I looked into pet insurance, but our cat has preexisting conditions so we thought it'll make more sense if we just save the premiums. We are thinking about having a saving account for vet use only, but thought it'd be nice to have options until we have enough savings. I also looked into Care Credit, but it has horrible reviews. What is your experience with Care Credit and is there any alternative?
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Care Credit?
- Thread starter ankitty
- Start Date
We used Care Credit for our Airedale when he needed a $3500.00 surgery and never had any issues ..
We also use it for ourselves ..
The interest rate stinks but it saved my kitties a few times now. It's a good back up for emergencies.
I have a friend who swears by it, but the interest rate scares me. You need to make sure you don't ever miss a payment, because they'll stick you will interest from the beginning, even if it's your last payment.
As for saving the amount of the premiums for cat care - that is fine until something unexpected turns up. We had Cindy's cancer and Darcy's FIP and both cost a LOT of money, much more than we could have ever put into a saving account. I'm looking into pet insurance for the next cat we get to see what it actually covers. We had surgeries, tests, chemo, etc. You would not even believe how much it ultimately ended up costing us.
As for saving the amount of the premiums for cat care - that is fine until something unexpected turns up. We had Cindy's cancer and Darcy's FIP and both cost a LOT of money, much more than we could have ever put into a saving account. I'm looking into pet insurance for the next cat we get to see what it actually covers. We had surgeries, tests, chemo, etc. You would not even believe how much it ultimately ended up costing us.
I haven't had to use Care Credit but I know people who have and no one that I know have had issues with it. I think any company that people borrow from and then make payments to tends to get bad reviews. People think the world of a company when they get the money that they desperately need but their opinion tends to change as the payments seem to drag on and on. Kind of silly of people to be that way but I think it's human nature.
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Same thing here. My cat needed surgery $3500.00, ouch. I read the fine print and was surprised how they rope you in. It said for the first year there would be no interest to pay and if you added anything to your balance the new amount would be with interest. So far so good. Then came the whammy; If tyou still have a balance at the end of the year they will now add ALL of the interest that would have accumulated from the very beginning, not just interest on whatever small balance you still have but interest on the beginning balance.
So they rope you in with "no interest for the first year", you assume that interest would be charged on whatever is left at the end of the year but that's just not so. You can believe that I made sure that there was no balance left by the end of the first year.I will never use them again, the interest rate is ridiculous.
I do have a Credit Care Card also. I pay my vet monthly to have money on my account, but I had a couple unexpected visits. I paid 1/2 of it the first month and 1/2 of it the second month so I had no issues. I am going to keep it because you never know when you will need it and I always pay my balances within a few months.
We use Credit Care in our office as well.
We use Credit Care in our office as well.
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That's great if the bill is only a few 100s, but when it comes to thousands, I could not pay that in "just a few months" and the interest rate is just nuts. I'd rather put it on my regular credit card where the interest is less. And once a year or so I'll make a balance transfer to a card that has no interest for a year or 18 months (I get offers for that in the mail all the time), that way I pay hardly any interest.
@segelkatt Good Point!! I see my vet as a monthly bill like electricity or a car payment, so usually what ever comes up is not much or anything out of pocket due to having money on my account there.
I totally agree!! I had to get it back in 2012 when Angel had a UTI, / cystitis & had to stay at the vets for a few days. It also helped w/ all the follow ups, (ultrasounds, urinalysis) & Rx food.
I don't know what I would have done w/ out it!
The interest does suck, & I can't afford to pay it all off w/ other bills to also pay, but I do try to pay extra on payments when I can, even if it's only 5.00 extra. I really try not to use it, & only have the balance I have because he got it again later that year. (& it came in handy when we had to go to the animal hospital on Christmas morning when he had his last episode.
I have also had to use it for a filling for me, but am glad I have it.
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I have a catastropic policy with embrace. Less than $10 a month. It has a high deductible, $1,000, but it doesn't take much to run up that kind of a bill. The reason I mention it is that even with pre-existing conditions it might be worth it. You can ask them to review your cat's health records for you in advance and they'll tell you what they won't cover. You can save for the deductible and then the insurance kicks in after that. You do need credit up front to pay the bill initially, but it only takes about two weeks to get a check once you submit a claim.
That's how I do it too, and I have the Amazon credit card which gets me points so I can get stuff I need / want on Amazon for free. Then transfer it to a 0% to pay it off over a year or so. I looked at Care Credit and it scared me to death.
Exactly!!! I read the fine print before I signed up for it, and decided just to use the regular credit card and leave it at that. Also, I believe it says if you miss a payment along the way, even if it's the last payment, you'll get hit with all that interest.
that's exactly why i don't have a care credit card! i envisioned becoming bogged down in debt and never being able to dig myself out. i'm no good as a provider for my cats if every extra cent has got to go towards paying off debt plus incredibly high interest. and i won't risk losing my house, our home.
i do have a small vet emergency fund set aside now, and this year i'm setting aside a nice hefty amount for a general emergency fund too. i realize that for bills in the thousands this isn't going to help, and i just have to accept that and continue to do the best i'm able to do to provide for emergencies.
