Sudden expenses are never a good thing, especially for those who make the finances. But sometimes they are inevitable, such as large medical expenses. Even if you have health insurance, emergency room visits, medical services, and dental and veterinary bills, it can cost hundreds of dollars (if not thousands).
The burden may be enough to eliminate any emergency funding and savings accounts. One way to solve these expenses is to finance them through a medical account. However, some of these financial products may have high interest rates, even higher than credit cards.
Even without a brief period of no interest, balances not paid in full will be subject to high interest rates from the initial date of charge.
To offset sudden medical expenses, think of your credit card as a lifeline that can help you fund a large amount of expenses and even earn rewards at the same time. Let’s look at some options.
Pay medical expenses to earn welcome bonuses
The biggest motivation when applying for a new credit card may be to get a considerable welcome offer. Whether it’s points, miles or cash back, the rewards you can earn are related to the minimum spending requirements within the set period of opening an account.
Minimum expenditure requirements range from $1,000 to $30,000. If you are able to pay off your debt right away, consider paying a large amount of medical expenses on a new credit card to help you fully or partially meet the minimum spending requirements.
Related: Best Credit Card Welcome Offer of the Month
Consider 0% introductory APR card
If you want to pay for medical expenses with a credit card and get some rewards, that is possible, but don’t expect medical bills to be the bonus category for most cards.
Instead, you want to focus on credit cards that offer 0% entry-level annual percentage ratios and have the potential to buy cash, points or miles for you. This way, borrowers are confident that they can pay off their balance during the promotion period and even receive some credit card rewards.
Daily Newsletter
Reward your inbox with TPG Daily Newsletter
Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG experts
The ideal card would be a daily spending card that provides a higher rate of income on all other purchases outside the card bonus category.
In November 2024, I had to make an emergency room visit at an off-network hospital and received a huge bill. Fortunately, I have a 0% interest offer on Citi®/Aadvantage® PlatinumSelect® WorldMasterCard® (see Interest Rates and Fees), which allows me to pay off my balance within 9 months. I spent 1 mile per dollar on the transaction.
Let’s check out some good options for some introductory APR cards.
Citi Diamonds’ preferred card
Annual Fee: No annual fee
Welcome quote: Quotes are not welcome
Reward medical expenses: No reward
Why this is a good choice: The main privilege of the Citi® DiamondPreferred® card (see Price and Fees) is the beginning of APR.
New cardholders get 0% APR from purchases that start 12 months after account opening, and then the APR can change to 17.24%-27.99%. New cardholders will also receive 0% APR within 21 months when they open balance transfers; after the promotion period, their interest rates range between 17.24% and 27.99%.
If you want to pay a huge medical bill or if you need to transfer your existing balance, the card can provide you with financial relief. Be sure to plan your payment so that the balance is paid off before the introduction rate is over.
To learn more, read our full review of Citi Diamonds’ top picks.
Apply here: Citi Diamond First Choice Card
Chasing for infinite freedom
Annual Fee: $ 0
Welcome quote: New cardholders can earn $200 in cash back after spending $500 within three months of opening.
Reward medical expenses: Earn 1.5% off all non-Benus category purchases.
Why this is a good choice: Chase FreedomUnlimited® (see Rates and Fees) will make you earn 1.5% cash on medical expenses, which will make it a little lighter.
If you also have a premium chase card, such as the Chase SapphirePreferred® card (see Rates and Fees), you can combine the rewards and transfer them to Chase’s 11 airlines and 3 hotel partners for an excellent redemption option.
As a new cardholder, you will also receive an introductory APR and balance transfer of 0% within 15 months from the date of acquisition. After the introduction period, it is applicable to 18.99%-28.49% of APR variables.
Remember that applicants for Chase cards are subject to the 5/24 rule, which means that if you have opened five or more personal credit cards in all banks over the past 24 months, you won’t get approval.
To learn more, read our full review of Infinity of Freedom.
Apply here: Chase for Infinite Freedom
Capital One Quicksilver Cash Reward Credit Card
Annual Fee: No annual fee
Welcome quote: Spend $500 in the first three months after opening, earning $200 in a one-time cash bonus.
