Today, there are many different types of credit out there, that help make larger purchases more attainable and within our reach. The costs of healthcare continue to rise, and insurance does not cover everything, including things like elective procedures or plastic surgery. But that does not mean that people do not want to be able to take advantage of these elective or cosmetic procedures. However, they are often very expensive, and the cost is out of the reach of many of the people who would like to take advantage of these services.
There are now a number of credit lending companies who specialize in extending credit cards for people to use for the purposes of paying for elective and cosmetic health procedures. It works like a credit card in that you are extended a line of credit, with a grace period and a monthly interest rate. If you pay the balance in full before the end of the grace period, you are charged no interest whatsoever, making this an attractive option for those who are looking for these types of procedures, and can repay the balance by the end of the introductory period.
If you cannot repay the balance in full within the grace period, the cost of the procedure will be averaged out over the course of a agreed upon number of months, to come to your monthly principal payment, then interest is tacked onto it.
The minimum score recommended when applying for Care Credit is 607, though those with a higher credit score increase their chances of approval and are likely to receive a larger line of credit. The interest rate for Care Credit is 26.99% on average, but they have payment plan options that offer interest rates as low as 14.99%. This is the only credit card that is exclusively designed for medical costs not covered by insurance. The interest rates on this card might be lower than what you could get on a traditional credit card, however those with good credit might get better rates and terms by using a traditional credit card for these purchases if possible.
Care Credit is a specialized type of credit card designed for elective and cosmetic medical procedures. Those with good to excellent credit can easily qualify for this card, and if the balance is paid in full before the end of the introductory period, no interest is charged on the purchase. Interest rates vary depending on credit score and credit history, as does the amount of credit that will be extended to you.