What Credit Score Do You Need for a CareCredit?
Generally, a score of 620 or higher is the recommended credit score you need to be approved for a CareCredit card. If your credit score is below 620, you may still qualify for CareCredit if your financial profile is solid.
A good credit score is just one of the many requirements for a CareCredit card. We will cover all those additional requirements, process to get approved for it, and if it is right for you.
But, first, what exactly is a CareCredit card?
What is CareCredit?
CareCredit is a credit line healthcare card issued by Synchrony Bank. It is accepted by over 250,000 providers nationwide for LASIK and Vision Care, Cosmetic and Dermatology Procedures, Dentistry, and Hearing.
It can be used mainly as
- payment for deductibles,
- as a co-pay, and
- for other medical expenses and health & wellness needs that are not covered by a regular health insurance plan.
Other expenses CareCredit covers include emergency care, pharmacy costs, surgery, labs, personal care, hair care, pet care, and many more.
Since CareCredit is a credit line, is it the same or different from a regular credit card?
Let’s find out.
How Is CareCredit Different From a Regular Credit Card?
CareCredit is different from your regular credit card. The credit line for CareCredit is only available within the accepted network of healthcare service providers and used for medical, health, and wellness-related expenses.
Also, unlike a regular credit card with an open-ended date to settle credit balances, CareCredit allows cardholders to pay their debt with fixed monthly payments over a set period ranging from six months to 60 months.
CareCredit may also offer a promotional financing rate for that period to help you avoid overbearing interest payments.
If you’re interested in applying for a CareCredit card, keep on reading.
CareCredit Approval Requirements
CareCredit applicants need to provide the following information and meet the below criteria:
- 18 years+: The applicant must be 18 years old and above to apply for financing online and 21 years old and above for the financing process over the phone.
- SSN or ITIN: The applicant must have a Social Security number (SSN) or individual taxpayer identification number (ITIN).
- Stable Income: The applicant should also have a steady income source to qualify for credit financing.
It’s relatively easy to begin the application process for a CareCredit account. The applicant can sign-up when a participating healthcare provider visits, call the CareCredit hotline and speak with an agent, or fill up the application form on the CareCredit website.
FAQs
How can you keep your CareCredit card active?
You need to use your card at least once a year and ensure it is in good standing.
What procedures can you use CareCredit for?
The following are some of the procedures or services covered by CareCredit: healthcare specialists, dentistry, dermatology, cosmetic, chiropractic, hearing, LASIK, pharmacies, medical equipment and supplies, fitness, spa, sleep, animal/pet care, veterinary, etc.
How can you keep your CareCredit card active?
You need to use your card at least once a year and ensure it is in good standing.
Takeaway: Is CareCredit Good For You?
CareCredit remains a solid go-to payment option if you are buried under extra medical bills. But like regular credit cardholders, CareCredit cardholders should be vigilant and responsible when using and paying for the card’s dues.
Before applying for the CareCredit card, do your homework and consider if you can pay off your debt before the end of the deferred interest period while making ends meet.
