A Cautionary Note About Medical Credit Cards

Medical Credit Cards

Warning: Read the Fine Print

If your doctor, dentist, orthodontist, surgeon, audiologist, optometrist, or veterinarian tells you that you can finance the procedure you are considering with a Medical Credit Card, take time to read the fine print and understand when charges will be assessed, when the interest rates will change, and how high the interest rates can go.

  •         Are all charges applied as services are rendered or is it all up front?
  •         If all of the charges are up front, what rights do you have if all of the services are not rendered?
  •         How long are interest-free payments available?
  •         What is the interest rate at the end of the interest-free period?
  •         Under what conditions can the card issuer raise interest rates?

    Medical credit cards, like other specialty credit cards, do not fall under the same rules and regulations as standard consumer credit cards which are governed by the Credit Card Accountability Responsibility and Disclosure Act of 2009.


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