Medical Credit Card: Swipe Here for Health

Sometimes you have medical costs spring up. You might apply for a medical credit card. You have probably seen applications for these at your doctor’s office or veterinary office when you took your cat or dog to the vet. A medical credit card is a similar product for humans.

You have a few options when faced with a medical situation costing $1,000 or more. You could pay it using:

  • cash,
  • money borrowed from family or friends,
  • credit cards,
  • a short-term bank loan,
  • a payday loan,
  • drawing from retirement savings,
  • a medical credit card.

What is a Medical Credit Card?

A medical credit card lets you pay for medical expenses. While it is a type of medical loan, it comes in the familiar format of a credit card. The credit cards do provide a much-needed service in that they can provide a quick line of credit for medical costs. They typically charge a high-interest rate and annual percentage rate.

Medical credit cards have become available the world over but remain most commonly issued in the US. That’s because in the US, the annual cost of health care per person is greater than any other country. In 2020, the per-person cost of health care in the US was $12,530 per person. This option works best if you have health insurance. The insurance covers the majority of the expenses and the medical credit card leaves you a specific account to charge to which you can charge medical care. You’ll only need to charge co-pays and items not covered by insurance on the card.

Health insurance covers much of the expenses of preventative care, but if you do not have insurance or are underinsured, you may need a medical loan to pay for services. A medical credit card lets you charge checkups, tests, physical therapy, and more. It’s also useful if you receive a diagnosis of a catastrophic illness.

Crop close up male doctor wearing white uniform with stethoscope.

Risks of Using a Medical Credit Card

Many people obtain credit cards for medical costs at an emotionally charged time. They have just received a diagnosis and quickly jump at a method of paying for treatment. This means they do not obtain the best interest rates or other fee terms. They generally go by whatever is handy. Some cards offer an introductory low-interest rate or an interest-free period. This can quickly run out leaving you to pay more than a 20 percent interest rate.

An interest-free promotion may make it seem like a good choice, but you may end up missing that re-payment window due to your illness. A medical credit card best benefits someone who has the existing financial resources to pay off the credit card.

But, if you decide that a credit card is the right choice for you, you need to research ALL lenders out there. But if you don’t have time for that, like most people, you can trust Loanry to give you the best recommendations.

For What Types of Medical Needs Can a Medical Credit Card Cover?

Medical credit cards most often are used to pay for urgent medical needs. They’re easily obtainable and lenders quickly issue them. Other common uses include paying for co-pays or items not covered on medical insurance.

Consumers frequently use medical credit cards to pay for treatments related to sexually transmitted infections (STIs) and human immunodeficiency virus (HIV). Other large categories of expenditures include institutional care such as general hospitals, mental and other special hospitals, long-term nursing care, residential care and hospices, pharmaceuticals and vaccines, ambulatory care, home care, elderly support activity/service centers and categorical programs such as immunization, family planning and screening for diseases. These situations can lead to significant medical bills. A credit card can provide a quick loan for medical bills.

Other reasons for obtaining a medical credit card include financing future medical care needs. It is common in the following seven situations to use a medical credit card to help pay for health care expenses that insurance rarely covers:

  • chiropractic treatments,
  • cosmetic procedures,
  • dental work,
  • hearing aids or cochlear implant surgery,
  • LASIK or other vision surgery,
  • urgent care,
  • weight loss surgery.

Help Finding Medical Care Financing

Individuals with medical bills health insurance don’t cover or without insurance may feel like they have to file for bankruptcy. Instead, many people turn to the credit or loan community. Loanry unified finance to help make shopping for loans, credit, money, and real estate more efficient. Loanry organizes numerous lenders into a database. It’s laid out similar to an online shopping mall. You enter the basic information about your loan needs, and it helps you find a potential lender.

Loanry organizes potential loans by category. Choose the loan type you need, then complete the form to get started. You’ll find applicable loans called by many names including, medical loans for urgent care, general medical loans, signature loan, personal loan, or unsecured loans.

Medical Credit Cards for Bad Credit

Those with bad credit may find it tough to pay for medical care. There are still options for those with poor credit scores to obtain a medical credit card. Loanry works with these lenders as well, presenting them in its loan mall. It works with lenders who extend medical loans for bad credit.

To be clear, Loanry is not a lender. It does not extend loans, nor does it offer credit cards. You won’t get a loan from Loanry. You will obtain referrals to lenders who provide online credit card applications and work with individuals virtually to provide funding. It is a key player in medical finance though.

