Healthcare credit card that helps address the burden of paying urgent, up-front medical costs.

What is CareCredit?

CareCredit is a credit card which can be used by individuals to pay accredited healthcare providers for medical insurance co-payments and elected medical procedures, which are not covered by insurance plans. It is a short-term financing option offered to patients that charges no interest if it meets certain criteria and is paid in full within the promotional period. The card does not replace medical insurance policies and only helps individuals with minimal healthcare expenses, not covered by insurance plans.


CareCredit with a doctor


How does CareCredit work?

Just like ordinary credit cards that are used to purchase basic necessities, care credit works in a similar fashion through assisting an individual pay for out-of-pocket healthcare expenses incurred when visiting a medical provider.

Over 175,000 healthcare providers across the US accept care credit and offer medical services, including, vision and dental services as well as pharmaceutical purchases. The card’s application is available online on the official website and can also be filled out by calling live customer care representative.

Once the application is approved, the account holder can use the card multiple times without the need to reapply, just as long as the purchases are within the approved limit.

Options to pay the card off are 6, 12, 18 or 24 months with no interest charges if paid in full within the promotional period and if a $200 minimum has been made.

In addition, an extended 60 month period to pay the card back is offered for purchases of $2,500 and up. Payments can be made online or by phone using a checking account or debit card.


What Medical Procedures and Services can be Paid for with CareCredit?

There are various health clinics, hospitals, dental centers, veterinary clinics and pharmacy stores that accept CareCredit. The list of accredited health providers can be found on the card’s official website.

These providers cater to the following medical needs:

  • Chiropractic
  • Cosmetic – plastic surgery, dermatology, hair restoration or replacement
  • Dental – general dentistry, multi-specialty, orthodontics, oral and maxillofacial surgery, periodontics, endodontics, prosthodontics, or pediatric dentistry
  • Hearing – EENT (ear, nose, and throat) specialist
  • Retail/Pharmacy – in-store purchases at a Rite Aid pharmacy or RediClinic
  • Vision – LASIK, eye exam/eye glasses, or cataract
  • Weight Loss management and surgery
  • Veterinary – emergency and critical care, general practice, Vet specialist, or equine/large animal
  • Other healthcare specialty services – allergy, imaging/radiology, neurology, OB/GYN, orthopedic surgery, orthotics and prosthetics, outpatient surgery, physical therapy, podiatry, sleep medicine, urology, or vascular surgery


What are the Pros and Cons of Using CareCredit?

CareCredit is a convenient tool that primarily helps individuals who have minimal health insurance and must pay up-front costs for expensive health and wellness procedures and treatments. The benefits of care credit aren’t limited to the account holders as the service is also extended to family members and pets. It is also used for in-store pharmacy purchases at Rite Aid and RediClinic.

While there are advantages of using care credit, interest and fees incurred can sneak up on the account holder. Care credit advises consumers that only paying the minimum amount that is due on the account every month may not pay off the full balance before the availed no-interest promotional period is up. Individuals who overextend paying their bills in full may incur expensive finance charges. If not cautious in managing care credit bills, significant expenses may be incurred from the associated fees.


Additional resources

Thank you for reading the CFI guide to CareCredit.  To keep learning and developing your finance career, these additional resources will be helpful: