CareCredit Credit Card Review

The card is a good fit for patients who don’t have a low-interest credit card and need a way to finance a costly unanticipated medical procedure or a procedure that your insurance doesn't cover (LASIK eye surgery, dental work, cosmetic surgery, hearing aids, and even veterinary care for pets, for example).

However, if you can qualify for a 0% offer from a non-medical card issuer, it may be a better fit if you can get a credit limit that covers the cost of your medical expenses.

Pros Explained

• Extra time to pay an unexpected medical bill: You may be able to get six, 12, or 18 months of zero-interest payments on purchases of $200 or more, with minimum monthly payments required. 
• Easy to qualify: Even those with average credit can usually qualify for the CareCredit Credit Card. You can also apply with a co-signer. The card can be an alternative for those who may not qualify for a lending product with more favorable terms such as a regular credit card with a longer 0% introductory APR, or a low-interest personal loan. 
• Long-term plans have reasonable interest rates: CareCredit has long-term promo offers ranging from 24 to 60 months with APRs of 14.90% to 17.90%. The interest rates you’ll get are lower than the average APR for all credit cards. And to make repayment easier, long-term offers require fixed payments each month that pay off the balance by the repayment end date. 

Cons Explained

• Deferred interest can be pricey: CareCredit’s deferred interest offers could be risky. If you don’t pay off your entire bill before the promotional period is up, CareCredit will charge you interest on the full amount from the original transaction date. If your bill was, say, $1,000 and you had six months to pay it off, CareCredit will charge the full 26.99% APR on the entire $1,000 if you have a balance after six months.
• Regular purchases subject to a high APR: You can also use the CareCredit credit card for certain health-related purchases including medical equipment, fitness gear, and spa treatments. The standard purchase APR of 26.99% will apply, unless CareCredit has a promotional APR for the specific item or brand you’re buying.

How to Get the Most Out of This Card

You should treat this card as a temporary lifeline to pay off a medical bill before the short-term promotional period ends. The card’s high regular APR makes deferred interest expensive, so pay off your card as quickly as you can.

If CareCredit offers you a long-term repayment period, know that the interest rates are pretty competitive. But, before you accept the terms, make sure you can cover the monthly payments since they’ll be higher than the minimum payments you might be used to making.

And, before you apply for a CareCredit card, speak with your health care provider about other financing options. They may be willing to negotiate a payment plan that doesn’t charge interest. If not, you may still be better off with a cash-back credit card that offers a 0% APR introductory period. Cash-back cards don’t charge deferred interest, they typically offer a cash bonus for new cardholders, and it’s likely that the regular APR will be lower than CareCredit’s 26.99%.

Customer Experience

Synchrony Bank finished seventh out of 11 national credit card issuers in J.D. Power’s 2020 U.S. Credit Card Satisfaction Study. Synchrony scored 800 out of 1,000 points, which was slightly lower than the industry average of 810.

The card’s application process is slightly different than the typical credit card because you’ll have to include how you plan to use the card along with the health provider’s name. If you have customer service issues, help is only available from Monday through Friday from 8 a.m. to  12 a.m. Eastern. The CareCredit Mobile App lets you access your digital card, make payments, check if a provider is part of the network, and also set alerts when payments are due. 

Security Features 

The CareCredit Credit Card offers standard security features like fraud monitoring. 

CareCredit Credit Card’s Fees

The CareCredit Credit Card has no annual fee, and late fees are in line with most cards.