Should I use a credit card to pay for dental procedures, braces or visits?

Let’s say you need to get dental work done. You have a decent idea of how much it might cost, but have been putting off calling around to find out the exact amount. Because you now know this is something that absolutely needs to be handled as soon as possible, what are your options for paying?

If you are able to put down a large sum up front, then the alternative might not be worth considering. But many people aren’t in that position and need more flexible payment. That’s where credit cards come into play! As with any type of purchase or investment, there will always be risks and advantages associated with using this form of payment over others.

Cards

For example, let’s say you need to have $3,000 worth of dental work done and you decide to pay with a credit card that has a 20% APR. This high interest rate could easily put your dental work to be cost you more than if you had taken out an auto loan or mortgage…or even a personal loan.

Of course, paying with a credit card isn’t always a bad thing. It really just depends on the circumstances, as well as how much interest you’re willing to pay for the convenience of paying over time. If you’re good at sticking to your budget and know that the dental work is something that is absolutely necessary, then using your credit card might be the smartest option for you.

When push comes to shove, credit cards should be reserved for paying for relatively small amounts because of the high interest rates and hit to your credit score. Therefore, if you’re going to get dental work done…especially if it costs a lot of money…you might want to have some cash on hand or consider using a loan instead. If you need dental work, try avoiding this approach unless absolutely necessary!

Uses for Medical Credit Cards

Dentistry

Key points

Every card has its Advantages and Disadvantages

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Advantages

Credit cards can be a convenient way to pay for a procedure, especially if you need to spread the total amount over several months. Even if you only get a few months, you will have the comfort of knowing in advance what cost you’ll be facing at any given time. For example, let’s say you have already budgeted $1,200 to pay for your dental work over three years. If two years go by and your payment is $100 per month, then your third year bill will only need to be $66 per month…and that’s only because credit card interest charges are likely to balance out the initial payments. If you have a credit card with no balance, you shouldn’t have any additional interest charges.

Disadvantages

There are two primary disadvantages to paying for dental procedures with credit cards:

You could lose all your money if you don’t pay on time each month. If you’re a little late (or worse, miss one), the dental office might turn the account over to a collection agency and it will be reported to the credit reporting agencies…ultimately destroying your credit score or even making it harder to qualify for loans in the future. Or, on top of that, the office could decide not to take payments from a credit card altogether.
Your interest rate might be higher than other types of loans, such as an auto loan or mortgage. This is especially true on higher purchase amounts.

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