Many personal finance writers would have you believe that credit cards are evil. This, however, isn’t accurate. For some, credit cards are personal finance kryptonite. But for the more fiscally responsible, a credit card, when deployed wisely, is a great way to reap travel, cash, and other rewards on the things you need to buy anyway. Being a credit-worthy physician with an income that skews toward the higher end of the American average positions doctors to take advantage of some great credit card perks. While there are few credit cards for doctors specifically, there are many that suit a physician’s financial profile. Here are some of the best credit cards for doctors. NIH Federal Credit Union Visa Cards To use these cards, you need to be a member of the NIH Credit Union. Generally speaking, credit unions offer a higher level of customer service than banks, higher savings interest rates, and lower fees. Membership is open to NIH and healthcare-industry employees (and their immediate families) living in Maryland, D.C., North Carolina, Virginia, and West Virginia. Immediate family members can live anywhere and still be members. The credit union offers several Visa card options. The cash back card offers 3% back on gas, 2% on groceries, and 1% on the rest. Doctors have the option of donating rewards to NIH charities as well. For world-traveling physicians, there’s a travel card that awards 2 points per dollar spent on travel and dining, and 1 point per dollar for the rest. All of the cards have no fees, 0% APR for the first 12 months, and fraud monitoring. Chase Sapphire Cards The Sapphire Reserve and Preferred cards are good options for high-earning and high-spending physicians. Again, high-spending doesn’t have to mean spending on frivolous things. This card could be worth it for a doctor with a family who uses the card for all household purchases. The Sapphire Reserve card offers 50,000 bonus points after you spend $4,000 in the first three months of opening it. The Preferred card will award you 40,000. All of those points will come in handy for doctors who like to travel. While you’ll get fewer up front with the Preferred card, Preferred gets you 3x the points on global travel and 3x the points on global dining, whereas Reserve gets you 2x. Reserve also comes with a $300 annual travel credit, plus access to more than 1,000 airport lounges. There are annual fees attached, however: $95 for preferred and $450 for reserve. Citi Double Cash Card Among the credit cards for doctors, this one might be best suited for those just getting started in medicine. Or, you’re a physician who prefers not to do all of their spending with credit cards. Citi Double Cash is a good option for you. Citi Double Cash nets 2% cash back on all purchases and 1% when you pay your entire statement balance. You also won’t have to pay any annual fees, and there’s no cap on the amount of cash you can earn. Opening the card gets you a 0%, 18-month APR. It’s not the best option if you plan to travel overseas, though, as you’ll pay a 3% fee for foreign transactions. Capital One Venture and Venture One Cards Capital One Venture might be a good compromise option between the somewhat limited features of Citi Double Cash, and the big-spending requirements of the Chase Sapphire options. If you have excellent credit, the Venture Card earns you unlimited double miles, plus 50,000 bonus miles after you spend $3,000 in the first three months. You can earn 10 miles per dollar spent at hotels.com/venture and 2 miles elsewhere. You also get a slight break on fees. The Venture Card waives the first year. After that, you’ll pay $95 annually. If you don’t want to pay an annual fee, the Venture One card gives you 1.25x the miles. TL;DR Doctors who are looking to cash in on credit card perks should check out: NIH Federal Credit Union Visa Cards: Great for physicians who want the benefits of working with a credit union, with a smattering of cash back options thrown in. Chase Sapphire Cards: World-traveling physicians who do the bulk of their spending with credit cards will enjoy the perks of the Sapphire Reserve and Sapphire Preferred cards. Just note that they have some hefty fees. Citi Double Cash: A strong option for newer doctors, or those who aren’t comfortable with putting all of their spending on a card. You’ll still get some good cash-back rewards with this feeless card. Capital One Venture and Venture One Cards: A good fit for doctors who know they want miles as rewards. Venture One will give you 1.25x the miles without a fee. Source
