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Care Credit experience?

post #1 of 9
3/23/11 at 6:38am
Thread Starter 
We have decided to take Hobbes to the cardiologist in April and since it will not be cheap, we are thinking of applying for Care Credit. I was researching the card online and it seems that people really dislike the card and the company’s practices and the card gets really poor ratings. So I was wondering if anyone had any experiences with it and what do you think about it. I understand that like any credit card I can be penalized heavily for not paying bills on time or pay off within the no-interest period and that does not bother me as much since I play to pay on time. Also depending on the amount, and if I feel I cannot pay within the allocated period, I will not use this card since the rates are very steep. I am more concerned if the company has other “predatory†tendencies or if having this card adversely affects your credit rating (DH once had a card that was especially for people with no credit/ poor credit/ trying-to-repair-credit and it did adversely affect his credit worthiness) etc. Would you to hear if anyone had any experience – good or bad- with them. Thanks.
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post #2 of 9
3/23/11 at 6:45am
I've actually used CareCredit for some dental bills (my own) - here's the thing - check first what the pay-off period will be; that is often set by the healthcare provider (let's say six months versus 18 months). If you pay off within that period, it's 0%...if you go over, you might be better off with a regular credit card if you have one. My experience was favorable, but, again, make sure you know what the payoff period is - you may not be the one selecting it, so discuss that with the finance manager at the vet's office as well.

Far as I can tell, having it and paying it off on time didn't affect my credit adversely - I'm still in the 'very good' zone. Good luck to you, and hope you and the boys (and dear husband) are good!
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post #3 of 9
3/23/11 at 8:21am
Thread Starter 
Thanks Darlili...that was very helpful. I did not know the no-interest period is determined with the healthcare provider. I did ask when making the appointment if they accepted Care Credit but did not know about the payment plan - so will perhaps just get the card and then see how we do the payment when we go there.
We are doing well - just busy. The boys are actually becoming rather naughty - yesterday I called DH at work and asked him to "take Hobbes to work with him" since he was driving me nuts. He's becoming more comfortable with us and is showing his "true" colors. He is showing Calvin all the mischief one can do and then it's as if they are competing as to who can get the "naughty award" of the day! Hope you, Dharma and Dante are well, too.
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post #4 of 9
3/23/11 at 8:27am
All I can say is MAKE SURE you can pay it off on time, or you will really be sorry. We got into a bind when my husband became ill and were late with payments. They ended up dunning us for more monies than we originally borrowed and it was all "legal and binding." Read the fine print carefully and be careful.
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post #5 of 9
3/23/11 at 8:38am
Thread Starter 
Quote:
Originally Posted by hissy View Post
All I can say is MAKE SURE you can pay it off on time, or you will really be sorry. We got into a bind when my husband became ill and were late with payments. They ended up dunning us for more monies than we originally borrowed and it was all "legal and binding." Read the fine print carefully and be careful.
Thanks for the advice. That's the impression I got by reading all the reviews online - it seems they are pretty nasty when a payment is missed/ not paid within the no-interest period. That does scare me to some extent. We tend not to carry balance on our credit cards - we use them for everything and pay off at the end of the month (we get rewards and that helps). The minimum we will spend at the vet's will be 495$ and I can pay that but a monthly payment spread out will help a lot. In case I get the card and decide to do payment with it, I have to be super vigilant, and that is the part that scares me. I've not missed payments but I do not like the stress. And I don't like setting up automatic payments through my bank - I feel more vulnerable doing that.
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post #6 of 9
3/23/11 at 11:18am
Glad to hear they're both healthy enough to be naughty! Mine have been pretty good, except when I get the Revolution out - they can't run fast enough away from me, even though I've got some nice slices of turkey out for them!

That's the deal with care credit - it's great in an emergency, but you really have to look at the term and any conditions - and pay on time! For me, the 0% interest within whatever time period was great. But, for example, last year I had to get a bridge replaced (that's like three crowns)...I simply didn't have that much available cash and, sad to say, I wanted to keep my Mastercard balance ok in case I needed it for a cat emergency. I thought I could have spread the care credit balance over 18 months - turned out, in this case at least, the dental office used a six month payoff. Now, granted, it was still great to get the 0%, but the monthly payment was higher than I had anticipated. Having said that, Care Credit can be a wonderful resource in a true emergency - you just have to know what's going on.

And, for me, for some reason not so nervous about auto payments....I pay my mortgage that way, and all my other bills I pick dates myself through the bank, but I know a lot of people aren't crazy about that process.
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post #7 of 9
3/23/11 at 3:26pm
I looked into it when we had to have Swanie's tooth pulled, but it scared me that the interest goes so high if you don't pay it off in the 0% time period and I think they only were g iving like 6 months to pay it off. And if you don't pay it off, they charge you interest from the beginning of the loan, not from the end of the 0% period. On the other hand, I have a friend who used it for her dental work and loves it.
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post #8 of 9
3/23/11 at 5:37pm
I tried, but wasn't able to talk my mother out of using Care Credit for Clyde's surgery. Now we live in terror every month, hoping nothing goes wrong and our payment gets there on time -- because if it doesn't, Care Credit will go back to the very beginning and charge us full interest from Day One of the loan!

I consider that an immoral business practice. They only get by with it because we love our animals and will do whatever is necessary to take care of them.
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post #9 of 9
3/24/11 at 3:36am
It has saved me many times. I am on my 2nd cycle. First I paid off in the alloted period, and will do so this time too.

I totally understand your reluctance. It is scary as is any credit card. It is the only card I have in my name and DH and I only have 1 other card in both our names.

But I do thank goodness that I have it.
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