The best credit cards for doctors
Gerri Detweiler
Education Consultant, Nav
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If there’s one career that constantly pulls you in different directions, it’s being a doctor. Not only do physicians have to understand the unbelievably complex human body, but some have to manage their own healthcare practices as well.
And while patient health is the primary goal of practicing medicine, a doctor’s office is also a small business that needs the right tools to get the job done. The right business credit card can offer these business owners valuable perks and cardholder benefits to help their medical practices thrive.
What to look for in a credit card for your medical practice
As a physician, you may be considering two different types of credit cards— and we’re not talking about Visa or MasterCard:
A business credit card
This type of credit card is appropriate for physicians with their own healthcare practices, or who operate as independent contractors and want to use a credit card to pay for business expenses.
Keep in mind that some business credit cards often have different terms and cardholder protections than consumer credit cards. In addition, some business credit cards report to personal credit only if you miss payments, while others will report all account activity. Business credit cards can also be used to build a business credit history with the major business credit bureaus.
A personal credit card
This type of credit card will be appropriate for personal purchases. These cards can also be quite rewarding. Some business owners pair a personal credit card with a business credit card to earn even more rewards.
How business credit cards can benefit doctors
The two main benefits of these types of cards are rewards and improved cash flow. With rewards, you or your business can earn cash back or travel rewards such as points toward travel, travel insurance, access to airport lounges, etc.
Sign-up bonuses, whether in the form of bonus cash back rewards or bonus miles, can increase the initial value of a rewards card significantly.
The other major benefit to your business is cash flow. If you pay your bill in full you’ll likely avoid interest charges.
Depending on the timing of purchases, you can benefit from the “float” (use of the credit card issuer’s funds) for a month or more. In addition, some cards offer introductory APRs of 0% which may apply to purchases, balance transfers, or both. This gives you the opportunity for interest-free financing for 6-15 months, depending on the offer.
Best credit cards for doctors
1. The American Express Blue Business Cash™ Card
The American Express Blue Business Cash™ Card offers cardmembers a solid rewards program along with an appealing welcome offer.
- Rewards: Earn 2% cash back on all eligible purchases on the first $50,000 of purchases each calendar year, 1% thereafter.
- Welcome offer: Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- Intro APR: 0% on purchases for 12 months from date of account opening.
Purchase protection and extended warranty coverage are included as well as numerous benefits as part of the American Express’s OPEN for business program.
- Standard APR: 16.74% - 26.74% Variable.
- Annual fee: $0
- Foreign transaction fee: 2.7% of each transaction after conversion to US dollars.
One of the highest cash back rates available for small business cards.
Pros
- Attractive intro financing offer
- High rates of cash back for business spending
- No annual fee.
Cons
- No rewards bonus for initial spending
- Foreign transaction fees.
Intro APR
Purchase APR
Annual Fee
Welcome Offer
2. The Plum Card® from American Express
One of the problems with running a medical practice is that the payments from patients and insurance companies don’t always line up exactly with your expenses.
The Plum Card® from American Express can help your practice smooth out cash flow by offering you 60 days to pay with no interest charges.
- Rewards: Paying early pays off: earn an unlimited 1.5% Early Pay Discount on eligible charges paid within 10 days of your statement closing date and see the discount applied to your next statement when you pay at the least the Minimum Payment Due by the Payment Due Date.
- Annual fee: $250‡
- Foreign transaction fee: None
Enjoy payment flexibility with the option to carry a balance interest-free for up to 60 days as long as you make the minimum payment on your due date.
Pros
- 60 day interest grace period or 1.5% discount.
Cons
- High annual fee.
Intro APR
Purchase APR
Annual Fee
Welcome Offer
3. Citi® / AAdvantage Business™ World Elite Mastercard®
If you’re looking for a personal credit card with excellent travel rewards, the Citi® / AAdvantage Business™ World Elite Mastercard® is a consistent top travel card pick.
- Travel rewards: Citi® / AAdvantage Business™ World Elite Mastercard®
- Welcome offer: Earn 65,000 American Airlines AAdvantage® bonus miles after spending $4,000 in purchases within the first 4 months of account opening.
This card is most relevant to American Airlines flyers, or those who would want to become one. However, the costs are lower than some travel credit cards and make it worth considering.
- Annual fee: $99, waived for first 12 months
- Foreign transaction fee: 0%
American Airlines flyers earn travel perks and build business credit.
Pros
- Provides great benefits with American Airlines and increased rewards on gas, telco and cable.
