Good credit card for paying for IVF?

April 16, 2006 3:03 PM

My wife and I are about to go through invitro fertilization and we think we'll need about $20,000. We have maybe half of that now and would like to get a credit card to pay the difference. We're looking for a card that has 0% for a year, preferably some rewards back (miles, cash, whatever), and obviously a somewhat high limit. Our credit is very good so we should qualify for the good deals and rates. Any recommendations for good credit cards that would fit our needs?
posted by misterdot to work & money (10 comments total)

well, i think with the fed having raised rates quite a bit, that the 0% card might be a thing of the past. i havent recieved a solicitation for a 0% balance transfer for quite a while now. i used to get them all the time. now they are all in the 1.9% neighborhood.

usually they dont give miles/rewards/whathaveyou for balance transfers, which is where the 0% deals usually come in.
posted by joeblough at 3:06 PM on April 16, 2006

There was a piece on NPR one or two weeks ago about a fund designed to assist couples with the cost of fertility treatments. Depending on your situtation, this might be an option worth exploring.
posted by foxy_hedgehog at 3:17 PM on April 16, 2006

Why a credit card rather then a straight-up bank loan? You should talk to someone at a bank, you might be able to get a better deal. (Unless you are sure you can pay off that credit card in a year)
posted by delmoi at 3:20 PM on April 16, 2006

Bankrate.com has a list of rewards cards. Also, if your company offers it, and you have put money into it, you can use money from a Flexible Spending Account for your expenses. Finally, a year from now, don't forget IVF costs are tax deductible when you're filling out your 1040.
posted by jaimev at 3:21 PM on April 16, 2006

If you belong to a credit union I would start there.
posted by dclawyer at 4:11 PM on April 16, 2006

Thanks for the suggestions so far. We're planning on doing the flexible spending account, but we can't enroll until next year. The reason that we're thinking credit card instead of loan is that we can make monthly payments over time, but we can't pay the whole cost upfront. So the goal is to get an interest-free loan that allows us to pay it back over the course of a year.
posted by misterdot at 4:37 PM on April 16, 2006

Most of the folks I know who are "hyper-focused" (imo) on rewards-based credit cards have some great cash rewards card that Citibank offers. I know this is kind of general, but that plus the bankrate.com info should get you where you need to be.
posted by ersatzkat at 5:08 PM on April 16, 2006

care credit . They are a part of GE Financial, and you can apply online, you can use the account number immediately, and they mail you a card pretty quick. Not necessarily accepted by all fertility places, but you can also use the card at some dental practices (we've just started accepting it at the one I manage) and other medical offices. The practices that do take care credit are taking a bit of a hit too, but they get paid pretty fast.

Beware, there are different interest rates depending on the speed with which you pay back, some of the plans have no interest if repaid in 90 days, which might be good if you don't have to throw the whole 20 large at the fertility clinic in one chunk.

Also, ask for more than you think you'll need. Though it does ding your credit to ask, they never refuse anyone for asking for too high an amount. Also, you can co-apply.
posted by bilabial at 5:11 PM on April 16, 2006

I don't think this is the type of thing that a person should finance. There's a possibility that you could negotiate the price with the clinic as well, and there could be a substantial discount for cash payment. Definitely compare different clinics as well. Good luck.
posted by JamesMessick at 7:51 PM on April 16, 2006

Not to give you advice that you can't use because it is (probably) too late, but do you have a medical savings account? $20K might be too much, but I know that my mother in law was planning a largish expense (I think it was dental related), and so upped her MSA that year very high.

The cool thing is that you get the money soon after incurring the expense-- even though you haven't paid in the whole amount to the account! And then it is just like essentially monthly payments.

At least that's how her plan worked.

Either way, make sure that you get the tax implications correct. $20K will obviously put you way over the threshold to deduct. Maybe you could reduce your withholding accordingly and use the extra take home to make the payments.
posted by gregvr at 4:28 AM on April 17, 2006