When we were faced with a large Veterinary bill for one of our dogs, we wanted to cry. While we had an account set aside for pet expenses, the amount quoted by our Veterinarian far-exceeded that balance. Because the success rate of the procedure was 95% with a dog returning back to its normal life, we did not have any other options. We sought out reviews on CareCredit. One thing I immediately noticed when looking for reviews was that a lot of the negative reviews came from individuals who did not pay their bill on time. That's a big "no no" not only for credit cards but other accounts as well.
We went online, and we signed up for Care Credit. Here are some tidbits to note while signing up online (for Veterinary use as Care Credit can be used for other procedures, too:)
* Know what the procedure will cost, and add an additional 25% onto that for unexpected costs that may arise (an additional night's stay at the Vet, etc.)
* If you submit an application online, and it seems like it doesn't go through - call.
* Care Credit has an automatic approval or decline, and if you are approved, they will provide you with your account number over the phone for immediate use.
Here are some tidbits to consider with their promotion of "interest-deferred payments:"
* If you have a balance of, say, $2000, and you want to pay it off in 12 months, you have to pay $166.67/month and NOT the minimum balance that is exponentially less than that.
* IF you pay the amount calculated above versus the minimum balance, you have NO interest for those 12 months of payments.
* IF you pay ONLY the minimum amount or NOT the calculated amount above, you WILL get smacked with interest after 12 months for the full balance.
All-in-all, if you're in a bind, and you need some assistance for your pet (or medical treatment, ) consider Care Credit. I do not have the best credit, but I don't have any negative marks on my credit, and I have only had two accounts in collections in the past several years (remedied immediately.) I was approved for our requested amount, paid within 12 months and no interest.
After you pay the balance owed, you retain your Care Credit card and never have to re-apply again. For what it's worth, our total amount owed was less than the credit line we requested, but it's better to have too much than not enough.