All of us get in trouble from time to time. We can get into a traffic accident or fall down the stairs during roof repairs, and in addition to health problems, we also have additional medical bills. Most Americans do not have enough savings to cope with sudden expenses in excess of $ 1,000, while the average cost of visiting an emergency room exceeds $ 1,200 per visit. Quick payday loans will not always be the best option in such cases, due to certain conditions, interest rate and impact on your credit rating. Best care credit card option may be the best option to help you fund your medical payments.
Let’s look at all the features of the care credit card, having learned about which you can confidently make a choice in case of a sudden medical problem.
Why use a Care Credit Card?
Medical insurance has become very common today among Americans, which, however, in most cases does not cover all medical expenses. Also, the more its coverage, the higher the cost of insurance will cost you.
Every year, using credit, Americans pay medical bills worth 150 billion dollars, despite the fact that ordinary credit cards have high variable interest rates.
What is different about Care Credit card?
Best Care credit card options differs from your usual credit card in that with it you can pay only medical expenses. This card operates in the same way as the cards of certain stores. It is intended only to pay for a visit to the doctor or your hospitalization or someone from your family members.
How to use Care Credit card?
With the help of care credit card you have to pay for medical services of licensed specialists. You must also repay its balance in a timely manner and have the opportunity to use it just like any other credit card several times throughout its validity period, but only for paying medical bills.
Applying for a Care credit card is one of the easiest processes to apply for a credit card registration. 24-hour automatic user support allows you to order such a card at any time by phone.
You will need to answer all the questions that are asked to you regarding the use of your Care credit card and regarding your doctor in order to receive very quick approval. You will also need to provide certain personal information, your gender, age, 21 years old, social security number, residential address and your income level.
Care credit cards offer quite flexible financing terms. You can use both the long-term option and the short-term option to finance your treatment. The essence is about the same as when using conventional credit cards, but you may not be charged for the interest rate.
Long-term financing of your medical expenses
You will be able to use the financing of your family medical expenses for a period of 24 to 60 months if you need more time to pay off. In addition, you will receive a lower interest rate and uniform monthly payments, as with an installment loan, for the entire long term.
However, you will have to pay no less than $ 2.5 thousand from the medical invoice issued to you so that you can count on the longest possible loan period. With a maximum loan period of 60 months, you will receive a 16.9% annual interest rate.
In order to receive your medical financing for a period of 24 to 48 months, your purchase or an invoice for you should not be less than $ 1,000, and you will receive an interest rate of 14.9% per annum.
Short-term financing of your medical expenses breaks between 6 and 24 months. Your Care credit card also offers financing similar to how you take out a loan in installments according to your debt repayment scheme.
Your total amount of a loan will also be added with the lender’s interest and then you will divide the entire amount by a certain number of equal monthly payments. If you spend no more than $ 200, then you will not be accounted for the annual interest rate until the end of the promotional period, provided that you comply with the conditions.
By visiting the website of the company issuing Care Credit, you can use the payment calculator to calculate exactly how much you will need to repay monthly with a certain amount of money spent and the loan term.
Optional equal monthly payments
With a loan amount of $ 2,000, you have to pay $ 334 a month, if you choose a six-month repayment plan, but already with a 12-month plan, your monthly payment will be only $ 167.
Fixed monthly payments
Suppose you have paid for a medical purchase of $ 2,000, you will also have to make an initial payment and expect that in the end you will pay more than the original amount of the purchase for you.
You can expect to end up paying more than the initial purchase amount. In this you will be absolutely right, if you do not get in on the conditions of the promotional period.
What can I pay for a Care credit card?
As you know, insurance, which will cover all your medical expenses, will cost accordingly very expensive. Most Americans, choosing medical insurance, also buy a small franchise. Due to which part of the costs they will have to compensate from their own pocket, but which significantly reduces the expenses of the initial cost of the medical insurance policy.
In general, you have the opportunity to use a care credit card and not for medical expenses, but then you get a full interest rate charge, even if you use during the promotional period.
