credit Cards for Medical Expenses Responsibly

While credit cards can be a valuable tool for managing medical expenses, it’s essential to use them responsibly to avoid financial difficulties:

Only use credit cards for medical expenses as a last resort when other financing options have been exhausted.
Create a realistic payment plan to pay off any medical debt as quickly as possible, minimizing interest charges.
Monitor your credit card statements closely and ensure timely payments to avoid late fees and negative impacts on your credit score.
Consider speaking with a financial advisor or credit counselor if you’re struggling to manage significant medical debt.

Conclusion

Having the right credit card in your arsenal can provide much-needed relief and help offset some of the costs. When you carefully evaluate your options and select a card that aligns with your specific needs, you can maximize rewards, take advantage of financing options, and then save thousands of dollars on medical-related purchases.

Remember that, while credit cards can be a valuable tool, it’s crucial to use them responsibly and ensure you prioritize paying off any medical debt as quickly as possible to avoid accumulating excessive interest charges.