Shana BohacCareCredit |  local news

CareCredit is a health care credit card that can be used for medical, dental, chiropractic, pharmaceutical, eye and pet health expenses. This allows medical expenses to be paid off over time for unexpected medical expenses. This article provides a brief overview of what CareCredit is, how it works, and the information you need to apply.

Each company that offers CareCredit chooses which programs it wants to participate in when it first enrolls. A company’s decision to participate and offer CareCredit is intended to benefit the customer base as CareCredit charges the company merchant fees for every purchase made. The option of six deferred months with no interest paid on full payment has a 5% merchant fee. Twelve deferred months with no interest paid on full payment has a 9.9% merchant fee. Eighteen deferred months with no interest paid on full payment have a 13.5% merchant fee. The twenty-four, thirty-six, forty-eight and sixty-month fixed-pay options have a 5% dealer fee. Businesses are not allowed to pass on merchant fees to the customer. CareCredit will disable your account if it is determined that a business is passing merchant fees on to the customer. Apart from that, offering CareCredit is much more beneficial for the customer than for the company. It is at the discretion of the Company which programs it offers based on the services it offers.

Applications for CareCredit can be made by phone or online and require the applicant’s name, address, date of birth, social security number or ITIN, net income, and housing information. Applicants must be eighteen years old to apply online or twenty-one to apply by phone.

CareCredit differs from a normal credit card. Once approved, they offer short-term financing options for purchases of $200 or more without charging the cardholder any interest. They also offer longer term financing including twenty-four, thirty-six, forty-eight and sixty months with reduced APRs and fixed monthly payments.

Purchases of $1,000 or more can qualify for a 24-month offer with an APR of 14.90%, a 36-month offer with an APR of 15.90%, or a 48-month offer with an APR of 16.90%. Purchases of $2,500 or more may qualify for a 60-month offer with an APR of 17.90%.

For more information, visit CareCredit’s website at https://www.carecredit.com. They offer a mobile app, payment calculators, and a list of CareCredit providers.

dr Shana Bohac is a veterinarian and the owner of the Navarro Small Animal Clinic.