Primary and Urgent
You will be able to pay care credit card for any illnesses of your family members, regardless of the speed of the occurrence and planned checks. If you or your children or parents have a scheduled medical examination for the year, then a care credit card will also cover these costs.
Your health insurance may not cover all costs, especially if you need to contact a specific specialist for treatment. You can use Care credit card for these payments.
Chiropractors can be an unknown area and entail greater costs in most medical insurance coverage.
Laser vision correction and other eye treatments are covered as a treatment. This is useful because vision coverage is often not included in traditional medical insurance, and it can take a long time to pay for it from your own pocket.
Unfortunately, dental procedures are also not covered by health insurance. Therefore, if you have problems with your teeth for the foreseeable future, then you will more likely need to purchase special dental insurance.
Hearing aid treatment
Fortunately, health insurance covers hearing loss treatment. Therefore, if you have health problems in this area, then you will not have to pay for it from your own pocket.
Weight loss surgeries, as well as other cosmetic procedures, can also be approved to cover these procedures with health insurance. However, it is worth remembering that not all such procedures are included in the list of approved treatment procedures for coverage.
Spa and skin care
Relaxing treatments, such as spa treatments, are of course paid out of your pocket. At the same time, if such procedures are associated with dermatological problems and require treatment, they can be paid for by your insurance.
Pets may also be covered by insurance as one of your family members.
What negatives does a care credit card represent?
Using a Care Credit card with a zero interest rate often looks like a very tempting offer, but there you can often find pitfalls in the form of additional fees and charges. There may be hidden interest rates, for example, or fees indicated in footnotes in small print. Early repayment may also be subject to additional fees and penalties.
Each loan in this case will have an important moment when it will be necessary to repay its balance by the end of the loan’s validity period. Otherwise, you risk paying a large amount of an unexpected percentage of the original amount.
If you fail to repay the balance in a timely manner, then the maximum amount you owe will be significantly more than the original bill. Taking out a loan to prevent these additional fees can give you tremendous overall savings.
This means that if any payment is delayed or missed, you will owe all the interest. In a pinch, we recommend that you pay attention to bad loans to ensure timely payment.
Prices and fees
The potential interest rate after the end of the promotional period will be up to 26.99% if you do not pay in full. If you are the first to deal with a Care credit card and, having made a purchase for not less than $ 200 and do not repay the payment in full before this time, you can count on such an amount of interest
As with other loan, you may be subject to penalties for late payments. The first half a year overdue will cost you an extra $ 27, and subsequent late payments will cost you $ 37 each. In addition, the interest rate may be increased for you by assuming late payment on a Care credit card.
Monthly minimum payment
The monthly minimum payment may not be enough for you to pay your debt in full before the end of the advertising time. If this happens, then you have to pay more.
No benefits or rewards
Credit cards basically always offer any bonuses, cashback or any kind of rewards for use. Care credit card will not provide any of these types of rewards, so if you expect to receive something else besides paying your medical bills, choose a different type of credit card.
Your credit rating
Your credit rating will not be affected by the debt to your doctor, but with missed payments, your credit score will noticeably suffer. It will be even more damaged if it is transferred to collection agencies in order to get it from you.
You paid for treatment you did not receive
To undergo some medical procedures, all payment for the entire course of them is required from you. You have to pay for all the sessions that need to be passed, but the payment will come forward.
If for some reason you do not receive all the necessary procedures that have already been paid in full, it can be quite difficult to return the money for unused sessions, but in many cases this may be feasible.
Consult with experts from both fields
Care credit card covers both the medical and financial sectors. To find out completely whether you should take advantage of this, first consult with your doctor so that he describes to you the general state of your health and possible medical procedures that you may need next year.
As a next step, you can contact us so that when your picture of health status is more or less clear, we, knowing all your conditions, will be able to select the most suitable financial product for you. Perhaps a care credit card would be the most suitable option for you, but maybe you should use a personal loan for this purpose.
Just feel free to write us, fill in the loan application form or leave your comment below. We will contact you and help you decide on the best option specifically for you in your circumstances.