Is CareCredit Worth It: A Comprehensive Review

CareCredit is a popular financing option for medical and wellness services, but is it worth it? According to our review, CareCredit offers a 0% interest promotion for 6, 12, or 24 months on purchases over $200.

This promotion can be a great option for those who need to finance a medical procedure or service, but it's essential to understand the fine print. CareCredit charges a 25.99% APR after the promotional period ends, which can add up quickly if not paid off in full.

CareCredit also has a minimum interest charge of $2, which can be a significant fee for those with smaller balances. Additionally, CareCredit charges a late payment fee of up to $38, which can be a significant penalty for those who struggle to make payments on time.

CareCredit does offer a rewards program, which can provide benefits like exclusive discounts and special financing offers. However, the rewards program is only available to CareCredit cardholders who make at least 12 payments on time.

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You can apply for a CareCredit card online or by phone, and it's a good idea to do so because you'll be considered for the CareCredit Rewards Mastercard first, which can be used almost anywhere.

The online application is the easiest way to apply, and you can get to it by clicking the "Learn More" button or going directly to Synchrony's website.

Applying for the card triggers a hard inquiry, which may temporarily hurt your credit score, but you need a fair credit score of 640+ for high approval odds.

You can use a new CareCredit card account the moment your application is approved, even if your physical card hasn't arrived in the mail yet, which can be a lifesaver when unexpected medical bills arise.

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You can apply for the CareCredit card online or by phone. The easiest way to apply is online by clicking the "Learn More" button on WalletHub or going directly to Synchrony's website.

To apply, you'll need a 640+ credit score for high approval odds. This means you'll need fair credit to be considered for the card.

You can also apply by phone, but keep in mind that applying for the card triggers a hard inquiry, which may temporarily hurt your credit score.

If you apply online, you'll be considered for the CareCredit Rewards Mastercard first. This card can be used essentially anywhere and earns 2 points per $1 spent in the CareCredit network, on eligible health and wellness purchases, and at grocery and pet stores.

Here are the steps to apply for the CareCredit card:

Note that applying over the phone will only consider you for the baseline CareCredit credit card, which has a $0 annual fee and offers promotional financing.

You can use your CareCredit card instantly upon approval, even before your physical card arrives in the mail. This means you can apply for the card from the doctor's office and pay your medical bill right away.

If you're approved for a CareCredit card, you can use it to pay your medical bills as soon as you're notified of your approval. This can be a huge relief, especially if you're facing a big medical bill.

To use your CareCredit card instantly upon approval, simply follow the instructions provided by the issuer. You may be able to make a purchase or pay a bill online, over the phone, or through the CareCredit mobile app.

With CareCredit, you can apply for a card and use it to pay your medical bills right away. This can be a convenient and time-saving option, especially if you're dealing with a medical emergency.

Here are some benefits of using your CareCredit card instantly upon approval:

Keep in mind that you'll need to make timely payments to avoid interest charges and fees. Be sure to review your account terms and conditions carefully to understand your responsibilities as a CareCredit cardholder.

Reaching Customer Service is a straightforward process. To talk to CareCredit Credit Card customer service, call 1 (866) 893-7864 and then wait to be connected to an agent.

You can find this number on the back of your card, making it easily accessible. The customer service representative will answer your questions or direct you to the appropriate department.

If you're unsure about the process, don't worry – it's a simple phone call away. Just dial the number and follow the prompts to speak with a live representative.

Here are the steps to reach CareCredit Credit Card customer service by phone:

You can use your CareCredit card at a variety of providers and partners, including over 250,000 healthcare providers in the U.S.

CareCredit is accepted at numerous locations, such as hospitals, medical imaging centers, and pharmacies. You can also use your card at veterinarians and funeral homes.

To find locations that accept CareCredit, visit their website and click on the "Find a Location" tab. Enter your city or zip code to get a list of nearby providers.

Here are some notable places where you can use your CareCredit card:

CareCredit offers some benefits, but it's essential to understand the features before making a decision. You may qualify for promotional financing options, including no interest if paid in full within six, 12, 18, or 24 months on purchases of $200 or more.

These options can significantly reduce your monthly payments. For example, financing a $1,000 bill from a provider that accepts CareCredit could mean paying anywhere from $42 per month for 24 months to $167 per month for six months with the no-interest promotional financing option.

