Pet Insurance vs. Credit Card for Vet Bills

Credit cards and pet insurance are two financial tools you can use to help you manage pet expenses. While credit cards can help you pay for vet bills up front, they often come with high interest rates, potential debt, credit impact, and approval challenges. Pet insurance can be a great way to save money on covered vet bills through reimbursements, but it can’t help you pay for these bills up front.¹

Before choosing a method — or opting to combine them — to help you pay for vet bills , read through our guide on the differences between credit cards and pet insurance so you can make an informed decision.

Pet Insurance and How It Works

Pet insurance can help you provide financial protection for your pet — and wallet — by reimbursing you for covered pet health expenses.¹ Pet insurance works like this:

1. Choose or build your policy and keep paying your premium after enrollment. This keeps your coverage active.
2. Take your pet to the vet or animal hospital when they need medical care.
3. Pay the vet bill before you bring your pet home.
4. Submit a claim to your pet insurance provider, including the itemized invoice and required medical records.
5. Get reimbursed for expenses covered by your specific policy.¹

Depending on your chosen plan, you may have to meet a deductible before your provider starts reimbursing you.^1,2 There may also be exclusions or limitations to what or how much can be reimbursed — like waiting periods, pre-existing conditions, or reimbursement limits.

Credit Cards and How They Work

A credit card can be used to pay for most products and services. It works by allowing you to borrow money up to your credit limit and pay it back over time, plus interest. You can use your credit card for multiple purchases as long as you don’t go over your credit limit and your account is in good standing.³

There are many types of credit cards you can choose from, depending on what you need or qualify for, like:³

• Secured cards
• Unsecured cards
• Rewards cards
• Business cards
• Student cards
• Store cards

You’ll need to apply for a credit card, though approval isn’t guaranteed. Regardless of the kind of card, you’ll need to make minimum payments due each month, which usually include interest charged on your purchases. The card may also have different fees associated with it, and how it’s used and managed can affect your credit score.³

Differences Between Pet Insurance and Credit Cards

Using either pet insurance or credit cards for vet bills comes with pros and cons, so let’s look at the main differences between them.

• Fees and payments: Pet insurance has a monthly premium to keep your policy active, and you may have a deductible to meet before you can start receiving reimbursements.^1,2 Credit cards also typically have a minimum monthly payment, but it’s based on your balance — plus interest on any unpaid balances carried from one month to the next. You may also encounter various fees, depending on the card.³
• How you use them: With pet insurance, you pay your vet bill up front and then get reimbursed for covered costs.¹ Credit cards can be used to pay a vet bill up front, and then you make payments to pay down the card’s balance.
• Expenses: If you’re looking to manage various pet expenses, keep in mind that pet insurance will only reimburse you for covered costs outlined in your policy.¹ Most credit cards can be used to pay for any kind of expense.
• Limits: While both pet insurance and credit cards can have maximum limits, pet insurance annual limits put a cap on how much money you can get reimbursed.^1,4 Credit card limits put a cap on how much you can charge to the card.³

If you’re unsure whether a credit card is the way to go, take your unique financial situation into account and consult with a financial advisor. Or learn more about why pet insurance may be worth it for you.

When Can Using a Credit Card for Vet Bills Be a Good Idea?

If you decide to use a credit card to help with your pet’s expenses, the following are reasons or situations when it may be helpful to do so.

Building rewards

Collecting points or miles, or getting cash back with a rewards credit card could be a reason to use one to pay for vet bills. Read the fine print of the card you’re considering to make sure vet bills qualify for rewards benefits.

Paying off your balance as quickly as possible is important to minimize accruing interest.⁵

Getting a 0% APR introductory offer

Credit cards with a 0% annual percentage rate, or APR, promotional offer don’t accrue interest on purchases, balance transfers, or both during a set time period. If you’re planning to use the credit card for vet bills, read the fine print to make sure the 0% APR applies to that type of purchase. To get the most from these offers, pay off your balance before the end of the introductory period and interest starts to accrue.⁶

Covering emergency vet bills

If you don’t have the financial means to pay for a high-cost or an emergency vet bill up front, you could consider using a credit card and then paying off the balance. Just be mindful of your credit limit and interest charges, and make at least your minimum payment on time every month.⁷

If you also have pet insurance

Even if you use a credit card to pay for vet bills up front, pet insurance could still help you manage those expenses. If you get reimbursed for covered costs, you can use that money to help you pay off the vet bill you charged to your credit card.¹

Using pet insurance and credit cards together could be one of the most flexible ways to manage certain pet expenses. Especially if your pet gets hurt or sick often, or requires expensive ongoing care covered by their insurance policy.

Benefits of Choosing MetLife Pet Insurance

While there may be good reasons to use a credit card to help you manage pet expenses, enrolling in a pet insurance policy has its own benefits. Let’s take a look.

• Savings: Because MetLife Pet could reimburse you up to 90% on covered expenses, there’s potential to save money on the overall cost of the service or procedure.¹ Credit cards don’t reimburse you.
• No interest charges: When you use your credit card to pay for a vet bill, you may end up paying more than the total dollar amount on the bill if you carry the balance over since it accrues interest. With pet insurance, you won’t pay more than the total on the vet bill — and you could get money back.
• No effect on your credit: Using a credit card can affect your credit score and credit report.³ Pet insurance isn’t tied to your credit report or your credit score. Qualifying for pet insurance also has nothing to do with your credit, unlike a credit card, which requires a credit check for approval.³
• Guaranteed enrollment: With MetLife Pet, your pet won’t be denied enrollment for any reason. Once they’re enrolled, coverage depends on your pet’s current health, plan details, and policy exclusions. With credit cards, your application could be denied and you’ll have to start the process over again to find a card you qualify for.

Some reasons you may choose a MetLife Pet policy versus another provider include a 0-day waiting period on accidents and Preventive Care benefits, a 24/7 vet chat⁸ at no additional cost, and our unique Family Plan that allows you to enroll up to three pets on a single policy with a shared deductible.⁹

Real savings from MetLife Pet policyholders

MetLife Pet policies could help you reduce stress around unexpected vet bills. Just take a look at a few of our policyholders and their savings stories:¹⁰

Kevin, a Yorkshire terrier puppy from North Carolina, was playing with his family when he jumped off their couch and fractured a leg. After an exam, X-rays, and preliminary treatment, the vet bill was around $7,000. MetLife Pet reimbursed Kevin’s family over $5,800.

Jerry, a young cat from Washington, D.C., started having seizures, so his family took him to the vet. After an exam with many diagnostic tests, Jerry was diagnosed with epilepsy. The vet bill came close to $5,700, but with their MetLife Pet policy, Jerry’s family was reimbursed more than $4,500.

Artie, a dog from Alabama, has been enrolled in a MetLife Pet policy for most of his life. After being diagnosed with cataracts, his family decided for Artie to have the corrective surgery to provide some comfort. The surgery cost nearly $4,200 and his family was reimbursed close to $3,800.

Pet Insurance Can Help You Save Money on Vet Bills, Credit Cards Can’t

A credit card can help you pay for vet bills up front, which may be beneficial if you’re in a financial bind at the time of the vet visit. MetLife Pet Insurance offers the chance to help you save money on vet bills by reimbursing you up to 90% of covered costs — so you can replenish your bank account after a vet visit.¹

Regardless of what you choose, it’s a good idea to have a financial plan in place so you can get your beloved companion the medical care they need. See your MetLife Pet plan options and customize your coverage today, starting with a free quote.