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GE Capital Retail Bank Care Credit Card – Best for Health Needs?


GE Capital Retail bank’s Care Credit card is perhaps one of the more unique credit cards available on the market today. The Care Credit card is specifically designed for health and wellness. The interesting thing about the care credit card is that it can be used for anything from your pet care to your dental care to medical care and all your beauty, health, and wellness expenses. The Care Credit card is not designed for merchandise, or department store shopping, but is to be used exclusively for healthcare. We’ll tell you how it works, its benefits, drawbacks, and of course, fees, terms and conditions, and other important things to know about the Care Credit card so you can make a knowledgeable, educated decision whether to get this one.

Care Credit Card Basics

The Care Credit card is structured like a traditional credit card, and it’s important to make monthly payments on time. If you don’t, you can expect your interest rates and fees to increase. The Care Credit website makes it easy to find providers by ZIP code and profession, or by typing in your doctor or your doctor’s practice name and city and state to determine if your doctor accepts Care credit.

The Care Credit card can be used for a variety of health care needs including cosmetics, dentistry, vision care, hearing, veterinary care and more. Individuals interested in the Care Credit card should know that the card is part of GE Capital Retail and card terms will apply as based on their bank terms, conditions, fees, and so forth.

The Care Credit card comes with an existing line of credit that can be used repeatedly.  Cardholders benefit from financing options with convenient monthly payments based on your balance. The card can be used by the primary cardholder, family members, and yes, for your pets when it comes to veterinary care.

The card is accepted by over 175,000 care credit health care providers around the country, and you have payment options when it comes to qualifying treatments. The most attractive aspect of the Care Credit card is that you can make health care payments for treatments over time, for as long as your account remains in good standing and you have credit available.

Do keep in mind however, that financing will vary by providers. After approval, you have the benefits that most other credit card carriers have, including monthly summary accounts, payment and transaction information, promotional purchases summaries, and special messages for news that apply to the cardholder.  You must make minimum monthly payments to keep your account in good standing.

The website provides useful information for consumers in order to determine financing options, procedures, facts, and user guides, as well as a payment calculator so that you can calculate what a specific treatment or procedure may cost you in monthly payments.

Terms and Conditions

A number of financing options are available with the Care Credit card. No interest will be charged to your account if you pay your account in full within the promotional period.  Qualifying purchases must be at least $200, made with your Care Credit card.  Keep in mind if the promotional purchase is not paid in full within the promotional period, the interest charges will be applied to the account starting from the purchase date. Promotional periods may extend 6, 12, 18 or 24 months.

Qualifying purchases where your balance is not paid in full will accrue a 14.90 APR and fixed monthly payments determined by GE Capital Retail bank until the balance is paid in full. Your fixed monthly payments will be spread out over 24, 36, 48, or 60 months.  Any purchase over $1,000 is eligible for 24, 36, or 48 month offers, while a purchase over $2500 is eligible for a 16-month repayment plan.

The GE Capital Retail bank specifies that its Care Credit card account agreement attaches a 26.99% annual percentage rate for purchases. Keep in mind that you can pay up to $35 for a late payment or returned payment penalty fees. If your total minimum payment is not received by 5:00 p.m. Eastern standard Time on the due date, a late fee of $25 will be attached to your account as long as you’ve made six previous minimum payments by the designated due date. If you haven’t made six minimum payments due by the due date in the previous six billing cycles, you’ll be charged $35.

The same rules apply to returned payment fees. Because this is a revolving type credit card, minimum payment calculations will be either $25 or 3.25% of the new balance.

You won’t be charged interest on any non-promotional purchase or during the billing cycle if you don’t have a balance at the start of the billing cycle, or if you pay your balance in full by the due date of a specific billing cycle.

The Care Credit card offers special promotional financing, with no interest if paid in full within 6, 12, 18, or 24 months, depending on the promotion that’s running at the time you apply. The same applies to the introductory promotional 14.90% APR. After that, you’re APR rises to 26.99%. Check out the website for more information.

The GE Capital Retail bank Care Credit card comes with a long set of terms and conditions, so take the time to read through them carefully so that you understand the basics regarding the terms and conditions, interest rate and fees applied to this card.

Bottom Line

The Care Credit card is certainly attractive to many consumers looking for an easy way to pay for health, dental, and veterinary expenses without having to go through health insurance. Making it easy to find a doctor, anticipate your payments, and take advantage of Care Credit benefits makes this credit card one of the more it unique, usable, and beneficial credit cards for consumers. For all intents and purposes, this card is a definite help not only to pet owners, but anyone needing a fallback plan or card to deal with unexpected health issues. The option you have to make payments on desired treatments and procedures is the most positive aspect of this card. Visit the website for more information on how the Care Credit card works for you or your pet’s health care expenses.

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