CareCredit also offers a reduced interest rate and fixed monthly payments until your balance is paid in full. This option can result in lower monthly payments, such as paying $50 per month for 24 months at 17.90% APR or $31 per month for 48 months at 19.90% APR.

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CareCredit offers a range of financing options, including no-interest promotions and reduced interest rates. You can qualify for these promotions on purchases of $200 or more.

The promotional period for interest-free payments is six months, but this can be determined by either the provider or CareCredit. In some cases, CareCredit may be willing to offer more time on promotion, but this is not guaranteed.

CareCredit has a complex rating system, with a rating of 1.2 stars from 844 reviews. Reviewers often complain about customer service, Synchrony Bank, and interest rate problems.

The CareCredit Credit Card is a bit of a unique case when it comes to its affiliation with major credit card companies.

It's not a Visa or Mastercard, despite having a Mastercard version available to select cardholders through an upgrade.

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CareCredit can be a double-edged sword. High interest rates can add up quickly, with annual percentage rates (APRs) as high as 26.99% on some plans.

Be aware that CareCredit's interest rates are not fixed and can vary depending on your creditworthiness and the terms of your agreement.

CareCredit cards charge a staggering 33% annual percentage rate, nearly 10% higher than the average APR for credit card accounts that incurred interest, which is 22.75% as of November 2023.

This means that if you don't pay off your balance in full, you'll be hit with a massive interest charge, which can quickly add up.

If you make a late payment, the penalty APR can jump to a whopping 40%, which may not go back down.

The good news is that you have options. Before you choose CareCredit, explore ways to lower costs, such as negotiating a reduced cost with your provider or taking advantage of discounts on certain procedures through your health insurance plan.

Here are some alternative financing options to consider:

If you see SYNCB/CARECR on your credit report, it means you have the CareCredit Card or have recently applied for it. This card is issued by Synchrony Bank and can be used to pay for medical expenses at over 200,000 US medical facilities.

The CareCredit Card is part of Synchrony Bank's CareCredit Network, which has a vast reach in the US medical system. You should only see this phrase on your credit report if you have a CareCredit Card or have applied for one.

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Managing your CareCredit account is a breeze. You can check your balance online, by phone, or through the mobile app.

To check your balance, simply log in to your online account, use the CareCredit mobile app, or call customer service at (866) 893-7864. This makes it easy to keep track of your balance whenever you need.

You can also make payments online, by phone, or through the Synchrony Bank mobile app. To pay your bill online, log in to your online account and click on "Make Payment."

To make payments, you can choose how much to pay, when to pay it, and where the payment is coming from. You can even set up automatic payments through Synchrony Bank.

Here are the ways to make a CareCredit payment:

It's great to have the flexibility to choose how you manage your account.

CareCredit has a significant online presence, with 575 reviews on the CareCredit Credit Card, indicating a substantial amount of customer feedback.

These reviews can provide valuable insights into the card's benefits and drawbacks, helping potential users make informed decisions.

CareCredit Credit Card Reviews are available for customers to share their experiences, which can be a good starting point for researching the card.

If you're considering CareCredit, it's worth exploring other options. The Chase Freedom Unlimited card has a higher WalletHub rating of 4.1, compared to CareCredit's 2.5.

The Chase Freedom Unlimited card offers a 0% purchase intro APR for 15 months, which can be a huge advantage if you need to make a large purchase. CareCredit, on the other hand, doesn't offer a purchase intro APR.

Here's a comparison of the fees and rewards for the three cards:

The Wells Fargo Active Cash card offers a $200 cash rewards bonus, which can be a nice perk if you meet the requirements. However, its regular APR ranges from 19.24% to 29.24%, which is higher than CareCredit's 32.99% APR.

Ultimately, it's essential to weigh the pros and cons of each card and consider your individual needs before making a decision.

Increasing your CareCredit Card credit limit is possible, but it requires some effort on your part. You can request a credit limit increase online, through the Synchrony Bank mobile app, or by calling customer service at (866) 893-7864.

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To increase your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months. This shows Synchrony Bank that you're responsible with your payments and can handle a higher balance.

Reducing your outstanding debt is also key to getting a credit limit increase. By paying down your existing balance, you'll have more available credit and a lower debt-to-income ratio, making you a more attractive candidate for a higher credit limit.

Updating the income Synchrony Bank has on file can also help. If you've had a raise or taken on a side hustle, update your income information with Synchrony Bank to show that you can afford a higher credit limit.

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