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It looks like we are pretty much in agreement that Care Credit is a ripoff and should be avoided. Most people don' t read the tiny print, there is just so much of it, and sometimes written in legalese so that you don't know what they are saying.. Better to just put it on your regular credit card, they only charge interest on what you indeed owe, not going back to when you first put the charge on your card.
For many years (like over 20) I did not have a credit card, I either paid cash or I did without, this changed when I thought of maybe buying my own place and I had no credit record. (It never happened, I still rent and will to the end of my life unless I meet a rich man who already owns his home, lol!)
So I got a student credit card (I was a late bloomer, attended university to get a degree when I was over 30) with a limit of $400.00, long paid off but it did build my credit.
Now I have 5 credit cards, I use 3 of them:
A Home Depot card because it gives me a discount for everything I buy, from a freezer to plants for my garden, even if I just get a key made at $1.00, then pay it on-line as soon as it shows up on my card, so no interest.
An Amazon card which I also pay off as soon as it shows up on the card,
and a regular card from my bank where I pay 4 times of the minimum to cut down on the interest.
I have a Discover card (this was a balance tranfer to avoid paying interest) that has no interest for another 8 months at which time I will transfer the balance from this card and any other card that has a balance to another no-interest card, maybe Century, but I do not use that card at all, just paying it off.
I have another card from my bank with a zero balance which I also do not use at all,
and a JC Penny card which I use once a year to buy bras on sale which gives me 10 % off for using the card and pay that as soon as it shows up on the card, so no interest.
I still have the Care Credit card but am thinking of cutting it up as I will never use it again.
It's the interest that kills you.
I pay all my bills on line, thus not paying for stamps, it's more secure too, even my rent although my landlord had a fit at first, now he loves it because he gets his money sooner than when I used to mail him a check.
It's going to put the post office out of business sooner or later with people buying things on line which then comes via UPS, letters are written via e-mail, bills are paid on line, the only thing they still have going for them is to send a paper greeting card and they give out free boxes with a set amount of postage.
Being a retired person with a small set income my credit score is in the high 700s (I'm working to break the 800) simply because I can pay my bills without paying little if any interest.
Anyone who wants to steal my idea on how to pay little to no interest is welcome to it, it's perfectly legal and we are making the banks rich as is.
Don't get roped in by Care Credit, which is a GE company, if you can help it at all. My vet had recommended it when my Panthera needed the surgery but was appalled when I told him how they work it.
For many years (like over 20) I did not have a credit card, I either paid cash or I did without, this changed when I thought of maybe buying my own place and I had no credit record. (It never happened, I still rent and will to the end of my life unless I meet a rich man who already owns his home, lol!)
So I got a student credit card (I was a late bloomer, attended university to get a degree when I was over 30) with a limit of $400.00, long paid off but it did build my credit.
Now I have 5 credit cards, I use 3 of them:
A Home Depot card because it gives me a discount for everything I buy, from a freezer to plants for my garden, even if I just get a key made at $1.00, then pay it on-line as soon as it shows up on my card, so no interest.
An Amazon card which I also pay off as soon as it shows up on the card,
and a regular card from my bank where I pay 4 times of the minimum to cut down on the interest.
I have a Discover card (this was a balance tranfer to avoid paying interest) that has no interest for another 8 months at which time I will transfer the balance from this card and any other card that has a balance to another no-interest card, maybe Century, but I do not use that card at all, just paying it off.
I have another card from my bank with a zero balance which I also do not use at all,
and a JC Penny card which I use once a year to buy bras on sale which gives me 10 % off for using the card and pay that as soon as it shows up on the card, so no interest.
I still have the Care Credit card but am thinking of cutting it up as I will never use it again.
It's the interest that kills you.
I pay all my bills on line, thus not paying for stamps, it's more secure too, even my rent although my landlord had a fit at first, now he loves it because he gets his money sooner than when I used to mail him a check.
It's going to put the post office out of business sooner or later with people buying things on line which then comes via UPS, letters are written via e-mail, bills are paid on line, the only thing they still have going for them is to send a paper greeting card and they give out free boxes with a set amount of postage.
Being a retired person with a small set income my credit score is in the high 700s (I'm working to break the 800) simply because I can pay my bills without paying little if any interest.
Anyone who wants to steal my idea on how to pay little to no interest is welcome to it, it's perfectly legal and we are making the banks rich as is.
Don't get roped in by Care Credit, which is a GE company, if you can help it at all. My vet had recommended it when my Panthera needed the surgery but was appalled when I told him how they work it.
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I will have to check this Embrace catastrophic policy, have never heard of it. Thanks for the tip.
We have never had any issues with the Care Credit either .. We always pay the bill on time and within a year . Don't want to drag it out too long anyway ..We only use it for a big bill like with our dogs surgery .. We used to use it for Dental for ourselves ..
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This really sounds like the same fine print that you will find on any contract with the tag line about so many days or months same as cash.
That's good if you are able to put money aside. We are pretty much living paycheck to paycheck (mine), and can barely afford enough for our insurance premiums and putting into the HSA to cover the amount the company matches. Maybe one of these days I'll figure out how to save something extra.
I suppose the circumstances are different for some . For us we like to use it for a big bill so we don't have to take a big chunk out of our savings all at once . We pay some cash and the rest on Care Credit ..
It is just a personal preference ..
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