@Gollum wrote:
@Anonymous wrote:Would somebody pleae explain how care credit actually works? My son is having a dental procedure done today and the dental office suggested using care credit for payment. They told me I can apply online. Wouldn't I have to wait to get the physical card before I can use it? Or should I just wait until I go to the dentist office and apply there? Thanks!
Care credit is not a credit card. Each transaction is a loan from Synchrony Bank. Your son's dentist is able to sign your son up for the loan. The dentist chooses the number of days/months before the loan comes due in full. Your son is on the hook to Synchrony Bank for the loan. The APR is 26.99% if you do not pay off the loan in full by the end of the grace period. The length of the grace period is chosen by your dentist.
https://www.carecredit.com/YourTerms/April2016.pdf
It reports to the credit bureau the same as a credit card.
@cuthatcard wrote:
Mine shows as a Credit Card. Shows the credit line, and available balance as well as "paid as agreed " !
+1
Some people choose not to "think" of it as a credit card, but that doesn't change the reality that it is, indeed a credit card account and is reported as such.
I'm not going to debate anybody on the semantics of what constitutes a credit card (we're each free to "think" what we want), but I'll add that FICO also considers Care Credit a credit card. Semantics aside, that's what most of us are concerned with, anyway. 