Reward medical expenses: Earn 1.5% off all non-Benus category purchases.
Why this is a good choice: You will receive a 1.5% cash back medical bill that can be redeemed later via PayPal and Amazon.com. As a new cardholder, you will also receive a 15-month 0% APR on purchases and balance transfers. After the promotion period, it is applicable to APR of 19.24%-29.24%.
To learn more, read our full review of Capital One Quicksilver Cash Reward Credit Card.
Learn more: Capital One Quicksilver Cash Rewards
Citi double cash card
Annual Fee: No annual fee
Welcome offer: Spend $1,500 in the first six months after opening to earn $200 in cash back.
Reward medical expenses: 2% cash back (1% when purchasing, 1% purchase fee is 1%)
Why this is a good choice: In addition to receiving a 2% cash back for all purchases, Citi DoubleCash® Card (see Fees & Fees) cardholders receive 0% APR introductory APR on an 18-month balance transfer, then apply to 18.24%-28.24% APR after the promotion period ends.
If you are a cardholder for a Citi Travel Credit Card, such as the Citi Strata Premier® card (see Rates and Fees), you can combine the rewards of Citi double cash with the rewards of the Citi tier prime minister and then transfer those points to Citi’s airline and hotel partners.
To learn more, read our full review of Citi Double Cash.
Apply here: Citi Dual Cash Card
Health-related cards
There are some credit cards specifically for health-related purchases. You may win rewards; however, the best privilege of these cards is the ability to fund large medical expenses.
Related: Use these cards to maximize large purchases
Barclays’ AARP Essential Rewards Mastercard
Annual Fee: $ 0
Welcome quote: Earn $100 cash bonus after spending $500 in 90 days after your account is opened.
Reward medical expenses: 2% cash back on eligible medical expenses
Why this is a good choice: This is one of the few credit cards that earn bonus cash on medical expenses. Qualified purchases include:
- dentisit
- Orthodontic doctor
- Osteopathic physician
- Chiropractic
- Optometrist
- ophthalmologist
- Optician
- Optical products and glasses
- Hand teaching doctor
- Podiatrician
- Hospital
- Medical and dental laboratories
- Hearing aids
- Ambulance Service
- Orthopedic products
- Prosthetic equipment
- Nursing and personal care facilities
- Medical services and health practitioners
The card also has an introductory APR of 0% for 15 months, with balance transfers made within 45 days of account opening. Thereafter, it is applicable to 20.99%-29.99% APR variables.
Information on AARP Essential Rewards Mastercard has been collected independently by Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
CareCredit Rewards Mastercard
Annual Fee: $ 0
Welcome quote: Quotes are not welcome
Reward medical expenses: Every dollar is purchased on the internet by July 31 at 2 o’clock.
Why this is a good choice: CAERECREDIT Mastercard is available for out-of-pocket expenses at over 270,000 medical, dental and veterinary providers in the United States, and you can use the card in any provider that accepts CareCredit.
The card offers several financial options. If the cardholder pays the option in his account in full between six and 24 months, no interest will be paid. For those looking to raise longer than 60 months, the purchase price is expected to be up to 20.90% when purchasing within the financing term. For financing less than $1,000, you can pay 24 months for a 24-month fee, and if paid in full at the end of the semester, no interest will be charged. Raising $1,000 or more can reduce funds for more than 24 months.
Please note that the regular purchase APR for Carecredit Mastercard is 32.99%. Like medical lines of credit, CareCredit uses deferred interest financing, which means interest is charged on full loans from the initial transaction date, and the balance is not paid in full when the financing promotion expires.
CareCredit Rewards Mastercard information has been collected independently by Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Bottom line
Sometimes medical expenses may be required, but you don’t have to bear it and consume your savings account. Use 0% APR credit card offer to fund unexpected bills, while also having the potential to earn credit card rewards.
Before applying for a new card, be sure to check if any existing cards in your wallet have a 0% APR quote when purchasing or balance transfers. Alternatively, consider other products, such as CAYREDIT or other loan products, and see which repayment plans and interest rates match your budget and financial position.
Related: How to choose a credit card with 0% APR