You can find credit cards for medical services from the major names in the finance industry. These include CareCredit, Citibank and Wells Fargo. Some providers provide better terms than others. Some credit card lenders have better reputations than others.

CareCredit logo.
Citibank logo.
Wells Fargo logo.

After a Consumer Financial Protection Bureau investigation in December 2013, CareCredit refunded more than $34 million to its cardholders. The Bureau determined CareCredit had enrolled customers without adequately explaining the credit card terms.

These medical credit cards remain popular with patients because they can apply for the card without leaving the doctor’s office. In many cases, they obtain a decision instantly. An approval lets them immediately make future appointments knowing that they can pay for it.

Even for individuals with bad credit, the approval rates are high. The credit card companies tend to approve these cards which can only be used for medical care. These cards allow those with bad credit or of low-income to afford emergency or long-term treatment.

Can Not Pay the Balance?

Beware if you cannot pay the balance in full at the end of each month if you have exhausted the interest-free period of six to 24 months. You could end up paying interest that approaches that of a loan shark. For example, in the state of New York, the usury rate maximum is 25 percent. That makes it a crime in that state to loan money at a rate higher than 25 percent. A 1978 Supreme Court decision keeps the credit card companies from legal trouble for their exorbitant rates. The medical credit card from CareCredit charges 26.99 percent and the Citi Health card charges 29.98 percent.

That means that using a medical credit card can result in you paying one-third of the cost of the medical care tacked onto the actual care’s cost. That’s pretty steep. Most people who take out a medical credit card do not have the funds to pay it off within the free-interest period. While it works best for those who can pay and simply use it for convenience, those people do not normally take one out.

Deferred-interest also affects the amount paid. That’s when interest is applied to the full amount charged to the card – even the amount already paid. That means if you charged $1,000 and only repaid $500 by the time the interest-free period ran out, you’re still paying interest on the full $1,000.

Second Thinking? Why Wouldn’t You Consider Online Lender?

That’s where organizations like Loanry come in handy. You can search for medical loans and medical credit cards that suit your needs. You’ll be able to determine which organization offers a rate that might work for your situation.

It may be tempting to apply for the card your doctor’s office advertises. Instead, go to Loanry and compare personal loan rates. Find an affordable card with terms that can work for you. You could also apply for a medical loan instead. This provides you all of the funds you need at the outset. You’ll probably obtain a better interest rate, too.

If you have decent credit, you should opt for a regular credit card. You can get a much better interest rate, plus you will be able to use it for other things. Even those with bad credit can get a better credit card deal this way. For those with no credit though or extremely poor credit scores, a medical credit card provides an almost certain guaranteed approval.

The Smart Way to Use Medical Credit Cards

You can use a medical credit card to save money. You just need to know how to best manage the credit line. Here are a few tips to help you make the best possible financial decision.

  • The best situation for obtaining a medical credit card is that you have savings or a recurring monthly income source that does not depend on you working. This lets you make stable payments while in the no interest period even if you cannot work due to illness or surgery.
  • Divide the number of months of the interest free period by the total amount charged. You should pay this amount each month regardless of the minimum monthly payment. The minimum payment won’t result in you paying down the full bill especially not within the short term of the six to 24 months of interest free.
  • Make every monthly payment on time or early. Medical credit cards do not usually have a grace period for late payments. These cards also carry rather hefty fees for late payments. A late payment can also end your zero interest period.
  • Read the terms with extreme care before signing up for any credit card. Know the no-interest period. Know the interest rate that you incur after the no interest period. Check for a deferred interest policy. Check for limited periods of repayment.

How Medical Credit Cards Affect Your Credit

Take into consideration a few items before applying for a medical credit card. Applying for any credit product creates a hard hit on your credit report.

You’ll complete an application that requires the same information as any other credit card or loan. You’ll still need a monthly source of income. Denial of the card is a possibility although it is rare.

If you get approved, the credit card lender will report your monthly account details to the credit bureaus. Late payments to a medical credit card affect your credit report and credit score just as late payments to any other credit card would.

Read the terms carefully. Some medical credit cards limit the time during which you can make repayment. You may have to pay the balance off within six to 36 months. Others offer repayment periods of up to 60 months.

Consider Other Options

Leaving medical credit cards as the last resort, consider the other options first. These include cost negotiation, a home equity line of credit, loans and dipping into savings.

