Medical Credit Cards No Substitute for Healthcare Insurance

Minnesota's attorney general is warning consumers to be careful when approached with medical credit card offers, even if they are having issues with their healthcare insurance.

According to Attorney General Lori Swanson, the medical credit cards "are sometimes aggressively marketed by patients' medical clinics, dental clinics, chiropractic offices, or other providers." She goes on to warn that patients in some cases can end up facing 29.99 percent interest rates and $30 late payments if they fall behind, compounding any debt problems they may be suffering from.

In some cases, according to Swanson, some patients have even complained of feeling pressured to apply for the cards to pay for procedures they cannot afford and do not even need.

Swanson also suggests that consumers who do face problems paying for a necessary healthcare procedure can try for a bank loan instead to try to get more favorable terms. She added that many clinics also offer payment plans for medical procedures.

As another option to such credit cards, people can also take the time to shop around for a healthcare insurance policy that suits their medical needs as well as their budget.