Paying medical bills can be a financial burden and a significant challenge. Because of this, credit ca﷽rds for healthcare use are available.

One of these credit lines is CareCredit, which is a division of Synchrony Financial (SYF). As one of the largest providers of private-label credit cards in the U.S., it has agreements with a broad range of healthcare providers that will accept its card as payment. The card is currently accepted by over 260,000 healthcare providers across the United States.

This card can offer a convenient way to pay your 澳洲幸运5官方开奖结果体彩网:medical bills but at a significant cost. Usingꦬ CareCredit can cost money if you don't pay off your balance in full by the end of your initial promotional period.

How CareCredit Works

In some sense, the CareCredit card works just like a regular credit card. The only difference is that you can only use it to cover traditional medical insurance 澳洲幸运5官方开奖结果体彩网:copayments​ on covered services. The card can also be used for elective medical procedures that are not covered by traditional insurance pl🔯ans.

Some of the medical procedures and weﷺllness services that the card can be used f🔯or include vision care, cosmetic surgery, dermatology services, dental services, and hearing care.

澳洲幸运5官方开奖结果体彩网:Providers range from doctors, dentists, and surgical centers to vision care and hearing centers, hair restoration, and even veterinary services. CareCredit cardholders can go to the CareCredit website and enter a zip code to find local providers that take the card.

Financing Options

Consumers who use the CareCredit card are eligible to participate in short-term 澳洲幸运5官方开奖结果体彩网:financing offers that enable them to make payments over six, 12, 18, or 24 months. There are no additional interest charges as long as they spend at least $200 and pay the full bill within the agreed-upon period. Extended periods of up to 60 months for minimum purchase amounts of $2,500 are also available.

These cards also offer longer-term healthcare financing for 24-, 36-, and 48-month periods at different rates. Keep in mind that interest accrues from the date of purchase or 澳洲幸运5官方开奖结果体彩网:balance transfer; if you don't pay off the balance in full by the end of the promotional period, that accrued interest will be assessed and added to your balance."

The late fee on the card is up to $41.

How to Apply for CareCredit

You can pre-qualify for CareCredit online by u༺sing its online service at CareCredi🥃t.com/Apply.

If you don't want to go online, you can apply over the phone using the company's toll-free number: 1-800-677-0718. There is an automated system available 24/7 or you can apply with a live agent between 9 a.m. and 9 p.m. ET, Monday through Friday.

You can also apply in person at more than 260,000 healthcare providers and select retail locations that accept CareCredit. CareCredit does not accept applications via fax or email.

CareCredit Requirements

CareCredit allows anyone to check if they qualify for a card. This option won't affect your credit score. In order to apply, you will need to provide Synchrony with the following information:

• Name
• Address
• Date of birth
• Social Security number (SSN) or individual taxpayer identification number (ITIN)
• Net income
• Housing Information
  

CareCredit Limits

The credit limit on your CareCredit card is determined by your credit history, as is the case with all credit cards. High credit limits, combined with the ease with which CareCredit cards can be obtained, mean that they can be a good way for people with a poor credit history to pay for medical bills. Be warned, though, that CareCredit cards can be expensive if you aren't able to make your repayments on time.

Risks of CareCredit

CareCredit's marketing pitches focus on providing access to affordable healthcare to its consumers. But it's important to remember that CareCredit (and similar healthcare credit card companies) are in business to make a profit.

They offer no-interest financing and count on many consumers overextending themselves and being unable to pay their bills in full. Those who fall into this situation often end up with expeᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚnsive financing charges.

Branded medical credit cards are essentially an 澳洲幸运5官方开奖结果体彩网:unsecured line of credit offered by some healthcare providers. The card isn't actually part of the 澳洲幸运5官方开奖结果体彩网:Visa and Mastercard paymen♏t network, so it ꦕcan't be used for everyday purchases.

Rather, it's a way for doctors to allow patients to finance elective procedures that are not covered by insurance, like cosmetic surgery. Akin to 澳洲幸运5官方开奖结果体彩网:private labe𝄹l retail store𝄹 credit cards, these products generally have limited usage options and higher long-term interest rates compared with general use credit cards.

Alternatives to CareCredit

If CareCredit doesn't sound appealing, there are alternatives to help pay for healthcare. Check to see if your provider privately offers some sort of pay-over-time arrangement. Many large practices and facilities have repayment plans that don't charge interest or fees as long as you pay regularly.

If it's available through your health insurance plan, consider establishing a 澳洲幸运5官方开奖结果体彩网:Health Savings Account (HSA): You contribute money on a pretax basis—usually taken out of your paycheck—and your money grows tax-free until you use it for qualified healthcare expenses.

If you're on your employer's group insurance plan, there's a similar tax-advantaged account, the 澳洲幸运5官方开奖结果体彩网:flexible spending account (FSA), but you generally have to use up all the funds within the year you contribute them.

Because CareCredit functions somewhat like a loan with a set repayment period, you might consider just taking out a personal loan from a 澳洲幸运5官方开奖结果体彩网:bank or credit union instead. You'll pay interest charges along the way, but it'🌊s likely to be at a lower rate th🌠an the interest charged by CareCredit if you don't settle your entire debt by the period's end.

Finally, consider using a regular credit card as an alternative to CareCredit. If you see a card offering a 0% APR promotion, consider appl🙈y🌜ing for it to use in payment of your medical bills. The minimum payments may well be lower.

These promo periods often extend for 18 or 24 months, which are as long as CareCredit's. And even if you haven't paid in full by the time the promo ends, you'll probably incur a lower interest rate—and just on the remaining balance, too.

The Bottom Line

Healthcare credit cards provide a way to make medical expenses more manageable. Of course, consumers must remember that the financing behind these credit cards is provided by for-profit companies that are in business to make money. If you're not careful, you can incur significant expenses from the associated fees.

Like all credit cards, healthcare-oriented credit cards should be used in a cautious and responsible manner because failure to abide by the terms of the account agreement will be reported to credit bureaus and hurt your credit score. This includes reading the fine print and having a complete understanding of terms and associated expenses.