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Care Credit Card Review
28 Jun 2018

Care Credit Card Review

Are you considering a Card Credit card?

When you’re looking for a medical credit card, you’ll probably run into a number of conflicting Care Credit reviews. Care Credit has both benefits and drawbacks for people who need to pay medical bills. However, many people say that the drawbacks outweigh the benefits.

Are they right? In this balanced Care Credit review, we’ll take a look at all the pros and cons of this medical credit card. Keep reading to learn whether or not a Care Credit card is right for you!

The Basics

Everyone who’s lived in the U.S. knows that we have incredibly high medical bills here. They’re also constantly going up. Since 2011, the average premium for family insurance (even if it’s provided by an employer) has risen by 20 percent.

Since these premiums keep going up, and out-of-pocket costs with them, the medical credit card has become a solution for many people. If you can’t afford your medical care, it makes sense to use credit to get the care you need and pay it off later.

The Care Credit card can be used at hundreds of thousands of health providers in the country. You can use it to pay for doctor’s visits and for picking up prescriptions at the pharmacy. Many people decide to use this card instead of a standard credit card to pay for their medical needs.

However, there are a few things you should know before signing up for this seemingly convenient option.

The Pros

Many people are drawn to the Care Credit account because it offers a lot of financing specials. You can often get 0% financing for six months to two years when you make a qualifying purchase of $200 or over. This deal applies as long as you keep making your minimum monthly payments, and pay the amount that’s due when this promotion ends.

Many people find it very appealing to be able to put their medical expenses on a card and not worry about it again for up to two years. However, one of the biggest drawbacks that come with the Care Credit card is the deferred interest.

The Cons

If you sign up for this zero percent financings on purchases between $200 and $999, you’re also signing up for a deferred interest rate. If you don’t pay off the full amount before the promotional period ends, you’ll get a retroactive interest charge. This APR is high: 26.99%, to be exact, beginning on the date of your initial purchase using the card.

It’s easy to forget about this until you’re hit with the charge. You might think that making your minimum monthly payments will get the full balance paid before the promotional period is up, but that’s often not the case. Instead, you’ll need to do your own calculations and make sure the payments you made will get rid of your balance before you get that deferred interest charge.

Making Payments

That warning about deferred interest is the main theme of most Care Credit reviews. With that out of the way, let’s take a look at the other things you should know about this card.

If you make a large medical purchase of $1,000 or up, your Care Credit card offers as much as 60 months with a reduced APR. You can make fixed monthly payments until the card is completely paid off.

If you’re making purchases between $200 and $999, you have the option to use the credit at 0% for six, 12, 18, or 24 months. This deal comes with the largest deferred interest at the end, so be cautious.

For purchases of $1,000 to $2,499, you get the 0% borrowing offer for 24, 36, or 48 months and the APR is 14.9%. For purchases of $2,500 and more, you can get the 0% deal for as long as 60 months and an APR of 16.9%.

How to Apply for Care Credit

If you think this card is right for you, and you can manage payments to avoid the deferred interest, applying is fairly easy. You’re able to apply online by visiting Care Credit’s website. You can also call 1-800-677-0718 to apply via phone.

If you’re at your health provider’s office, you can usually apply there, if they are in the network that accepts Care Credit as payment. You’ll want to be sure that your providers accept Care Credit before applying for this card.

The application works like most other credit care applications. You’ll need to give your name, date of birth, address, Social Security number, housing information, and net income.

However, that’s where the similarities stop. For a Care Credit account application, you also have to provide the name of your doctor and the way you’re going to use the card (unless you’re applying at your doctor’s office).

If you’re approved, you can use the card multiple times at healthcare providers in the Care Credit network.

The approval for a Care Credit account usually happens right away, so you’ll know immediately if you’ll be able to use it to pay for your care. Care Credit is issued by a bank called Synchrony. However, this bank won’t reply to email or phone requests for information on what your credit needs to be before you qualify. The only way to know that you qualify is to apply.

Using Your Care Credit Card

There are hundreds of thousands of providers in the Care Credit network, which means you can use your card for all kinds of different services.

A few things you can pay for with your Care Credit account:

  • Dentistry
  • Cosmetic procedures
  • Chiropractic
  • Hearing
  • Vision and LASIK
  • Weight loss
  • Urgent and primary care
  • Specialists

In fact, you can even use Care Credit to pay for some veterinary services. Just ask to find out if your vet is in the Care Credit network.

The Verdict

A Care Credit card can help some people get the medical services they need in a financially tight situation. It just depends on whether or not you can keep up with the Care Credit payments.

If you’ll be able to make the payments and avoid the deferred interest, this card may be right for you. If not, it’s best to look into other options. You can also pay for medical care using a standard credit card – check out our top choices here.