How To Apply For The Carecredit Card
There are three ways to apply for a CareCredit card. You can:
- Apply over the phone Monday through Friday 9 a.m. to 9 p.m. EST with a representative or at any time using the automated phone system at 1-800-677-0718. To apply over the phone, you must be 21 or older.
- You can also apply online anytime you want. To apply online, you must be 18 or older.
- Finally, you can find an application form at most medical centers or health care provider offices. Just fill out the form and get approved on the spot.
When applying youll be asked for some basic information like:
- Net income
- Housing information
Youll also be asked about specific doctors or health care facilities that you intend to use your CareCredit card at. Its worth noting that cardholders can use their CareCredit cards anywhere they want so long as the facility accepts the card after theyve applied and been approved. So, you are not limited to the doctor or facility you put down on the application form. Its just used as a starting point.
Among the best aspects of the CareCredit card is that approval can be instant, so you dont have to wait to find out if you can get the medical treatment you need. You also dont have to have an excellent credit score to get approved for the card, something that many people whove been declined for a standard credit card will appreciate immensely.
Is It Worth It To Get A Carecredit Card
It can be, especially if you incur a major medical expense that’s not covered by health insurance and the provider doesn’t accept credit cards. However, CareCredit functions more like a loan than a credit card. It offers payment plans of varying durations, during which you make minimum monthly payments toward the debt. You don’t pay any interest during that time, but if you haven’t paid off the entire balance by the end of the term, you’re charged interest at a steep rate retroactively from the purchase-of-service dateon your entire original balance, in other words.
What/who Is Synchrony Bank
Synchrony Bank is a bank insured by the Federal Deposit Insurance Corporation and based out of Utah. Synchrony has been a leader in consumer financial services for more than 85 years and provides a variety of financing options for many well-known brands across the country, including companies such as Amazon, Walmart, and eBay.
Synchrony offers three financing solutions retail credit cards, CareCredit for healthcare-related financing, and promotional financing for major consumer purchase and has more than 80 million active accounts. In addition to its financing options, Synchrony also offers a variety of FDIC-insured savings products, including a high-yield savings account offering a significantly higher APY than you’d get with a typical savings account.
Theres a possibility that you already have a Synchrony Bank card in your wallet. Why? Synchrony is the largest issuer of private label credit cards in the U.S., with over 120 credit cards and store-branded cards. If theres a retail chain store you like to shop at, chances are it offers a credit card and that credit card has a good chance of being a Synchrony Bank product.
Synchrony works with businesses across a broad range of markets and industries, such as:
- Auto parts and services
- Sporting goods
Things To Know About The Carecredit Card
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
The CareCredit Card, issued by Synchrony, is designed to provide financing for consumers who are faced with medical expenses that arent covered by insurance. Medical bills are a big issue for Americans according to the Journal of the American Medical Association, 17.8% of individuals in the U.S. had medical debt in collections in June 2020.
The CareCredit Card is accepted at more than 225,000 providers, but its not a general-use card that youd also reach for when making nonmedical purchases.
Here are five things to know about the CareCredit Card.
Care Credit Login Payment Customer Service
Below you will find the key information you need as a Care Credit financing customer to access your account online, make payments, and reach customer service for further assistance. Note that Care Credit is a credit program administered by Synchrony Bank, and that Synchrony Bank is the company you will deal with when paying Care Credit bills or contacting customer service.
Read Also: Where To Stay In Outer Banks Nc
Carecredit Credit Card Basics
The CareCredit credit card isnt like a regular credit card that you can use to pick up groceries or book a flight.
Here is why:
This card is only meant to be used for health care expenses. The list of things you can use it for includes:
- Cosmetic procedures, such as hair removal, rhinoplasty, Botox injections or other dermatologic services
- Dental services like preventative checkups, whitening, veneers and dental implants
- Hearing services, including auditory testing, hearing devices and noise-cancelling headphones purchased at the doctors office
- LASIK and vision care, including cataract surgery, eye exams, eye glasses and contact lenses
- Veterinary care, which applies to most services and products purchased at a vets office
- Other health care expenses such as LAPBAND surgery, chiropractic services and sleep studies if you have a condition like sleep apnea
It gets better:
The great thing about the CareCredit card is you can use it for anyone in your family, not just yourself.
So you can use the card to pay for your spouses LASIK surgery, your childs dentist visits, or pet vaccination shots.
In terms of where you can use the card, CareCredit works with more than 175,000 medical providers and 4,000 retailers across the country.
That includes major drugstore chains like Rite-Aid, which is good if you need to pick up a prescription or stock up on something like diabetes testing strips.