You can take out a regular, run of the mill loan. You’ll need a credit score of about 600 to qualify. The higher your credit score, the lower your interest rate. An interest rate for an unsecured loan will range from five to 36 percent.

You can take out a home equity line of credit or loan, if you own your home and a better credit score of 620 or more. Your home’s existing equity can provide the money you need with a tiny interest rate of four or five percent.

You could raid your 401(k) plan, traditional or Ross IRA. Most plans let you withdraw early to help pay for medical emergencies. You may be able to avoid the tax penalty of early withdrawal. If your unreimbursed medical expenses are more than 10 percent of your adjusted gross income. If not, you’ll pay ten percent federal taxes on the amount.

Search for an alternate doctor who charges less. You can compare medical treatment costs using the Healthcare Bluebook or the New Choice Health. Some hospitals offer charitable funds to assist low-income patients with medical care.

Ask your provider if it will provide extended payments without interest. Some providers will set up no interest or low interest in extended payment plans.

Health Savings Account (HSA): If you have an elective procedure or non-urgent medical need, save the money for it in a Health Savings Account or Flexible Savings Account (FSA). These pre-tax contributions are deducted from your paycheck before payroll taxes are applied.

A medical credit card varies vastly from a major credit card. They bear more resemblance to retail store accounts. You will only be able to use the card at the service provider who issued it, in some cases. In other cases, you can use it within a provider group. Avoid the temptation to charge procedures you do not need. That can cause you to rack up a bill that you cannot pay within the limited term of the repayment.

Parting Thoughts

In the right circumstances, a medical credit card can help you organize your medical costs. It can also provide emergency funding for treatment. If you know you can pay it back within the repayment time period and within the zero-interest period, apply for it. If you think there’s any chance you will miss a payment or be late for one, do not take out the card.

Leave a medical credit card as the last option for payment. Visit to explore your many options. It provides numerous options including secured and unsecured loans, short-term loans, credit cards, plus medical credit cards. Explore your options before applying for any card. Research your possibilities and talk to your doctor. If you do determine that a medical credit card is what you need, read the fine print and make sure you understand fully what you are getting. You know ahead of time that you can pay it all back within the time limits.

Visit Creditry first to check your credit. Improve your score as much as possible before you apply for any loans. This gets you the best interest rate and terms. Go to Loanry to scout for a lender. You can look for short-term loans, long-term loans, and medical credit cards. The loan mall at Loanry lets you find a lender or use money tools to compare terms before you work with a lender. It considers your financial information before making any suggestions.


Credit Cards for Wedding Expenses: Swipe Here

Credit Cards for Wedding Expenses

You know you are now ready to get married. But your wallet is not. What will you do? should you opt for a personal loan or use your credit cards for wedding expenses? If you have existing loans, you have to reconsider your options. A budget calculator can help you manage your finances to determine whether a credit card wedding financing or a loan is what you need.

Let us check the pros and cons of wedding loans versus using credit cards.

Using Credit Cards for Wedding Expenses

If you have a credit card, it means that your bank is giving you a pre-approved loan. You can use your credit card to finance your wedding. It comes with a credit limit that you can maximize to your advantage.

Here are some ways to maximize your credit cards for wedding expenses.

Look for a Wedding Planner Service Provider that Accepts Credit Card

To take advantage of your credit card wedding finance, purchase wedding necessities at 0% interest. You can also use a wedding planner service coordinator that accepts credit card for payment. If they don’t offer an installment plan, you can check with your bank.

Wedding coordinator providers now know the challenges associated with skyrocketing wedding cost.

Check for Credit Card Promotions that Your Bank Offers

Promotions like 10% on wedding cakes or 10% discount on a wedding dress from your mall’s department store can mean savings on your credit cards for wedding expenses.

Check for tiered promotions where you can get possible discounts for hotel rooms. Look for a hotel that offers a 10% discount if you use a certain credit card like Visa or MasterCard. Now you got a place for your honeymoon.

0% Interest Rates Credit Cards

Take advantage of your card if there are 0% interest rate offers. 0% interest rate means you can pay and have it on installment without interest. Installment plans can be up to 48 months at 0% interest.

Cashback and Rebate With a Minimum Spent

Most credit card companies and banks offer cash back and rebates. For example, you can get a $50 rebate if you will spend a certain amount with your card. You can also get points that can be converted to cash.

