With the sky-high interest rates that credit cards charge, this option is not normally an attractive one, but an option of last resort. Some credit cards charge as much as 22% interest, a staggering amount when borrowing the large sums needed for surgery. In some cases, the rate of interest is significantly lower than that, providing a much more attractive option for paying for surgery. Your credit card statement will clearly state your annual interest rate, but it may be possible to have the rate lowered, depending on the company.
If you have exhausted your options and must use credit cards, you should determine what your payments will be after you pay for the surgery.
If you have multiple cards, be sure to use the card with the lowest interest rate and do not hesitate to transfer the balance if a different card offers a more attractive rate. Many card companies will offer low interest balance transfers to earn your business, and then raise the rates to normal levels after six months. If you have multiple cards, you may be able to keep your interest rate at a minimum by transferring the balance when the opportunity arises.