Cons
- Limited rewards on spending outside of specific categories.
Intro APR
Purchase APR
Annual Fee
Welcome Offer
4. American Express Gold® Card – Earn 4X points at restaurants
The American Express Gold® Card – Earn 4X points at restaurants is a personal credit card that offers very competitive rewards, along with a welcome offer. Highlights include:
- Rewards: Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Welcome offer: You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.
You can also access savings with popular companies like Uber, Dunkin' Donuts, and more using the card.
- Annual fee: $325
- Foreign transaction fee: None
American Express Gold® Card – Earn 4X points at restaurants
A card for everyday spending such as food and grocery with excellent rewards but with a steep annual fee.
Pros
- Great rewards and benefits on dining, groceries, and travel
- No foreign transaction fees.
Cons
- High annual fee
Intro APR
Purchase APR
Annual Fee
Welcome Offer
How to apply for a credit card as a doctor
The best way to apply for a business credit card is online. You can apply 24/7 and get a decision almost instantly in most cases. Whether you are applying for a personal or business credit card you’ll need to supply information about your personal finances; specifically your income. You can include income from all sources, not just your practice, if you choose.
If you are applying for a business credit card, you’ll also need to supply information about your business, including its Taxpayer Identification Number (TIN) or Employer Identification Number (EIN).
Business credit cards often have different terms and cardholder protections than consumer credit cards. Some business credit cards report to your personal credit scores only if you miss payments, for example, while others will report additional account activity like balances. Business credit cards can also be used to build a business credit history with the major business credit bureaus, depending on whether they report your account activity. You can check your business and personal credit scores for free on Nav to see how your credit cards are impacting your scores.
How to qualify for a credit card as a doctor
Most credit card issuers require a personal credit check, regardless of whether you apply for a small business or personal credit check. Most cards require good to excellent credit scores. A few business credit cards also check business credit scores. (You can review your business credit for free with Nav.)
Note that the high income most physicians earn will likely help you qualify for a high credit limit. In most cases this will benefit your credit scores.
Are there credit cards specifically for doctors?
Not exactly. There are credit card providers that tailor to members of the healthcare industry, like the NIH Federal Credit Union. This credit union offers several personal and business credit cards to its members in the National Institute of Health family.
However, these credit cards are essentially the same as regular business or personal credit cards. There are perks for healthcare professionals who use this type of credit card provider — like it may be easier to qualify for a card with this type of bank if you have a low credit score. But credit cards for doctors aren’t necessarily different from other credit cards on the market.
Can you get a credit card if you have student loan debt?
If you’re a doctor, you likely have a lot of student loan debt from your years in college. But these loans shouldn’t make a big difference on your ability to qualify for a credit card.
Student loans are installment debt, or debt you pay a specific amount on each month. And installment debt doesn’t affect your credit score as much as other types. Your credit card balance has a much larger credit impact, for example.
Additionally, credit card issuers know that you have a high income, so you should be able to pay your bill. Because of this, you’ll look less risky in the card issuers’ eyes and be in a better position to get approved.
Other financing options for doctors
Credit cards can be great for earning rewards and for short-term financing. But if you are looking for medical business loans, keep in mind you’ll have a variety of small business loan options to consider.
Line of credit: Every medical practice should have access to a line of credit for working capital and cash flow purposes. Banks and credit unions typically offer the lowest rates, but getting a line of credit from an online lender will be much faster and likely require less paperwork.
Term loans: If you are renovating or expanding your office a term loan can be a good option. In particular, the SBA 504 loan can be extremely cost effective.
Equipment financing: If you are investing in equipment, consider medical equipment financing or equipment leasing. This type of financing can be very cost effective and may offer tax advantages as well as asset protection benefits.
Personal loans: Finally, if you need to borrow longer-term for personal purchases you may want to consider a personal loan. You’ll have predictable payments, usually over a period of 1-5 years.
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Gerri Detweiler
Education Consultant, Nav
Gerri Detweiler has spent more than 30 years helping people make sense of credit and financing, with a special focus on helping small business owners. As an Education Consultant for Nav, she guides entrepreneurs in building strong business credit and understanding how it can open doors for growth.
Gerri has answered thousands of credit questions online, written or coauthored six books — including Finance Your Own Business: Get on the Financing Fast Track — and has been interviewed in thousands of media stories as a trusted credit expert. Through her widely syndicated articles, webinars for organizations like SCORE and Small Business Development Centers, as well as educational videos, she makes complex financial topics clear and practical, empowering business owners to take control of their credit and grow healthier companies.