Your research skill can help you find cash back and rebates. You can also call your bank and check what they currently have for promotions.

Earn Reward Points

With a good credit card, every time you swipe your card means spending. As you rely on your credit card wedding finance for expenses, know that you are also earning points. Robust reward points can be converted to big savings too.

For example, there are credit cards that can give you 1000 reward points every time you spend at least $1000. The said reward points can be converted to something else like cash. You can also convert it gift checks.

Taking a Personal Loan for Wedding

Wanting to spend on your own wedding is admirable. It is what adults do. It is called taking responsibility. And with your big day coming, you would want to prove that you can. With a limited budget, one thing you can do is to take a wedding loan. A wedding loan is a personal loan that you can allot for your wedding expenses. We don’t recommend going into to debt for your wedding, but some people say I do. We always recommend saving on your wedding before getting a loan or using credit cards for wedding expenses.

Here are the types of personal loans that you can take:

Bank Loan

Taking a bank loan is easy if you have a good credit score. The interest is also low as compared to other creditors. However, before you can take a bank loan, you should consider the following:

Interest rates

How much is the interest rate? Can you afford it without going bankrupt? Bank loan interest rates depend on your current score standing and the loan amount you are trying to get.

How to Get Low Interest Rates

Don’t limit yourself with the nearest bank in your area. There are numbers of banks that offer bank loan with low-interest rates. What you can do?

  • Do your research about the different bank loans offered near you
  • Don’t limit it to banks near you, check online as well
  • Choose the best three banks, choose the right one for your needs
What to prepare to get low-interest rates

For bank loans, the interest rate will depend on your credit score and the terms payment selected. Start your preparation by checking your current credit score. If it is poor, find a way to at least make it average. Pay old debts if you can. Consolidate your credits. Once you have a better credit score, you can enjoy a more flexible bank loan interest rate.

Terms of payment

Most banks offer easy installment payment when offering loans. Depending on your current financial status, choose the term that will work for you.

6-month payment term

A 6-month wedding loan is highly advisable because it has the lowest interest rate. Remember, the longer the terms of payment are, the higher the interest rate will be.

12-month payment term

If you cannot pay it immediately, go for a yearlong installment plan.

24-month payment term

Most banks offer two-year bank loans, and this is good if you are not seeing any potential financial setback in the future.

48-month payment term

You can go for a longer wedding loan term if it will positively affect your financial status. You might not want to start your first one-to-two-years of marriage life paying the debt. Still, if it helps in managing your finances, you can go for two years. There are banks that offer 3 to 5 years payment terms as well, just choose which one will work best for you.

What is the best payment term?

The best payment term is the one that will work with your current and possible future financial status. Don’t get a short-payment term if you won’t be able to pay it. It can be stressful to your marriage life if you will be faced with financial problems in your first months.

Secured Loans

If you don’t want to use your credit card for wedding expenses like on wedding ring financing or wedding gown, a secured loans might help. Secured loan is easy to get with collateral regardless of your credit score.

Before getting a secured loan, consider the following factors.

Interest rates

A secured loan are easy to find. However, the interest rate is hard to accept. If you are going to take a secured loan, make sure that you have computed the interest rate in advance to determine if really helps or not.

Terms of payment

Most secured loans have short terms of payment. It can be 1 to 3 months. Failing to pay it on time also means paying a penalty of the outrageous amount.

Loans With a Guarantor

You can get a loan with a guarantor from individual creditors. These are people who do it as their personal business. However, it is hard to get a loan from them unless someone they knew acts as your guarantor.

Interest rates

The interest rate from individual creditors ranges from 5% to 20% of the principal amount.

Terms of payment

The good thing about personal creditors is flexibility. You can ask them to give you a good term of payment that banks or secure loan creditors don’t offer.

Taking a Loan From a Friend or a Family Member

A wedding is such a joyful event. You might find your family members offering financial help at your wedding and it is okay. Offer to pay interest. Ask for good payment terms.

Interest rates

Asking help from your dad might be easier if you are getting married especially if you have a bad credit score. You can show gratefulness by offering to return it with an interest in their liking.

Terms of payment

With a loan from a friend or a relative, you can also haggle in terms of making a payment. I know a friend who is paying our other friend quarterly for his wedding loan. If a friend offers financial help for your wedding, take it, just make sure to pay it as agreed.