You might be wondering:
Its One Of Several Ways You Can Pay For Medical Expenses
The CareCredit Card is certainly an option for large medical expenses, but depending on your situation, you may want to consider other choices.
First, explore ways to lower costs. You may be eligible for discounts on certain procedures, health care products and wellness programs through your health insurance plan. Also, before you pay a medical bill, make sure youre being correctly charged, as errors can cost you. You may be able to negotiate a reduced cost with the provider as well.
Once you have your final bill, here are additional ways to pay:
Also Check: What Time Does Bank Of America Open
What Are The Drawbacks
The biggest drawback with this card is the regular APR. This rate applies to balances carried over after the promotional period ends.
One thing we also need to note is the fact that it applies to purchases that dont qualify for promotional financing.
Essentially, if you use your card for a health care expense thats not covered, youre going to be stuck paying the interest rate until its paid off.
Thats a hefty price to pay so you might look into a backup card that you can use to cover expenses that wouldnt be eligible for promotional financing.
For example, you might be able to get a card with a 0% introductory APR on purchases for the first 18 months. That way, youre not roped into paying more than you need to in interest.
The Financing Option Integrates Care Delivery With Revenue Cycle Management Vp Says
Prime Healthcare is partnering with financial services company Synchrony to offer patients a healthcare credit card for pre-care, point-of-care and post-care payment. Financing options to Synchrony’s CareCredit include the ability to pay over time.
Patients can apply for the credit card on a mobile device or computer, in a provider’s office, or over-the-phone. A credit decision is made within seconds, and, upon approval, applicants can use the credit card to pay bills immediately.
Patients can select from short-term and long-term financing options including deferred interest if paid in full within 6, 12, 18 or 24 months. There is a reduced annual percentage rate with fixed monthly payments for 24, 36, 48 or 60 month options.
A CareCredit payment calculator helps estimate their monthly payments based on the amount of care financed and the offer selected.
WHY THIS MATTERS
The financing option integrates care delivery with revenue cycle management, according to Sunitha Reddy, vice president of Operations of Prime Healthcare.
“Integrating care delivery with revenue cycle management is critical in an increasingly consumer-focused healthcare market,” Reddy said. “Implementing CareCredit solutions allows us the ability to offer flexible healthcare financing options that can help meet the unique and evolving needs of our patients while also improving their well-being and experience.”
THE LARGER TREND
Where You Can Use Your Carecredit Credit Card
- 225,000 healthcare providers in the U.S.
- Rite Aid
- Sam’s Club
The CareCredit Credit Card helps individuals pay for healthcare expenses that aren’t covered by insurance. These cards differ from normal credit cards in terms of available financing options and how long you have to pay off the expenses. CareCredit Credit Card offers several financing options to cover costly medical expenses that may take longer to pay off than normal credit card purchases. For purchases of $200 or more, you can receive a 0% APR period of 6, 12, 18 or 24 months. But that’s deferred interest if you fail to make minimum monthly payments along the way, or you don’t pay off your full balance by the end of the 0% period, interest will be charged from the original purchase date.
The CareCredit Credit Card also has longer-term financing options with low fixed interest rates for purchases of $1,000 and up. Those have payoff periods of 24 or 60 months. The shorter the time period you choose, the lower your fixed interest rate will be. There are fixed monthly payments required until the amount has been paid in full.
How A Carecredit Card Works
CareCredit cards are easy to use, especially if you already know how to use a regular credit card. You can , or through your medical provider. Check which specialist, clinic or treatment center accepts CareCredit and is closest to you, and charge the medical expenses to your card. The CareCredit card works with more than 200,000 health care providers across the country, so you are bound to find medical providers in your area that accept the card.
Also Check: Are Banks Closed For Good Friday
You Have A Carecredit Credit Account
SYNCB/Care Credit will appear on your credit report if you currently have or previously had a CareCredit credit account. Even if you closed your account, SYNCB/Care Credit can stay on your credit report for 7 years to 10 years .
You might find your CareCredit credit account marked as closed even if you never took any active steps to close it. This can happen due to account inactivityits common for lenders to close credit accounts if they havent been used for a while.
You Can Use It Only On Certain Health Care Purchases
You can use the CareCredit Card at health care and wellness providers that have enrolled in CareCredit. While a wide variety of providers and businesses accept the CareCredit Card, your preferred doctor may not. If youre anticipating a medical expense that youd like to finance, you can search for providers in your area that accept the CareCredit Card.
Enrolled providers include, but are not limited to:
Medical specialists, dentists, eye doctors, dermatologists and cosmetic surgeons.
Hospitals, surgical centers, medical imaging and lab work.
Medical equipment, supplies and pharmacies.
Fitness equipment and spa treatments.
Routine and emergency veterinary care.
