Care Credit what a joke, lol

[BGinVA]

Just applied for Care Credit online and got an instant decline.  Not that I have great scores (626/657/687) but who the heck except someone with my scores would agree to pay 26.99% annual interest?   Just who are they existing for?  I can assure you if my scores were even 25 ponts higher each I would not even consider their sucky terms and interest rates.  Anybody have any recent dealings with Care Credit and want to add to my amusement, or give me some unknown philosophy on how they operate?  

[EC341]

We just got one and just used it last week at my dentist. They asked us what amount we wanted and got the 8K we requested. We want the card for dental but you can use it for "services including Cosmetic Surgery, Cosmetic Treatments, LASIK and Vision Care, Dentistry, Veterinary Services, Hearing Care and more."

Here is some info:

With the CareCredit card, you can get a No Interest** payment plan if paid in full within 6, 12, 18 or 24 months on purchases with your CareCredit card. A minimum purchase amount may be required for promotional plans longer than 6 months in duration. Interest will be charged to your account from the purchase date if the promotional balance, including optional charges, is not paid in full within 6, 12, 18 or 24 months or if you make a late payment. Minimum Monthly Payments Required. Account fees apply.** Not all providers offer all promotional plans, ask your provider for details.

* Not all providers offer all promotional plans, ask your provider for details. No Interest if Paid in Full within 6, 12, 18 or 24 Months On Purchases made with your CareCredit card. A minimum purchase amount may be required for promotional plans longer than 6 months in duration. Interest will be charged to your account from the purchase date if the promotional balance, including optional charges, is not paid in full within 6, 12, 18 or 24 months or if you make a late payment. Minimum Monthly Payments Required. Account fees apply. If promo and debt cancellation are not paid in full within 6, 12, 18 or 24 months, interest at APR 26.99% will be assessed from purchase date. If account goes 60 days past due, promo may be terminated early and accrued interest will be billed. As of 11/1/2010, Purchase APR 26.99%; Penalty APR 29.99%. Minimum Interest $2. Existing cardholders refer to your current credit agreement for rates and terms. Subject to credit approval. "

[MarineVietVet]

I've had a CareCredit card for about 5 years and have used it quite a bit for mostly dental care but also for contact lenses and such. I will agree that the APR is very high but if you are self disciplined and pay it off within the deferred interest time frame it costs you absolutely nothing. I've been very happy with it. 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[MidnightVoice]

Ditto

[Creditaddict]

I agree with other Care Credit users, I got one when my dog had 2 Emergency stays in the hospital for a week time... costs in the end were about $2400 and the vet was offering 18 months 0% for anything over $500 I think it was.  This really helped me out as it would have taken quite a bit of my cash at the time.  In the first 2 months I paid it down below $1500 so that I can either carry it out the whole 18 months paying just $100 or I can pay $300-400 a month and just wrap it up shortly after new year.

I would agree with original poster if you can't get a 0% offer or you can't pay off during that 0% offer I would not use the card.

[Varakai]

I don't think Care Credit is a joke at all... Who else offers a card for medical, dental, veterinary, etc expenses with 0% financing for 6, 12 or 24 months?!?!

[LS2982]

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@BGinVA wrote:

Just applied for Care Credit online and got an instant decline.  Not that I have great scores (626/657/687) but who the heck except someone with my scores would agree to pay 26.99% annual interest?   Just who are they existing for?  I can assure you if my scores were even 25 ponts higher each I would not even consider their sucky terms and interest rates.  Anybody have any recent dealings with Care Credit and want to add to my amusement, or give me some unknown philosophy on how they operate?  

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Maybe i'm lost by your statement, but why would you insult their card because of the APR and then apply for it??? Either you didn't read the T&C or you thought you would get approved and are mad cause you didn't.

BTW, They offer different financing so you don't have to pay any APR as long as you pay it off before the fiancing period ends.

[Creditaddict]

In addition, unless you have been out of the store credit card market for the last 2 years you will notice that almost all store cards are starting to run between 22-29%... Some store cards like the CareCredit account I probably wouldn't get and use if it was not going to be a large enough purchase at whichever merchant your looking into using it at and not get the 0% periods... They range from 6 months all the way to 36 months sometimes at 0%.  If REALLY large purchase I believe they have 36-60% at fixed rates like 9%.

