CareCredit® Rewards™ Mastercard™ Credit Card

In-Depth Review: CareCredit® Rewards™ Mastercard™

The CareCredit Mastercard Credit Card was created to assist individuals in covering their out-of-pocket healthcare expenses, including those for themselves, their families, and even their pets. It is most recognized for its interest-free payment plans, which offer 6, 12, 18, and 24-month durations with CareCredit’s extensive network of 200,000 participating healthcare providers.

Who Can Benefit from CareCredit?

The CareCredit Credit Card is a game-changing option that provides financing for treatments, procedures, consultations, or any other medical expenses that insurance might not cover. Now, it can also be used anywhere Mastercard is accepted and will earn rewards with every purchase. The CareCredit Mastercard bonus categories are versatile and perfect for health-conscious individuals and pet owners.

How to Get the Card

Credit Needed

The CareCredit Mastercard is a retail rewards card offered by Synchrony. Similar to other retail cards, CareCredit is designed for applicants with “fair“ or “good“ credit and above.

CareCredit Account Required

The CareCredit Mastercard is exclusively offered to existing CareCredit store credit cardholders. This card, also provided by Synchrony, is a closed-loop card, which means it can only be used for promotional financing within the CareCredit Network.

Instant Virtual Card Access

One of the great features of CareCredit is that new cardholders get instant access to their new CareCredit Mastercard. You can apply at the doctor’s or dentist’s office and use the card to pay your visit.

Guide to the CareCredit Process

The CareCredit Mastercard distinguishes itself from other rewards credit cards with its unique promotional financing. Unlike other cards that offer sign-up bonuses or introductory offers, the CareCredit Rewards Mastercard provides something even better: ongoing special financing options for medical and healthcare procedures.
This includes coverage for veterinary bills at select vets and animal hospitals, ensuring that animal lovers never have to worry about their pets’ medical expenses. Here’s how the CareCredit financing program works:

Eligible Medical Costs

So, what exactly does the CareCredit Mastercard cover? Here is a list of eligible procedures:

Qualifying for a CareCredit Payment Plan

To qualify for a CareCredit promotional financing plan, cardholders must make a purchase of at least $200 at a participating CareCredit provider. These providers include a wide range of medical professionals, such as pediatricians, dentists, veterinarians, plastic surgeons, and aestheticians. There is no limit to how often this card feature can be utilized.

Choosing a Care Credit Card Payment Plan

The CareCredit® Rewards™ Mastercard™ offers two types of promotional financing plans: deferred interest repayment or a reduced APR with fixed monthly payments. Both CareCredit financing plans have unique qualification requirements and two distinct repayment structures and benefits.

Deferred Interest Repayment: “No Interest if Paid in Full Within ‘X’ Months”

Under this payment option, cardholders can pay no interest if they fully pay off the balance by (or before) the end of the promotional period. The deferred interest repayment plan offers payment periods of 6, 8, 12, and, newly introduced, 24 months for procedures and costs of $200 or more.

For repayment, only the minimum monthly payment is required. It is an ideal method for individuals with smaller balances or those expecting a large lump sum shortly, such as insurance benefits or a settlement.

However, it is important to be aware that the minimum payment may not be sufficient to fully pay off the balance by the due date. Therefore, cardholders should adjust their payment amount to ensure timely repayment. Failure to do so will result in the accrued but previously uncharged interest becoming due in addition to the remaining principal balance.

The simplest way to achieve this is by dividing the total amount by the number of months in the financing period, disregarding the minimum payment.

Fixed Repayment: “Reduced APR & Fixed Monthly Payments Until Paid in Full”

Cardholders can choose from 24, 36, 48, or 60-month repayment periods to cover larger medical costs. To qualify for the 1, 2, or 3-year repayment term, the minimum purchase amount is $1,000. For the 5-year repayment options, purchases of at least $2,500 are required.

Interest is charged from the beginning but at a discounted rate of almost half the regular purchase APR. Unlike the deferred payment option, the fixed monthly payments include interest and ensure that the charge will be paid in full by the end of the promotional period. This guarantees that the cardholder will not incur any additional fees.

How to Earn Rewards with CareCredit

In addition to promotional financing, the CareCredit Mastercard allows cardholders to earn points with every purchase. The card earns up to 2X points per $1 spent on select bonus categories – including CareCredit procedures.

