Care Credit is a popular credit card program that offers special financing options for healthcare expenses. As a Care Credit cardholder, it`s important to understand the terms of your agreement with the company to avoid any misunderstandings and penalties.
Here`s what you need to know about the Care Credit cardholder agreement:
1. Interest Rates and Fees
The interest rates for Care Credit are typically higher than traditional credit cards, ranging from 15.90% to 26.99% APR. Additionally, there may be fees for late payments, returned payments, and balance transfers.
It`s important to keep track of your payments and due dates to avoid late fees and potential increases in interest rates.
2. Promotional Financing
One of the benefits of using Care Credit is the promotional financing options available for certain healthcare expenses. These financing options typically offer a 0% APR for a set period of time, ranging from six to 24 months, depending on the amount spent.
However, it`s important to make sure you understand the terms of these promotions, as there may be special conditions or restrictions that could result in retroactive interest charges if not met.
3. Credit Reporting
Care Credit reports to all three major credit bureaus, which means that your payment history and credit utilization will impact your credit score. This underscores the importance of making on-time payments and keeping your balance low.
4. Fraud Protection
Care Credit offers fraud protection to cardholders, which means you won`t be liable for unauthorized charges made on your account. However, it`s important to report any suspicious activity as soon as possible to expedite the investigation and avoid any potential damage to your credit score.
5. Customer Service
If you have any questions or concerns about your Care Credit account, their customer service team is available to help. You can contact them via phone, email, or online chat.
In conclusion, being a Care Credit cardholder can be a great way to manage healthcare expenses. However, it`s important to understand the terms of your agreement with the company to avoid any potential fees, penalties, or damage to your credit score. Keep track of your payments and due dates, take advantage of promotional financing options, and report any suspicious activity to protect yourself from fraud.