[CreditCrusader]

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@BGinVA wrote:

Just applied for Care Credit online and got an instant decline.  Not that I have great scores (626/657/687) but who the heck except someone with my scores would agree to pay 26.99% annual interest?   Just who are they existing for?  I can assure you if my scores were even 25 ponts higher each I would not even consider their sucky terms and interest rates.  Anybody have any recent dealings with Care Credit and want to add to my amusement, or give me some unknown philosophy on how they operate?  

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This is where I need to calmly and carefully choose my words...because to be honest, I found this post to be a little insulting and pretty far from accurate.

First, let's be clear here: There is NO one size fits all creditor on this planet. When my score jumped above 600, I applied for a Kay credit card because I had heard they were both BK friendly and relatively easy to be approved for. They turned me down flat - even after I was approved for Wal-Mart, CareCredit, and others who reportedly required higher scores. I was annoyed, but not disparaging of Kay as they are not obligated to lend to anyone, let alone me.

CareCredit is the same - as is the entire GE line of cards. JCP, CareCredit and Wal-Mart (among others) will approve some (like me) instantly with scores in the low 600s, yet will deny others with higher scores. Why? Who the heck knows?

Maybe they want a different demographic of customer. Frankly, if I was Wal-Mart, I would approve a borderline credit customer who will likely charge freely and pay off regularly before a high roller. Why? Because I know very few wealthy friends who shop at Wal-Mart, let alone use anything but their AMEX to pay for them.

In the case of CareCredit...yes, the interest is high...IF you don't PIF by the end of the no-interest promo periods. Those of us who have the card and use it responsibly appreciate a ZERO interest loan to cover medical expenses that otherwise would have had to wait.

Look, I know you're disappointed about being denied for the card, but it is bad form to come on this board and slam them just because they didn't approve YOU. The fact is, GEMB cards play an important role for many of us who are in the netherworld of Creditville i.e. 600s-ish...not terrible, but not good credit either. If you disagree with the denial, call and recon it (What do you have to lose? You'll be getting a hard pull anyway). In the meantime, try to be a little more gracious in denial because in the end you do yourself no good by blaming the lender.

[LS2982]

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@CreditCrusader wrote:

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@BGinVA wrote:

Just applied for Care Credit online and got an instant decline.  Not that I have great scores (626/657/687) but who the heck except someone with my scores would agree to pay 26.99% annual interest?   Just who are they existing for?  I can assure you if my scores were even 25 ponts higher each I would not even consider their sucky terms and interest rates.  Anybody have any recent dealings with Care Credit and want to add to my amusement, or give me some unknown philosophy on how they operate?  

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This is where I need to calmly and carefully choose my words...because to be honest, I found this post to be a little insulting and pretty far from accurate.

First, let's be clear here: There is NO one size fits all creditor on this planet. When my score jumped above 600, I applied for a Kay credit card because I had heard they were both BK friendly and relatively easy to be approved for. They turned me down flat - even after I was approved for Wal-Mart, CareCredit, and others who reportedly required higher scores. I was annoyed, but not disparaging of Kay as they are not obligated to lend to anyone, let alone me.

CareCredit is the same - as is the entire GE line of cards. JCP, CareCredit and Wal-Mart (among others) will approve some (like me) instantly with scores in the low 600s, yet will deny others with higher scores. Why? Who the heck knows?

Maybe they want a different demographic of customer. Frankly, if I was Wal-Mart, I would approve a borderline credit customer who will likely charge freely and pay off regularly before a high roller. Why? Because I know very few wealthy friends who shop at Wal-Mart, let alone use anything but their AMEX to pay for them.

In the case of CareCredit...yes, the interest is high...IF you don't PIF by the end of the no-interest promo periods. Those of us who have the card and use it responsibly appreciate a ZERO interest loan to cover medical expenses that otherwise would have had to wait.

Look, I know you're disappointed about being denied for the card, but it is bad form to come on this board and slam them just because they didn't approve YOU. The fact is, GEMB cards play an important role for many of us who are in the netherworld of Creditville i.e. 600s-ish...not terrible, but not good credit either. If you disagree with the denial, call and recon it (What do you have to lose? You'll be getting a hard pull anyway). In the meantime, try to be a little more gracious in denial because in the end you do yourself no good by blaming the lender.

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+1,000

I got denied quite a few times from GECRB before they let me in. I have 4 cards with them now.