CareCredit Mastercard cardholders earn the following rewards on purchases:

• 2X points on CareCredit Network purchases
• 2X points on health & wellness purchases, grocery stores, and pet store purchases
• 1X on all other purchases

The bonus categories are uncommon and give cardholders to earn rewards on the types of purchases most other rewards cards neglect. While the bonus rates aren’t particularly generous, they’re likely more than what cardholders would receive with other general-use cards.

CareCredit defines “health and wellness” as purchases at healthcare providers, drug stores & pharmacies, gym memberships, sporting goods stores, bicycle shops, health & beauty shops, and more.

CareCredit points have an average value of one cent each. CareCredit points expire 24 months after they were earned.

How to Redeem Rewards

Points can be redeemed for statement credit, gift cards, merchandise, and travel starting at 1000 points (requires a $5 spent in the 2X point categories). Both gift cards and merchandise options have products from well-known brands, so cardholders have plenty of things to choose from (they’d want).

Statement Credit and gift cards can only be redeemed at specific point intervals for the following amounts: $10, $25, $50, $100, and $250. Regarding travel redemption, things become much less straightforward and much more manual.

Although the CareCredit redemption portal claims that cardholders can redeem points for flights, hotels, car rentals, and activities, the portal does not display available options. Instead, cardholders will have to contact customer support for any travel bookings.

Mastercard Benefits

As a full-feature Mastercard credit card, CareCredit cardholders can expect the following Mastercard benefits and protections:

Comparison

Compare the rewards categories with the Upgrade Triple Cash Rewards Visa®, which earns rewards in a similar bonus category at the CareCredit Card:

Tips for Maximizing the Rewards of the CareCredit® Mastercard™

Ensuring you get the most value for your money with CareCredit is essential to maximizing your experience as a cardholder. Fortunately, there are a few helpful tips to help you accomplish this goal:

• Understand the terms: Familiarize yourself with the terms and conditions of your chosen promotional offer. Note the promotional period’s end date, minimum monthly payments, and any potential deferred interest charges. By understanding these details, you can plan your payments accordingly.
• Use automatic payments: Consider setting up automatic payments for your CareCredit account to avoid late fees and interest charges. This will help ensure that your payments are made on time and in the correct amount. However, monitor your account regularly to ensure the payments are being processed correctly.
• Track your spending: Keep track of your CareCredit spending to stay within your budget and avoid accumulating excessive debt. It’s easy to overlook small purchases, but they can add up quickly. Regularly review your statements to stay on top of your expenses.
• Explore other financing options: While the CareCredit Mastercard can be useful, it’s always a good idea to explore other financing options before deciding. Consider alternatives such as personal loans, medical payment plans offered by providers, or even negotiating payment arrangements directly with healthcare professionals.

What We Like About CareCredit

There are plenty of excellent features with the CareCredit® Mastercard™.

Eligible Procedures

For starters, the card provides an excellent range of bonus categories to earn rewards. Beyond the double points at CareCredit Network providers, cardholders earn double points on a huge assortment of “everyday” categories, like pet stores, grocery stores, health and beauty spas, and more.

Applies to Pets

The CareCredit program also provides promotional financing for pets, which is another fantastic advantage. Although we may not like to consider pet veterinary and emergency procedures, they can occur. The reassurance that your furry companions have an additional form of financial protection is a significant incentive, in addition to the previously mentioned 2X points on pet supplies.

No Annual Fee

Finally, the card charges no annual fee. No yearly membership charge isn’t rare, but it’s still a nice to have.

Things to Consider Before Applying

Even though the CareCredit Mastercard has no annual fee, it still has some flaws. The high APR could be a rude awakening for cardholders who choose one of the promotional plans but fail to pay off their balance on time.

The CareCredit® Rewards™ Mastercard has limited functionality, which makes it unsuitable for improving a bad credit score. It does not allow balance transfers and has high cash advances and foreign transaction fees.

Limited Issuer Support

Furthermore, a major concern for potential applicants is Synchrony itself. The bank does not allow for the setup of recurring, monthly auto-payments, significantly increasing the likelihood of cardholders making late or missing payments.

Since the primary function of this card is promotional financing, which relies on timely payments, cardholders should already have good credit habits to avoid falling behind with Synchrony’s inconvenient payment system.

FAQs

Here are the answers to some of the most commonly asked questions about CareCredit: