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Synchrony Bank CareCredit CLD

firefox100
Established Contributor

Re: Synchrony Bank CareCredit CLD


@Remedios wrote:

@firefox100 wrote:

Ok I don't know much about this type of account, only what I read not away I would finance large medical bill. I want to be incontrol with doctor not have the doctor say I can get you financing. Back in 2016 when I did major dental work which was over 27K put it on my Discover card over couple months and paid it off each month got 2% back.

What I was saying people who go this way need the medical work and don't have money on hand so they use card like this to get the medical work done then if they ay off the account then banks kick them in the pants in stead of helping them, it keeps them down.


 

No, @firefox100 . While it's not be under realm of possibility that some people may not be afford whatever procedure they're having, a lot of people take advantage of interest refinancing for a certain period of time. 

 

Since she said you don't know much about this type of account, you can go to their website, and learn something about this account. 

 

I know this is not the case for you since you aren't incurring these expenses, but a lot of people struggle with high deductibles, coinsurances, and at times what insurance may determine is an "elective" procedure. 

 

It's not okay to go with "people don't have money but want stuff, bank bad" without taking facts into consideration. 


 

I disagree with you, I do have lot of medical expensive that are not covercovered by insurance such as guide dog expence and others, I am lucky that I can afford it. In this type case I agree with Dave ransey, the doctor is discounting face value to the bank. With most of thes accounts if you don't pay off the total amount by end intrest free period they charge all the intrest from the beinning of when the charge was put on. This is subprime lending in my view.

 

 I feel for op look at his fico scores and when he paid off the account they cut is credit limit, this could cause AA.

Message 11 of 16
Remedios
Moderator

Re: Synchrony Bank CareCredit CLD

I'm not sure what you're disagreeing with. 

If I read that correctly, and I'm pretty sure I did, you expect medical practice to figure out how each patient will pay so that patients don't get into debt.

Does grocery store have a responsibility not to accept cards with high interest rate?

So, bank evil, doctor evil, who else and where does it end?

 

How would you go about paying for chemo? Would you care about evil banks if the price was life?

I cannot wrap my mind around what you are saying. I really cannot.

 

 

 

 

 

 

 

 

Message 12 of 16
K-in-Boston
Moderator

Re: Synchrony Bank CareCredit CLD

@firefox100 the pricing isn't being determined by use of the card.  The same providers that are accepting this card will gladly accept another payment method for the same amount.  

 

There are numerous options for 24-60 month equal payment plans that are not subject to retroactive interest for larger purchases.   For smaller purchases, the card extends purchasing power to those who may not otherwise be able to afford procedures or goods that are essential, and also gives them an option to pay no interest for 6 to 24 months if they pay the charges in that time frame.  If Dave Ramsey is suggesting delaying medical procedures until one can afford to pay with cash, that's not only economic Darwinism but another reason for most of us to consider him a crackpot snake oil salesman.

Message 13 of 16
sarge12
Valued Contributor

Re: Synchrony Bank CareCredit CLD


@K-in-Boston wrote:

@firefox100 the pricing isn't being determined by use of the card.  The same providers that are accepting this card will gladly accept another payment method for the same amount.  

 

There are numerous options for 24-60 month equal payment plans that are not subject to retroactive interest for larger purchases.   For smaller purchases, the card extends purchasing power to those who may not otherwise be able to afford procedures or goods that are essential, and also gives them an option to pay no interest for 6 to 24 months if they pay the charges in that time frame.  If Dave Ramsey is suggesting delaying medical procedures until one can afford to pay with cash, that's not only economic Darwinism but another reason for most of us to consider him a crackpot snake oil salesman.


Dave Ramsey is stuck in the assumption that if he could not handle credit cards, nobody can. He thinks he is smarter than everyone else. Some of us can and do actually make a profit on credit cards due to rewards. Dave Ramsey just makes a profit from the fact that many have mis-used their cards. Don't get me wrong, following his advise might be one way of financial success, but in spite of what he preaches, it is not the only way. It is also not a guarantee that following his advice works better for you. Credit cards are a means for transactions, and offer rewards the general consumer pays for in the price of goods and services. The general consumer pays for these rewards at the cash register even if paying cash. Paying cash means you are paying for someone else to get the rewards. To suggest that nobody can make credit cards beneficial is idiotic. It takes careful use of cards, and self control, but many here benefit from credit cards every year.

TU fico08=842 05/20/21
EX fico08=830 06/04/21
EQ fico09=835 06/01/21
EX fico09=824 05/05/21
EQ fico bankcard08=856 05/25/21
TU Fico Bankcard 08=881 05/23/21
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 14 of 16
CreditCrusader
Established Contributor

Re: Synchrony Bank CareCredit CLD


@sarge12 wrote:

@K-in-Boston wrote:

@firefox100 the pricing isn't being determined by use of the card.  The same providers that are accepting this card will gladly accept another payment method for the same amount.  

 

There are numerous options for 24-60 month equal payment plans that are not subject to retroactive interest for larger purchases.   For smaller purchases, the card extends purchasing power to those who may not otherwise be able to afford procedures or goods that are essential, and also gives them an option to pay no interest for 6 to 24 months if they pay the charges in that time frame.  If Dave Ramsey is suggesting delaying medical procedures until one can afford to pay with cash, that's not only economic Darwinism but another reason for most of us to consider him a crackpot snake oil salesman.


Dave Ramsey is stuck in the assumption that if he could not handle credit cards, nobody can. He thinks he is smarter than everyone else. Some of us can and do actually make a profit on credit cards due to rewards. Dave Ramsey just makes a profit from the fact that many have mis-used their cards. Don't get me wrong, following his advise might be one way of financial success, but in spite of what he preaches, it is not the only way. It is also not a guarantee that following his advice works better for you. Credit cards are a means for transactions, and offer rewards the general consumer pays for in the price of goods and services. The general consumer pays for these rewards at the cash register even if paying cash. Paying cash means you are paying for someone else to get the rewards. To suggest that nobody can make credit cards beneficial is idiotic. It takes careful use of cards, and self control, but many here benefit from credit cards every year.


Oh man...don't even get me started on that tool.

 

He's the Captain Obvious of talk radio, but with a twist.

 

Most of his advice involves working yourself into an early grave...and his predilection toward what he calls "cash cars" only works if you either live close enough to work to walk or have access to public transportation when the unreliable car breaks down. If I put my fate in the hands of "cash cars", I'd be hitch-hiking 20 miles into the city and back when that vehicle inevitably croaked.

 

He's also a fan of paying off credit card debt smallest-to-largest...when it's usually the creditors with the largest balances who will sue you to collect first. I've heard him flat-out tell callers to stop paying some CCCs altogether, while telling others to "just pay them what you can". Never mind that your credit wil be WRECKED and that there are other options to BT, lower interest, etc.

 

Maybe his advice works for some, but for others, his advice would be disastrous.

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
Goal Score: ?
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Message 15 of 16
UncleB
Moderator

Re: Synchrony Bank CareCredit CLD


@firefox100 wrote:

 

What I was saying people who go this way need the medical work and don't have money on hand so they use card like this to get the medical work done then if they ay off the account then banks kick them in the pants in stead of helping them, it keeps them down.


It's clear you have issues with the promotions offered by CareCredit (and other similar credit products) and that's fine, you do you.  But this thread isn't about you, it's about the OP and their specific experience with CareCredit lowering their credit line. 

 

If you want to expand further on your thoughts/feelings about CareCredit you're more than welcome to start your own thread.

Message 16 of 16
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