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Drawbacks of using a medical credit card

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There are several drawbacks to using a medical credit card when compared to other credit cards.

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One of the main drawbacks is that they can come with high interest rates and deferred interest features.

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If you miss a payment, you can incur big interest costs and that, in turn, can hurt your credit score.

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Medical credit cards can also blur the lines between healthcare and financial services, leading to tempting offers.

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Medical credit cards can entice people into elective medical procedures they cannot afford, leading to ruined credit.

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It is important to understand how medical credit cards work and to read the fine print before signing up for one.

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It is also important to consider other options for paying medical bills and meeting other medical expenses.

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Consider negotiating with providers or applying for financial aid, before using a medical credit card.

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They come in handy only when there are frequent medical expenses and may not be useful in other situations.

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