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Care Credit

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Care Credit

The Convenient Healthcare Financing Solution

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CareCredit is part of Synchrony Financial, a company that provides financing solutions in multiple industries. Founded in 1987, the company has been around for almost 20 years, giving them a lot of experience in the healthcare financing industry.  CareCredit provides medical credit cards that can be used for things such as going to the dentist’s office or a routine checkup. Or members can pay for deductibles or copays. The CareCredit company offers healthcare financing options for consumers through a network of over 200,000 health care providers as well as being provided at health-focused retail locations. CareCredit members are able to use their card for copayments, deductibles, and prescriptions that are not covered by insurance. 

 

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The Good

  • Range of services
  • Promotional financing options
  • Account management tool

Range of Services

CareCredit also has a lot of great features for its cardholders. CareCredit's card can be used for a broad range of services. The CareCredit credit card can be used as a payment option for out-of-pocket costs that aren’t covered by medical insurance. CareCredit also provides special financing options that customers might not get with other cards. It also helps patients pay for care that may exceed insurance coverage. The credit card can be used for a wide range of services but is primarily used for these procedures:

  • Dentistry
  • Vision Correction
  • Veterinary Medicine
  • Hearing Care
  • Cosmetic Treatments and Surgery

Second, their extensive network of participating providers. With a network of over 200,000 providers, patients have plenty of options to choose from when using their CareCredit credit card. This is very important, as members do not want to feel limited to only a few options for their medical needs. CareCredit strives to have the flexibility and network options its members desire so they can choose a provider best suited to their needs. Members can search for providers online with CareCredit's "Find a Doctor" tool.  Being able to search by zip code, profession, or doctor name, gives members the options for their specific needs.

Third, CareCredit makes applying for a card as simple as possible. Most people can feel very overwhelmed when it comes to healthcare financing. However, CareCredit helps with this stress. Simply apply online, on the website, and wait for credit approval.  Once approved, you can begin using your CareCredit card immediately. CareCredit will then send you monthly statements, keeping you up to date on your transactions and account.

Promotional Financing Options

CareCredit offers both short-term financing and long-term healthcare financing. A great benefit to using CareCredit for your healthcare financing needs is their promotional financing options, which give you more payment options to choose from. You can choose to pay no interest if paid in full within 6, 12, 18, or 24 months. Or, pay 14.9% APR until paid in full (equal fixed monthly payments required). It is great to have options when choosing a healthcare financing company, and CareCredit provides several options, depending on your situation and needs.

Account Management Tool

Lastly, another great benefit to using CareCredit for healthcare financing is their online account management tool. On the CareCredit website, the management tool can be used to make payments, review your account, see transactions, and update personal information all online.  The company will mail you, or email you, monthly statements, but members can also see their account at any time online, which is very important in this industry. In addition, they have a dedicated customer service number for cardholders and one for providers. Another resource CareCredit provides is the CareCredit Mobile App. Members can pay bills and view all the necessary information from the palm of their hand. The mobile app is currently available for both iOS and Android users. 

The Bad

  • Just A Credit Card
  • High Rates

Just A Credit Card

The main drawback to using CareCredit as your healthcare financing option is that they are a just a healthcare credit card.  They aren't a finance company, even though they are a branch off of Synchrony Bank. Members can't get a personal loan, the only option is the credit card. They are a healthcare credit card financing option. Even though you have multiple options within their credit card, it is the only option.

High Rates

Also, CareCredit charges 14.9% for extended payment plans, while other companies give members a range depending on their credit score. Members could get a much lower rate with other companies, but CareCredit has a standard rate just for their card.

The Bottom Line

CareCredit has a lot of experience in the industry and has a lot of features that make patients' lives easier. From CareCredit's simple application process to the online portal, it is relatively easy for members to use. CareCredit works hard to make sure its customers can get the care they need as the card can be used for broad ranges of services. However potential members should be aware that CareCredit isn't a finance company and only offer the healthcare credit card. Overall, CareCredit is a reputable choice. 

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User Reviews

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2 Reviews

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Wilhelm Karl Drummer
November 27th, 2018 Salt Lake City, UT DETAILS
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Interest free advertised, they are charging me $100 on a $240 payment in interest

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Cheryl Valle
October 16th, 2017 Las Vegas, NV

They have great rates and great customer service.They work well with each customer. Also you can utilize the credit card with Dentist and pet medical care.

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