Best Credit Card to pay medical bills

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teaman
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Joined: Sat Apr 18, 2020 2:15 pm

Best Credit Card to pay medical bills

Post by teaman »

I have about $5000 medical bills lined up for this year. Any recommendations for credit cards with attractive rewards / cash back offers that I can apply for to pay these bills? I already have a card that gives 2% cash back on any purchase without any annual limits. Thanks.

We don't travel often, so not a big fan of travel rewards. Also, I don't like the idea of getting tied to one airline carrier / hotel.
long_drink
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Re: Best Credit Card to pay medical bills

Post by long_drink »

I'd probably use two bank of america cards, which can be end up being good cards to keep using too if you can meet the minimum investment requirements of $100k.

Cash Rewards - $200 bonus after spending $1000.
Premium Rewards - $500 bonus after spending $3000.

With $100k+ invested through Merrill Edge both of these cards can have great rewards (5.25% back for online purchases, 2.62% back on everything else).
tananaev
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Re: Best Credit Card to pay medical bills

Post by tananaev »

long_drink wrote: Fri Apr 30, 2021 3:32 pm Cash Rewards - $200 bonus after spending $1000.
Note that online category explicitly excludes "doctors and hospitals". Basically you won't get 5% back on any medical spending.

If you want to go with BofA route, I would recommend getting Travel Rewards card. No fees and 2.6% cashback on everything no limits, if you have $100k+ invested. Points can be cashed out via BofA AAA card (also no fee) or used for travel.
Pdg88
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Re: Best Credit Card to pay medical bills

Post by Pdg88 »

If you are looking to get the most cash back for the $5000 you have to spend, the sign-up bonus on the Chase Sapphire Preferred card is probably your best bet right now. They are currently offering 80,000 bonus points with $4000 of spend in the first 3 months, plus you will get 1 point per dollar, so 85,000 points after you pay your bills. That can be easily redeemed for $850 cash back (the points are worth more if redeemed for travel, but you said you only care about cash back).

There is a $95 annual fee you would have to pay, so that brings your net gain down to $755, but that still beats the $100 cash back you would get if you just put it all on your 2% cash back card. It looks like Chase is also throwing in a $50 grocery credit.

After a year, you can call and request a product change so that you don’t have to pay the annual fee again. Both the Freedom Flex and Freedom Unlimited cards offer good rewards.

If you don’t want to mess around with an annual fee at all, you can usually find no annual fee cards with $200 cash back bonuses. It looks the the Capital One Quicksilver and American Express Cash Magnet currently have $200 sign-up bonuses. The American Express Blue Cash Everyday card is showing a $250 sign-up bonus for me right now.
humblecoder
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Re: Best Credit Card to pay medical bills

Post by humblecoder »

tananaev wrote: Fri Apr 30, 2021 4:07 pm
long_drink wrote: Fri Apr 30, 2021 3:32 pm Cash Rewards - $200 bonus after spending $1000.
Note that online category explicitly excludes "doctors and hospitals". Basically you won't get 5% back on any medical spending.

If you want to go with BofA route, I would recommend getting Travel Rewards card. No fees and 2.6% cashback on everything no limits, if you have $100k+ invested. Points can be cashed out via BofA AAA card (also no fee) or used for travel.
The bonus is the current signup bonus (open an account, spend $X, get $Y). So medical bills charged to the card will qualify.

Also, the OP mentioned that he/she doesn't care about travel, so Travel Rewards may not be the best fit. And the 2.6% return only applies if you are a BoA Platinum Honors member ($100K combined balance between BoA and Merrill)

Personally, I agree with the other poster that the Chase Sapphire Preferred sign up bonus is good option. 80,000 points for $4K in spend.
SrGrumpy
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Re: Best Credit Card to pay medical bills

Post by SrGrumpy »

Much depends on the spacing of your medical bills given that you usually have 90 days to reach your c/c bonus spend target. So a $2,500 bill in June and a $2,500 bill in November would require two card signup bonuses. Twice the fun!
Topic Author
teaman
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Re: Best Credit Card to pay medical bills

Post by teaman »

Thanks for the replies. Looks like Chase Sapphire Preferred is the way to go.

Can someone confirm that this card considers medical bills as eligible expenses for accruing reward points? Don’t want to be in for a surprise.
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willthrill81
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Re: Best Credit Card to pay medical bills

Post by willthrill81 »

teaman wrote: Sat May 08, 2021 10:01 am Thanks for the replies. Looks like Chase Sapphire Preferred is the way to go.

Can someone confirm that this card considers medical bills as eligible expenses for accruing reward points? Don’t want to be in for a surprise.
All charges will accrue reward points at the same rate as all other charges.
“Good and ill have not changed since yesteryear; nor are they one thing among Elves and Dwarves and another among Men.” J.R.R. Tolkien, The Lord of the Rings
Topic Author
teaman
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Re: Best Credit Card to pay medical bills

Post by teaman »

Okay. Thank you, Will.
Topic Author
teaman
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Re: Best Credit Card to pay medical bills

Post by teaman »

Does anyone know if I can get the 80000 sign on points (upon $4000 spend in the first 3 months) for CSP regardless of whether I apply for the card directly online versus getting a referral link from a friend?