Recommended Reading: Do Banks Do Power Of Attorney
Some Final Words On Synchrony Bank
One final thing to be aware of is that Synchrony has had some issues with marketing and service in the past. In 2014, the Consumer Financial Protection Bureau ordered Synchrony Bank to provide nearly $225 million in relief to consumers affected by illegal and discriminatory credit card practices. Aside from employing deceptive marketing practices, the bank was also found to have excluded approximately 108,000 borrowers from debt relief offers because of their national origin.
As with any credit card whether its your first card or not use it responsibly and pay the card off each month. This way, you can get the most benefit from the rewards or discounts it offers without having to pay a fortune in interest charges.
Earn Easy Cash Back at Amazon.com
Synchrony Bank Checked Your Credit
Youll see SYNCB/Care Credit on your credit report if Synchrony Bank ran a credit check to determine whether or not to extend credit to you. This type of credit check can appear as a hard inquiry or a soft inquiry.
- Hard inquiries: These generally appear on your credit report when you apply for new credit, such as credit cards, store cards, or installment loans. For example, if you applied for a CareCredit credit card, Synchrony Bank probably triggered a hard inquiry when reviewing your application.
- Soft inquiries: These show up on your credit report when someone checks your credit but youre not actually in search of new credit. For example, if you received an unsolicited offer letter in the mail for a credit card issued by Synchrony Bank, then they may have triggered a soft inquiry during the prequalification process.
Thankfully, soft inquiries wont affect your credit score. Hard inquiries usually lower your credit score by several points, but the effect wont last more than a year, and the inquiry will fall off your credit report entirely after two years. Note that you usually cant remove a hard inquiry early unless the bureau added it to your report by mistake.
Also Check: How To Verify Bank Account On Coinbase
How To Apply For A Synchrony Bank Card
The easiest way to apply for Synchrony Bank credit cards is online. Go to MySynchrony.com, then click Where to Shop at the top of the page. You can search for a specific retailer, browse through the banks partnering stores or filter cards by shopping category, such as home furnishings or sporting goods. If you find a card youre interested in, click Apply and supply the requested information.
Many of Synchronys partner stores also let you apply online or through their own websites. Alternatively, you can visit a merchant in person and request an application from an employee. Some cards offer one-time, same-day discounts upon credit approval, so you may want to wait until youre ready to make a big purchase in order to maximize your savings.
What To Watch For
If the balance of the card isn’t paid off in full by the end of the agreed-upon payment period, youre hit with all of the accrued interest at one time, often at a very high rate. CareCredits APR is 26.99%, while the average credit card has an interest rate around 16.5%. So let’s say you have a $5,000 bill that you want to pay off in two years. You’d end up paying an additional $1,000 in interest if you went with CareCredit, and it would hit the moment you passed your payoff time limit, even if you were $100 dollars away from paying everything off.
“The terms certainly are not hidden, but many times people don’t read all of the information with any financial product to fully understand what theyre getting into,” says Matt Schulz, senior industry analyst at CreditCards.com. And in fact, CareCredit’s website clearly charts interest rates and offers an interest calculator for consumers to do projections.
Still, in reviews of the CareCredit on sites like Yelp and SiteJabber, many customers say the fine print on these cards was not made clear to them when they signed up. CareCredit was forced to refund customers $34 million in 2013 by the Consumer Financial Protection Bureau for deceptive enrollment practices, because consumers thought they were signing up for interest free cards.
You May Like: What Banks Does Zelle Work With
Who Can Apply For The Carecredit Card
Another appealing part of the CareCredit card is that it is really easy for you to get approved. Unlike other credit cards, there is no credit check involved, and you dont have to have impressive credit history, employment records and sterling debt to income ratio to be approved. In fact, you can get approved instantly for the CareCredit card, and there are only a few qualification requirements including:
- You must be at least 21 years old or 18 if applying online
- You must have a Social Security number or ITIN
Thats all it takes to apply. You arent guaranteed approval, but many people can qualify.
Synchrony Banks Other Affiliates
You may also see SYNCB on your credit report if you have a line of credit with one of Synchrony Banks other affiliates. Because Synchrony Bank is the largest supplier of private-label credit cards in the nation, they partner with dozens of brands across a wide range of industries. 3
CareCredit Contact Information
Read Also: What Bank Is Chime Affiliated With
How Carecredit Llc Appeared On Your Credit Report In The Pat
CareCredits cards used to be issued by a division of General Electric, called General Electric Capital Retail Bank. For this reason, in the past, its credit cards might have shown up on your credit report as GECRB/CareCredit.
CareCredit hasnt been affiliated with GE since 2015, and its credit checks and accounts no longer show up this way on credit reports.