If you’re a pet owner, you know how expensive vet bills can be. If you don’t manage these costs well enough, you could end up in financial trouble…
Your first and best choice should be a credit card with a long 0% APR period and a big signup bonus. If you receive an expensive vet bill and you can’t pay it off with the money you currently have or what you’ve saved, the option that’ll present the lowest risks is one you can use to slowly pay off the bill without high-interest rates.
With a long 0% APR period you’ll make sure you have enough time to pay the full bill before any interest can be added to your expenses. Credit cards usually have the highest interest rates, which means you could end up paying extra money that wasn’t actually in the initial costs.
This is why you should choose 0% APR credit cards!
The big signup bonus can help you save some money. Usually, credit cards that offer such rewards include an important payment in the first few months after getting the card as a condition to earn it. In other words, you need to reach a certain spending amount in a short time in order to get the bonus. If you have an expensive bill that you know will reach the required amount, go for it!
If the bill took you by surprise and you couldn’t use a credit card with these features, there’s nothing wrong with making an upfront payment with whichever card you had available. If that’s the price to pay for your pet’s care and wellbeing, you shouldn’t beat yourself afterward, thinking other ways you could’ve managed it. What you can do is to turn the rest of the bill into a more manageable cost.
You can get a 0% APR card for balance transfers and make a switch. Transferring the balance from your previous card can cost you a fee, but it’s sometimes cheaper to pay for it than continue paying interest on your initial card’s payments. Just make sure you’ll be able to pay your bill in full before the 0% APR period ends!
Another alternative is to take out a personal loan to pay off your card’s debt. They generally have lower interest rates and can be easily accessed. You’ll end up paying a fixed amount over a fixed term through fixed monthly payments. If you tend to pay the minimum balance on your credit card, you should consider this option.