Is It Possible to Avoid A Wedding Loan?

If you have enough savings, yes you can avoid a wedding loan. However, would you drain your emergency fund just to get married? It is still best to use your credit cards for wedding expenses or take a personal loan. This way, in case something happens, you ‘ll have your emergency fund to use.

If getting a wedding loan is inevitable, you can still at least reduce the loan amount. Here are some tips that you can do to minimize your wedding expenses.

Plan and budget

Overspending happens when you keep on buying stuff that is not needed. To make your expenses clearer, you can start by planning. Sit with

your partner and start making a list.

For your wedding loan, you can decide on the amount based on your plan and checklist. Avoid taking more than what you need. Applying for a bigger loan means paying a higher interest rate.

Use your credit card as much as possible

If you have a credit card with good standing and high credit limit, use it for your wedding as well. You can take advantage of your credit card offers and promotions. That way, you can avoid taking a payday loan. Using your credit cards for wedding expenses is much better than taking out a loan in terms of interest and payment scheme. If you cannot pay your credit card bill the following month, request for consolidation. This way, you can have your credit card wedding finance be paid in installment.

Reducing Wedding Expenses

If you are trying to avoid getting a wedding loan, start by reducing your wedding expenses. Among the things that you can change or modify to save are:

Make your wedding ceremony more intimate by inviting a few important people only. Make sure your families are there and your best friends. There is no need to invite your grade school teachers or your neighbors from 20 years ago.

A church wedding can be expensive. Instead of exchanging vows on a church, have your wedding ceremony at a park. If you are near a beach, do it on the seaside. It can turn the atmosphere more romantic and solemn.

Having a 5-course meal can be impressive. It is also expensive. If you have family members that can cook well, why not ask for their help. Pay for a resort or place where you can have the reception. Bring in your own caterer. This way, you can personally select the menu while at the same time saving on cost.

Most women might want to have the best wedding dress. But you only wear it once. If you can find a great rental wedding gown, consider it. You can also check thrift stores for vintage wedding gowns.

If you have a friend that takes a picture like a pro, ask him to cover your wedding. If you have a friend who is good with makeups, ask for help. You can save a few hundred dollars to a thousand if you have friends that can help you.

You got a friend who can DJ? Why not ask him to man the floor after the wedding ceremony? In addition, if you have creative and artistic skills, you can also make your own souvenirs instead of buying.

Indeed! A lot of women want to be a June bride. For some reason, June or summer is the favorite season to get married. During this time, expect wedding cost to be inflated. Wedding venues are expensive as well as catering services. Wedding planner service providers are hard to find as well. If you can, pick a date that is close to both of your hearts. It can be your anniversary or birthdays.

How to Prepare for The Big Day?

Not everyone can get married. Not all couples who want a ceremony gets it. If you have plans to get married, you can start by looking at your current financial situation. Do you have any savings? Or an emergency fund? Do you have good credit score in case you need to borrow? Do you have families that can help you?

Find the best credit cards in town. Do your research. There are credit cards that are generous in awarding rebate points. There are credit cards that are always offering 0% installment promotions.

Build a good credit reputation to increase your credit limit. Overall, build a good reputation as a credit card holder. If you need to request for reimbursement like annual fees, your credit card provider can grant your request.

Know what you need to prepare. Know their requirements and terms. Is it doable? Can you borrow and be able to pay it on time? Taking a bank loan if you have a good credit score is easy. if you have bad credit, you might find it more difficult to get approval. Unlike credit cards, you can use credit cards for wedding expenses until you reach the limit of your cards.

If you are currently working on a day job, find another source of income. You can opt for online jobs that pay well. You can start a small business. Talk with your partner on how you can grow your money until you decide on a wedding date. Above all, start saving for your big day. Reduce your date nights and drink nights. If you can watch movies at home, do so. subscribe to Netflix rather than watch at cinemas weekly.


Rather than taking a wedding loan, you can also use your credit cards for wedding expenses. Credit card companies offer different promotions that you can take advantage of. It is like applying for a loan but with different perks. It is easier to use as well, just swipe it.

With a credit card, you can start purchasing a wedding dress, shoes, gifts, and souvenirs. You can also work with a wedding coordinator service provider that accepts credit card for payment. While spending, you are also earning reward points and rebates. Once you maxed out your credit card, you can have your balance consolidated or request for a balance transfer with a more flexible term of payment.