What is CareCredit®? (with pictures)

Katharine Swan
Katharine Swan
Expensive dental procedures are a common reason people use CareCredit.
Expensive dental procedures are a common reason people use CareCredit.

CareCredit® is like a credit card that is used for only health and medical expenses. One of the benefits of CareCredit® financing is that it can be used for animals’ veterinary costs, as well as for medical and dental procedures for the cardholder or the cardholder’s family members.

CareCredit® cards can be applied for either online or at the healthcare provider’s office. When a person applies for a card, they simply choose a payment plan and a monthly payment amount. Although the card is usually applied for with a specific loan amount in mind, the cardholder can reuse it as necessary without having to go through the application process again, just like a regular credit card.

CareCredit can be used for LASIK and other eye procedures.
CareCredit can be used for LASIK and other eye procedures.

Although not all healthcare providers offer every plan, CareCredit® has a large variety of plans available. The shorter term plans offer zero interest, but the cardholder must agree to a three, six, twelve, or eighteen month payment plan. There are also longer term loans for people who need more time to pay off the balance, or for more expensive procedures. In these plans, monthly payments are made over two, three, four, or five year terms, and the interest rate is set at 13.9 percent.

CareCredit cards can only be used for health and medical expenses.
CareCredit cards can only be used for health and medical expenses.

Dental work is one of the most common uses for CareCredit®, and because of that most people refer to these cards as dental cards. For many people, dental work is often a greater and more frequent expense than medical care, and it is not uncommon for people to have trouble coming up with the money to pay for the dental care they need.

However, CareCredit® is much more than just a dental credit card. Another notable use for CareCredit® financing is veterinary care. If a pet needs surgery, or if the animal requires emergency medical care, CareCredit® provides a way to pay for these pricey and often unexpected expenses. For this reason, pet owners often carry CareCredit® cards as an emergency fund for their pets.

Because LASIK is considered an elective procedure, most insurance companies will not pay for it.
Because LASIK is considered an elective procedure, most insurance companies will not pay for it.

Finally, CareCredit® provides a way for patients to pay for many other specialties that health insurance companies refuse to cover. For instance, insurance companies often refuse coverage for procedures such as cosmetic surgery, LASIK, other eye care procedures, and hearing care. A CareCredit® card enables the patient to still obtain the medical care they need, while paying for the procedure over a period of time. Monthly payments and low or no interest make these procedures more affordable for people who would otherwise have to go without.

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Discussion Comments

Rundocuri

I don't have this type of account, but was thinking of applying for one. I'm thinking of having some cosmetic surgery that I would like to make payments on over a short period of time without a high interest rate. This sounds like it might be a good option for me.

Heavanet

I have one of these accounts, and it is very beneficial when it comes to dental work financing. There are often special temporary low interest rates available that allows me to pay off my balance over several months while saving money on interest.

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    • Expensive dental procedures are a common reason people use CareCredit.
      Expensive dental procedures are a common reason people use CareCredit.
    • CareCredit can be used for LASIK and other eye procedures.
      CareCredit can be used for LASIK and other eye procedures.
    • CareCredit cards can only be used for health and medical expenses.
      CareCredit cards can only be used for health and medical expenses.
    • Because LASIK is considered an elective procedure, most insurance companies will not pay for it.
      Because LASIK is considered an elective procedure, most insurance companies will not pay for it.