Wells Fargo Health Advantage

• Time in business
• Four medical industries covered
• No application fee
• Online patient portal

For patients looking for a medical credit card (or line of credit), Wells Fargo has a lot to offer. As a credit card issuer, they specialize in providing traditional financing, medical credit, and a great customer experience by personally working with customers and adjusting their policies to best fit the needs of the customer.

Time in business

Probably the most obvious advantage Wells Fargo boasts is its incredibly long company history. With over 150 years of experience as a bank, the company also has over 50 years of experience in consumer finance alone. That means their healthcare credit program isn't just a new experiment for them; it's literally an investment for them. For many customers, a familiar brand and many years in business are important in the financial partner they choose. In this regard, Wells Fargo stands out.

Four medical industries covered

This medical credit card can be used in four industries: dental procedures, veterinary treatments, Lasik, and audiology. These are four common and expensive areas, and in some ways, it makes the company stand out for specializing in certain areas rather than trying to cover too many at once. Whether you need financing for your pet's animal medical care, for your kids' teeth, or even for cosmetic dental work, Wells Fargo's Health Advantage providers have you covered.

No application fee

When you apply for this medical credit card, you won't be charged for a processing fee-at least not by Wells Fargo. You'll have to check with your health-care providers to see if they charge application fees, but as for Wells Fargo itself, there is no extra cost. This reduces your risk of being required to pay to see if you qualify for the card.

Online patient portal

Wells Fargo tries to make it very easy for patients to log in to an online account, monitor transactions, make payments, and more. The online portal here is convenient and easy to understand, which makes tracking your medical expenses easier and potentially less stressful. It is difficult to get an upfront estimate for the fees and policies that come with the Wells Fargo program.  That being said, it is good to know that the fees and policies are customized to the individual. Your fees and rates depend on your provider, your credit history, possibly your health, and other individual factors. This can mean that you'll be rewarded for your positive circumstances and not locked into a penalizing fixed rate or fee.

After establishing an interest rate on the account, monthly payments personalized to each customer will be set.  These credit card payments should be paid on time whenever possible.  Late payments will result in a lower credit score.  Individuals with bad credit are not automatically ineligible for these credit cards.  Those with bad credit that are accepted will pay a higher interest rate, but will be able to raise their credit score as they make monthly payments on time. 

All in all, the positive aspects of this bank come from its extensive history, specialization, customer service, and efforts to make patients feel secure and catered to individually.

• No loans
• Upfront quotes
• Only four industries covered
• Finding a provider in the system

No Loans

Plain and simple, Wells Fargo's is a credit-only program, which means they can't give you a loan for medical bills. For some, this is a con because it affects your credit score. A line of credit is unsuitable for large, one-time medical treatments that are very costly; rather, credit is optimal for treatments that are smaller and that come in numbers. If you're looking for a medical loan, you can't count on this credit card company.

Upfront quotes

As mentioned, it's difficult to get an estimate up front about the fees you'll have to pay, the interest rate you'll be charged, and other balance-affected factors. Even though your rates are individualized, this makes some patients feel like they are being discriminated against for their personal circumstance, not rewarded for it. Many may have the desire to take out a medical loan to help cover their medical expenses, but without sufficient information, they don't feel confident in a decision. Without providing personal information, account information, or your credit history, it will be difficult to find any answers.

Only four industries covered

It's great that this credit card covers dental, veterinary, audiology, and vision, but what if you visit a doctor in a different industry or struggle from a chronic disease? What about funeral costs, long-term care, diabetes, prenatal care, bariatric procedures, plastic surgery, emergency room visits, or fertility treatments? If your medical care treatments fall into a category that's not one of the fabulous four covered by Wells Fargo, then clearly the bank is closed for your situation. Specialization is nice for patients whose medical care expenses match up, but in this sense Wells Fargo has limited the number of patients who benefit from their program.

Finding a provider in the system

While looking for healthcare financing, you have to make sure your healthcare provider is enrolled in the program you want to use. For that reason, it's helpful if a financing company provides a search engine of some sort that lets you easily search for your provider to see if they qualify. Wells Fargo doesn't provide a tool like this, which means you just have to ask your provider yourself whether they are enrolled. If they're not, you have to change either your financial help or your provider. Many of the disadvantages of the Wells Fargo Health Advantage program are upfront concerns - not frustrations that you'd run into by surprise after committing to the program. For instance, you must know before committing to the program whether your provider is enrolled, whether your industry is covered, and whether you're seeking a medical credit card or a medical loan. For better or worse, Wells Fargo is transparent with these small details so that you do not become frustrated after applying for and signing for a medical credit card.