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Chase enters health care financing race

Connie Prater

JPMorgan’s Chase is the latest credit card company to enter the race to offer financing options for paying health care costs.

The new ChaseHealthAdvance program from Chase Card Services officially launched March 3, 2008. It joins Citi, Capital One, GE Money, Republic Bank and Wells Fargo in the emerging health care finance sector. See our “Special Report: Health care credit cards rise to fill insurance gap” for more on how rising health care costs are making more consumers turn to credit and financing products to pay their medical bills.

Chase isn’t offering a new credit card but rather installment loans available to patients who apply in their doctors’ offices.

Terms and conditions
The terms are 0 percent financing for three, six, 12, 18 or 24 months — if the entire balance is paid off within the allotted time period. Interest rates on standard payment plans start at 11.99 percent but are based on the patient’s creditworthiness (credit score).

As with any credit or loan program, late payments or missed payments can trigger interest rate hikes and changes in terms.

Dental, orthodontic, vision, cosmetic and veterinary services for pets are among the procedures that may be financed, says Chase spokeswoman Tanya Madison. The program targets “prime and super prime” customers (translation: people with good and excellent credit) and the minimum amount they’ll finance is $5,000. The max: $20,000.

See related: “Special Report: Do credit cards offer health care Rx?” “15 tips for paying high medical bills
Blog: Americans worried about health care bills
Blog: ‘MedFICO score: good or bad medicine?’

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  • Brenda Carol & Charles W. Greer

    I would like to receive some information about the Chase Health Care Credit Card.

  • Clifton

    Our office has received prior notification that effective April 10, 2009, Capital One is exiting the Health Care Finance arena. We are currently working in setting up our patient financing program through Chase Health Advance.

  • Clifton, Thanks for the heads up. I’ll do some checking.

  • Clifton’s tip led to this story on Cap One pulling out of the health care finance market. http://www.creditcards.com/credit-card-news/capital-one-health-care-financing-ends-1267.php
    Keep those tips coming, readers!