CareCredit, from Synchrony Financial, provides financing solutions for medical expenses in multiple industries. Founded in 1987, the company knows its way around healthcare financing and has an established network of 225,000 health providers and retail locations.
CareCredit provides medical credit cards that can be used for multiple purposes, such as going to the dentist's office or a routine checkup for those who are low on cash. Card holders can use this medical credit card to pay for deductibles, copays, and prescriptions that aren't covered by insurance.
Continue reading for a complete review of CareCredit.
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, and helps patients pay for medical care that may exceed insurance coverage. The credit card can be used for a wide range of services:
With a network of over 200,000 medical providers, patients have plenty of options to choose from when using their CareCredit credit card. This is very important, as members shouldn't feel limited to only a few options for their medical needs. CareCredit strives to have multiple network options for each customer so they can choose a provider best suited to their needs. Members can search for providers online with CareCredit's "Find a Doctor" tool - search by zip code, profession, or doctor name, gives members the options for their specific needs.
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, 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.
You can add an authorized user to your CareCredit account through through your online account or by calling the company's Customer Care Center.
CareCredit offers both short-term financing and long-term healthcare financing. A great benefit to using CareCredit for your healthcare financing needs is its promotional financing options, which give you more payment plan options to choose from.
If you choose to make your payment in full within 6, 12, 18, or 24 months, you can select a payment plan with 0 percent interest. Otherwise, you can pay 14.9 percent APR until paid in full (equal fixed monthly payments required).
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.
In addition, CareCredit has 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 necessary healthcare financing information from the palm of their hand.
The mobile app is currently available for both iOS and Android users.
CareCredit has set rates for certain purchase amounts. While this provides predictability, there is no option to lower your rate based on your credit score and payment responsibility. CareCredit's rates are as follows:
If you don't pay off debt during the introductory, promotional period, you could get hit with higher interest rates.
While CareCredit does have a large network, the CareCredit credit card is not accepted by all healthcare providers. Therefore, it is important to ensure that your medical providers accept CareCredit before applying.