Bankers Healthcare Group Credit Cards: How to Find the Right One for Your Business

Bankers Healthcare Group Credit Cards: How to Find the Right One for Your Business

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Advertiser & Editorial Disclosure

Doctors and other health care practitioners are often running their own business, but their companies aren’t like others. Bankers Healthcare Group (BHG) was founded in 2001 specifically to provide financial services tailored to the unique needs of the health care community. It offers three different business credit cards that are designed for medical practices.

Let’s take a look at these three cards, and see which one may be right for your practice.

BHG Power Business Platinum Mastercard

This card offers new applicants 0% APR introductory financing on both new purchases and balance transfers for six months, with a 3% balance transfer fee. It also offers a competitive standard interest rate of 9.74 to 17.74% APR based on your creditworthiness when you applied. (Don’t know where your credit stands? You can get your business credit scores and personal credit scores for free on Nav.com.) This is a variable APR that is based on the Prime Rate. The cash advance APR is a variable 21% and it has no penalty APR. There’s no annual fee for this card, but it does have a 1.5% foreign transaction fee. Additional employee cards are available at no cost.

BHG Power Business Platinum Rewards Mastercard

This card specifically designed to offer you more rewards for the kinds of purchases your medical practice will make most often. You earn 2x points for purchases from medical and dental suppliers, health care associations and organizations, and colleges, universities and professional schools. You also earn one point per dollar spent elsewhere. Points can be redeemed for cash back, gift cards and travel or donated to your favorite charity.

The standard interest rate for this card is a variable 13.74 to 19.74% based on your creditworthiness, with a 21% variable rate for cash advances. There’s no annual fee for this card, or for additional employee cards, but there is a 1.5% foreign transaction fee.

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BHG Power Business World Mastercard

This card is part of the World Mastercard program that offers additional cardholder benefits. For example, it comes with 24/7 concierge services that can offer you nearly any kind of assistance from dinner reservations to gift buying. It also includes benefits like extended warranty coverage, a price protection policy and ID theft protection services.

Also, this card offers you additional rewards for your practice’s most frequent purchases. You earn 2x points for purchases from medical and dental suppliers, health care associations and organizations, and colleges, universities and professional schools. You also receive one point per dollar spent elsewhere, and points can be redeemed for cash back, gift cards and travel, or donated to your favorite charity. However, when you redeem your points for travel, you get 1.25 rewards point value for each point.

The standard interest rate for this card is a variable 13.74 to 19.74% based on your creditworthiness, with a variable 21% rate for cash advances. There’s no annual fee for this card, or for additional employee cards, but there is a 1.5% foreign transaction fee.

Which Card Is Right for You?

The BHG Power Business Platinum Mastercard is a relatively simple card that doesn’t offer rewards. Instead, it features six months of interest-free financing on both new purchases and balance transfers, as well as the most competitive standard interest rates offered by BHG’s business credit cards.

The BHG Power Business Platinum Rewards Mastercard features rewards that a medical practice can maximize, but without a promotional financing offer. It also has a slightly less competitive interest rate than the BHG Power Business Platinum Mastercard.

The BHG Power Business World Mastercard has the same rates and fees as the standard Platinum Rewards Business Mastercard, but with the added benefits of the World Mastercard program. It also offers 25% greater value when you redeem your points for travel rewards.

In the end, the BHG Power Business Platinum Mastercard is ideal for medical professionals who can utilize the interest-free promotional financing and want a low interest rate for purchases. On the other hand, the BHG Power Business World Mastercard makes the most sense for practices that are more interested in earning rewards than financing purchases. The World Mastercard version has all of the benefits of Platinum Mastercard, but with more rewards and benefits at no additional cost.

By examining the features and benefits of all three cards, you can choose the right one for your practice. (Want more options? Check out our roundup of business credit cards doctors will love too.)

More Credit Card Offers to Consider

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About the Author —

Jason Steele is an expert in the credit card industry. He is frequently quoted in national media and his work is regularly featured by mainstream outlets such as Yahoo! Finance, MSN Money, and Business Insider.

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