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Hi everyone!
I've been reading posts on the Care Credit card and seeing how 1. they sometims give out the exact amount or less than needed for procedures, which would hurt utilization (I'd be afraid to ask for a CLI) and 2. that their interest can skyrocket. Would it just be better to get a loan for the amount needed?
I don't feel like I could get approved yet with my credit, not for the amount I need anyway ($6000 procedure) so I'm going to rebuild for a few more months before I even try. Just want to see which road I should take when I get there.
Thanks!
Welcome to the forum. Do you have a pay off plan? How long will it take for you to repay 6k? I think there is usually a zero percent period on Care Credit for large purchases. After that you could BT it for another 0% offer or maybe a card that has a lower interest rate. Kepp us updated. Best of luck!!!
Keep in mind, that when applying for credit with CareCredit... you can ask for an amount above and beyond what your actual procedure will be. I knew approx. how much my vet bill would be and I entered an absolutely ridiculous amount in the application.... It gave me MORE than I asked for, and folks here at MyFico suggested that I call within 48 hours to ask for more, with the thought that I had perhaps left 'money on the table'.. (which I did NOT call to recon). I have no idea why I would need more than they gave me, I'm not greedy.
Just a thought on someone else's experience. Goodluck to you whatever you decide!!
**Edited to clarify, my application was a joint app.
(not sure what I would have gotten on my own)
I also earned a 9pt score boost on my TU.
@Anonymous wrote:
blaquepearl has a good point A pay off plan is definitely needed. I plan to pay $300-$500 a month so its paid off a few months before the interest kicks in.
But whatever you decide I think it would be easier to pick a single option with a set payment plan vs. having to worry about opening a second account later tobt the remainder. When I checked Care Credit had plans for 6, 12, 18 and 24 months.
@this is true with care credit on the plans they also have longer financing, granted it isn't interest free if you opt for 60 months or whatever. If you decide to do care credit op get the longest financing they offer @ 0% then as stated if you need to transfer if after x months again to another 0% card that is an option as someone else mentioned. Care Credit definitely has it perks as well.. DP is a better card that HF has as after it is used can be PC'ed to another card, but assuming you can get a decent credit line like her.. Care Credit is easier to get a usable CL, depending upon your profile.. Always ask for double what you need at least and they will counter.. I am having a procedure done and originally approved for 10k carecredit, not quite enough to make me feel comfy with utilization so had 5 months now will ask for 25k and they should come back with 18kish and that will work for me.. I planned WAY ahead for what I need as I knew the game with Syncrony/Care Credit.
I don't have an exact payment plan yet since I'm not familiar with Care Credit and this will be the most I have ever charged to a card. With all of my other cards I pay the balance in full each statement to avoid interest, I know this one will be different but I do plan to pay more than the minimum to get it paid off as quickly as possible.
@Anonymous wrote:I don't have an exact payment plan yet since I'm not familiar with Care Credit and this will be the most I have ever charged to a card. With all of my other cards I pay the balance in full each statement to avoid interest, I know this one will be different but I do plan to pay more than the minimum to get it paid off as quickly as possible.
I think it would be wise to at least create an outline of a payment plan depending on how many months you have at 0%. What you don't want to happen is end up paying 24.9% interest (might not be the exact amount but when I was checking Care Credit it was rather high) with a remaining balance thats still in the thousands. Since you have a rough estimate of how much the procedure will cost then commit to paying whatever amount is required monthly to avoid interest in the long run. Within reason of your budget of course.
Thanks for the replies everyone!
@HeavenlyFlower, I like the point you brought up about having a card with purpose. With Care Credit I will most likely only use it once. It may be wiser to wait for one of my Capital One cards to just increase enough to cover the procedure and not hurt UTIL too badly. I read they are pretty good with CLI. Then again, that interest will come sooner if I do it that way.
I have the Platinum and Quicksilver One, and I think the QS1 has 0% APR until mid-2016 so that could be a good option...