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GECRB/CareCredit pay off?

Regular Contributor

GECRB/CareCredit pay off?

I tried searching, but I'm on my way to work so I had to give up... I have heard stories and rumors about people paying off their GE cards with no interest charges before the interest hit and having GE shut them down. I'm a little worried about that happening, how common is this or is it just rumor? I paid mine down to below 20% prior to apping, but now that I'm done I'm considering just making the minimums (which I've been overpaying up until now) with some hope that a little bit of interest will hit it in order to keep me alive. I suppose I could go buy another box of contacts or something with it...

Message 1 of 9
8 REPLIES
Regular Contributor

Re: GECRB/CareCredit pay off?

I have not ever heard that, but I am not really too familiar with the CareCredit - they denied me but approved my son....we have used the account twice for his dental...the first time PIF on first statement....no problems, then about a year later we used it again (this year) and after this next pmt...will have PIF'd over 3 mos...so for what it's worth, they never seemed like it was a problem paying it off in one statement or over a couple of months.

 

Thanks and good luck

 

K


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Message 2 of 9
Regular Contributor

Re: GECRB/CareCredit pay off?

I have not had this happen to me.  I have to admit that GE does like to nail you for interest and they seem to have a few too many errors when you are in the land of promotions.  I have 5 GE cards and not one has been shut down because I paid off the balance while it was still at 0%.


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Message 3 of 9
Epic Contributor

Re: GECRB/CareCredit pay off?


delayedinsanity wrote:

I tried searching, but I'm on my way to work so I had to give up... I have heard stories and rumors about people paying off their GE cards with no interest charges before the interest hit and having GE shut them down. I'm a little worried about that happening, how common is this or is it just rumor? I paid mine down to below 20% prior to apping, but now that I'm done I'm considering just making the minimums (which I've been overpaying up until now) with some hope that a little bit of interest will hit it in order to keep me alive. I suppose I could go buy another box of contacts or something with it...



This scares me... I don't know what the original charge amount was and how long you have been revolving this balance but 0% promos on store type cards accrue interest from time of purchase, If you charge $1000, then pay it down to lets say just $100 and you go over the lets again say 12 months that you had 0% into month 13 thinking 20% interest on $100 - no biggie and they will like me... no you will pay the 20% on the original charge amount for the last 12 months!!!

Message 4 of 9
Moderator Emeritus

Re: GECRB/CareCredit pay off?


psychoinhell wrote:

I have not had this happen to me.  I have to admit that GE does like to nail you for interest and they seem to have a few too many errors when you are in the land of promotions.  I have 5 GE cards and not one has been shut down because I paid off the balance while it was still at 0%.


This is also my experience. I've had a CareCredit card for about 5 years and have had many promotional balances that I've always paid off early without any adverse action.

Message 5 of 9
Established Contributor

Re: GECRB/CareCredit pay off?

I just paid off a 12 promo balance that was to expire on 7/10/12.

 

I don't believe you have anything to worry about. However, if  paying interest is a requirement to keep the account open, well, you know what they can do with it.

 

FYI, the accrued interest charges when I paid ( two months early) was $530.00. I think I would rather spend the money at the coast for a couple of days, as opposed to paying GE.

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Message 6 of 9
Regular Contributor

Re: GECRB/CareCredit pay off?

Unfortunately you wouldn't pay a little interest if you had a balance carry past the 0% timeframe. You would pay all interest on the full amount. Even if they would close the account (which I haven't heard of them doing as I know a few people who have used it), I could t think of a reason to pay all that extra interest just for them to keep it open. You would've been better off choosing the 10% flat interest or whatever that other plan is they offer in that case.
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Message 7 of 9
Super Contributor

Re: GECRB/CareCredit pay off?

If you have a good relationship with GE, PIF won't hurt you with them.  They are a great company as long as you don't cross them.

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Message 8 of 9
Regular Contributor

Re: GECRB/CareCredit pay off?


Creditaddict wrote:

This scares me... I don't know what the original charge amount was and how long you have been revolving this balance but 0% promos on store type cards accrue interest from time of purchase, If you charge $1000, then pay it down to lets say just $100 and you go over the lets again say 12 months that you had 0% into month 13 thinking 20% interest on $100 - no biggie and they will like me... no you will pay the 20% on the original charge amount for the last 12 months!!!


I'll respond in the middle because it will pretty much address the general consensus; the balance wasn't dramatic, it was just under $500, which has been paid down to $200 in the past month and a half since accruing it. I still have a long time left on the 6 month grace period... and I was thinking it seemed a little out there (closing me for paying the balance), but I heard of such things prior to my actual credit education and I recall seeing some mention of it here on a Lowe's GE card which brought it back into the realm of what if. I just wanted to get a little more feedback before I PIF this month, and I appreciate the range of responses received!

Message 9 of 9