Read somewhere that there’s some good reward points for the person referring, so wanted to check
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willthrill81
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Re: Best Credit Card to pay medical bills

Post by willthrill81 »

teaman wrote: Sat May 08, 2021 3:31 pm Does anyone know if I can get the 80000 sign on points (upon $4000 spend in the first 3 months) for CSP regardless of whether I apply for the card directly online versus getting a referral link from a friend?

Read somewhere that there’s some good reward points for the person referring, so wanted to check
You should read the fine print on the application, but I believe that the bonus points would be the same in either instance.
“Good and ill have not changed since yesteryear; nor are they one thing among Elves and Dwarves and another among Men.” J.R.R. Tolkien, The Lord of the Rings
fmhealth
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Re: Best Credit Card to pay medical bills

Post by fmhealth »

If you go into a local Chase branch they waive the $95.00 A/F for the first year. So you get the entire $800.00 bonus. Nice!!

Be Well,
fmhealth
Topic Author
teaman
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Re: Best Credit Card to pay medical bills

Post by teaman »

fmhealth wrote: Sat May 08, 2021 4:59 pm If you go into a local Chase branch they waive the $95.00 A/F for the first year. So you get the entire $800.00 bonus. Nice!!

Be Well,
fmhealth
Was unaware of that. Let me try going to my local branch. I understand such offers typically come in mail, that I believe I need to carry to the branch. Is that true, or can I just tell them that I found this offer online and would like to apply for the CC in the store?
Ron Ronnerson
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Re: Best Credit Card to pay medical bills

Post by Ron Ronnerson »

teaman wrote: Sat May 08, 2021 3:31 pm Does anyone know if I can get the 80000 sign on points (upon $4000 spend in the first 3 months) for CSP regardless of whether I apply for the card directly online versus getting a referral link from a friend?

Read somewhere that there’s some good reward points for the person referring, so wanted to check
I can confirm this. My wife has a Chase Sapphire Preferred account and she referred me just a couple of weeks ago. I’m currently working on the $4k spend to earn the 80k points and my wife should receive 15k points for the referral (I think it takes one or two billing cycles to post). She made the referral through the mobile app. I was instantly approved and there was no time or hassle involved in having to go into a branch to get the fee waived. The 15k referral is worth $150 in cash or maybe $200-$250 in travel.
Topic Author
teaman
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Re: Best Credit Card to pay medical bills

Post by teaman »

Ron Ronnerson wrote: Sun May 09, 2021 11:26 am I can confirm this. My wife has a Chase Sapphire Preferred account and she referred me just a couple of weeks ago. I’m currently working on the $4k spend to earn the 80k points and my wife should receive 15k points for the referral (I think it takes one or two billing cycles to post). She made the referral through the mobile app. I was instantly approved and there was no time or hassle involved in having to go into a branch to get the fee waived. The 15k referral is worth $150 in cash or maybe $200-$250 in travel.
Thanks Ron. I heard that Chase sometimes reduces the rewards to 65k (from 80k) since the referred person is getting 15k points. I wanted to check if this was true.
Ron Ronnerson
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Re: Best Credit Card to pay medical bills

Post by Ron Ronnerson »

teaman wrote: Sun May 09, 2021 11:50 am
Ron Ronnerson wrote: Sun May 09, 2021 11:26 am I can confirm this. My wife has a Chase Sapphire Preferred account and she referred me just a couple of weeks ago. I’m currently working on the $4k spend to earn the 80k points and my wife should receive 15k points for the referral (I think it takes one or two billing cycles to post). She made the referral through the mobile app. I was instantly approved and there was no time or hassle involved in having to go into a branch to get the fee waived. The 15k referral is worth $150 in cash or maybe $200-$250 in travel.
Thanks Ron. I heard that Chase sometimes reduces the rewards to 65k (from 80k) since the referred person is getting 15k points. I wanted to check if this was true.
When I log onto the Chase app, it states how much progress I’ve made toward spending $4k. Above the progress bar, it reads: “You’re getting there! You have until 7/25/2021 to earn 80,000 bonus rewards. You opened the account on 4/24/2021.”

Edit: fixed typo
Ron Ronnerson
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Re: Best Credit Card to pay medical bills

Post by Ron Ronnerson »

I should also mention that when I used the referral link my wife sent to apply for the account, it did say on there that I’d be getting 80k points.
Topic Author
teaman
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Re: Best Credit Card to pay medical bills

Post by teaman »

Ron Ronnerson wrote: Sun May 09, 2021 12:37 pm I should also mention that when I used the referral link my wife sent to apply for the account, it did say on there that I’d be getting 80k points.
Excellent, thanks for the confirmation.
Do you know if there is any promotion going on to waive the first year annual fee ($95)?
Ron Ronnerson
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Re: Best Credit Card to pay medical bills

Post by Ron Ronnerson »

teaman wrote: Sun May 09, 2021 1:33 pm
Ron Ronnerson wrote: Sun May 09, 2021 12:37 pm I should also mention that when I used the referral link my wife sent to apply for the account, it did say on there that I’d be getting 80k points.
Excellent, thanks for the confirmation.
Do you know if there is any promotion going on to waive the first year annual fee ($95)?
The only thing I’ve heard about that is if you go into a branch, they might be able to waive it. I read about it on the doctor of credit site. Since I used a referral link and applied online, I was charged a $95 fee shortly after the account was opened.
erictiger12
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Re: Best Credit Card to pay medical bills

Post by erictiger12 »

My daughter applied this card at a Chase branch and the $95 first year annual fee was waived.
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