Financing with Medical credit cards should be a last resort, if you haven’t done the homework. If you have or are thinking about a medical credit card, there is a lot to consider. For some, using a credit card for a doctor’s visit might seem like an easy way to handle the bill. However, several mistakes can occur when using a medical credit card; learn how to avoid them.
- Read the Terms Carefully: It is imperative that you read and understand the card’s disclosure before signing up. Most medical credit cards will claim 0% financing, but fine print can often reveal the dark side of these deals.
- Reconsider the Necessity of the Procedure: Don’t allow the momentary attractiveness of medical credit cards talk you into pursuing procedures you don’t need. If you can’t afford it without the card and you don’t foresee paying off the entire balance before the promotional period ends, the balance will trigger the deferred interest rate and cost you more money then it was worth for the procedure.
- Use a Credit Card Calculator: You need to make sure you can pay the minimum required each month as well as the full balance by the end of introductory period, if you want a medical credit card to do you any good. Using credit card calculators to plan out your payments is therefore extremely important.
- Shop & Compare: You should not evaluate a medical credit card in a vacuum. It’s important to compare to other financing offers, including other medical credit cards, traditional 0% credit cards and any other additional payment plans are available through your healthcare provider. Only after comparing all the options can you find the best deal. We, at Medical Credit Cards, have done this hard work for you – for the best answer click here.
- Assert Your Rights As a patient, it is important to remember that you have rights. If you feel you have been overcharged when using a medical credit card, or if you feel the charge was not necessary in the first place, contact the Federal Trade Commission, which deals with false advertising and deceptive practices. Call 1-877-382-4357 or visit their Web site at http://www.ftc.gov to find out more information on how to handle this problem. If you experience any problems with the medical credit card company itself, you should submit a complaint to the Consumer Financial Protection Bureau (CFPB). They won’t be able to intervene with the lender, but the agency can ultimately exercise regulatory power if it receives enough similar complaints.
