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Comparing health care credit options

Market flooded with new debit, gift, credit cards to pay for health care

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Health care providers and card issuers are offering a growing number of options for financing medical expenses. Here is a list of some of the credit options and terms.

See alsoSpecial report: Do credit cards offer health care Rx?, 15 tips for paying high medical bills, Health care credit cards rise to fill insurance gap, CreditCards.com poll results: credit and health care costs, 'MedFICO' score: Good medicine or bad? No credit card, no medical service?, Blog: Americans worried about health careBankruptcies near record levels as economy sours, Study: 79 million struggling to pay medical bills and debt   

Credit issuer (type)

Treatment covered

Terms, restrictions

Interest rate

Credit limit, fees

CareCredit from GE Money

CareCredit from GE Money
(credit card)

Dental, vision, cosmetic, hearing, veterinary from approved provider list

3 to 18 months with 3 percent minimum payment each month or fixed rate installment loan for up to 60 months; only accepted by GE Money medical providers

Zero percent if paid in full at end of term or 11.9 percent for fixed rate installment plan

Credit limit: $4,000 average

Late fee: $15 to $39

ChaseHealthAdvance
(installment loan)

Dental, orthodontic, vision, cosmetic, hair restoration from approved provider list

Three, 6, 12, 18 or 24 months; fixed rate installment loans for patients with good and excellent credit

Zero percent to 11.99 percent

Credit limit: $5,000 to $20,000

Citi Health Card
(credit card)

Dental, vision, hearing, veterinary from approved provider list

Three different plans: Zero interest for 3 to 18 months; Budget plan for 48 months at 12.96 percent; Regular revolving credit at 21.98 percent variable interest; only accepted by Citi medical providers

Zero percent to 21.98 percent, depending on plan

Default APR: 25.98 percent

Credit limit: varies by account

Late fee: $29 to $35

HumanaAdvance Visa Card
(credit card)

Any health-related products or services

Zero interest; balances repaid within 6 months from payroll deductions. Must sign up through employer

Zero percent

Credit limit: $500 to $5,000 depending on salary

Annual fee: $96 paid by employer and/or employee

Prepaid Healthcare Card
(debit card)

Approved health-related products and services

Available through employers’ Health Reimbursement Accounts (HRAs)

Allows employers to give employees tax-free reimbursements of qualified health expenses

Load amounts from $25 to $5,000 Fees: $4.95 per card, plus $2.95 to reload and $12.95 to replace lost or stolen cards

Wells Fargo Visa 
(debit card)

Anywhere Visa debit cards are accepted

Available only to employees enrolled in high-deductible health insurance plans using health savings accounts (HSAs)

Employees use their own money or contributions from employers; HSA earns tax-deferred interest

Credit limit: Based on account balance

Maintenance fee: $4.25/month for individual accounts

Source: CreditCards.com research and interviews

Note: Terms listed in the chart are subject to change by lenders. Click on the links to the financing options for the most up-to-date terms.

See related: Special report: Do credit cards offer health care Rx?, 15 tips for paying high medical bills, Health care credit cards rise to fill insurance gap, CreditCards.com poll results: credit and health care costs, 'MedFICO' score: Good medicine or bad? No credit card, no medical service?, Blog: Americans worried about health careBankruptcies near record levels as economy sours, Study: 79 million struggling to pay medical bills and debt  

Updated: July 23, 2008



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Credit Card Rate Report

Updated: 11-01-2014

National Average 15.09%
Low Interest 10.37%
Balance Transfer 12.82%
Business 12.85%
Student 13.14%
Cash Back 14.98%
Reward 15.07%
Airline 15.46%
Bad Credit 22.73%
Instant Approval 28.00%

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