CareCredit® Rewards™ Mastercard™ Credit Card

TheCareCredit® Rewards™ Mastercard™ does not provide a signup bonus or any other type of introductory offer. Instead, it offers something even better: ongoing special financing options for medical and healthcare procedures—which even includes treatment for pets! Yes, you heard right – Care Credit does pay for veterinary bills at select vets and animal hospitals. This means animal-lovers never have to worry if their four-legged friend (or bird, lizard, or any other pet) is covered.

What’s Covered?

So, just what is covered through the CareCredit Mastercard? Here is  alist of eligible procedures: 

1. Qualifying for a CareCredit Payment Plan

To qualify for a CareCredit promotional financing plan, cardholders must make a purchase of at least $200 at a participating CareCredit provider. These include a wide array of medical professionals like pediatricians, dentists, and veterinarians to less traditional specialists such as plastic surgeons or aestheticians. There is no limit to how many times this card feature may be utilized.

2. Choosing a Care Credit Card Payment Plan

Like its predecessor, the CareCredit® Rewards™ Mastercard™ offers two types of promotional financing plans: deferred interest repayment or a reduced APR with fixed monthly payments. Aside from having two distinct repayment structures and benefits, both CareCredit financing plans have unique qualification requirements as well.

Deferred Interest Repayment: “No Interest if Paid in Full Within ‘X’ Months” 

With this payment option, cardholders have the potential to pay no interest whatsoever, as long as the balance is paid off in full by (or before) the end of the promotional period. The deferred interest repayment plan is available in 6, 8, 12, and—newly created— 24-month payment periods for amounts of $200 or more.

The 24-month option is still relatively new and therefore is not yet available at all participating CareCredit merchants.  In terms of repayment, only the minimum monthly payment is required – making this an ideal payment method for someone with a smaller balance or someone who expects to receive a large lump sum in the near future (such as insurance benefits or a settlement).

However, It is important to note that the minimum payment may not be sufficient for paying off the entire balance by the due date.  As such, cardholders should be sure to adjust their payment amount as needed to ensure on-time repayment. Failing to do so will result in the interest (that was accrued but not charged throughout the duration of the loan) to become due in addition to the remaining principal balance.

The easiest way to do this is to simply divide the total amount by the number of months in the financing period – disregarding the minimum payment.

Fixed Repayment: “Reduced APR & Fixed Monthly Payments Until Paid in Full” 

To cover larger medical costs, cardholders also have the option of 24, 36, 48, and even 60-month repayment periods. The minimum purchase amount needed to qualify for the 1, 2, or 3-year repayment term begins at $1,000 while the 5-year repayment options require purchases of at least $2,500.

Interest is charged from the very beginning, but unlike the deferred payment option, is done so at a discounted rate of almost half the regular purchase APR. Additionally, the fixed monthly payments are calculated to include interest and guarantee that the charge will be paid in full by the end of the promotional period, ensuring the cardholder does not pay any additional fees.