Care Credit Financing, Interest Rates, Payment Calculator

What is Care Credit Special Financing and Promotions? What are the monthly payment plans and Interest rates? How to use the payment calculator and find your estimated plans?

How the payment is calculated and how to avoid paying any interest charges and penalties?

If you are looking for the above information then you can find everything related to care credit payment in this article including the latest updates and step-by-step processes.

How customers can get an estimate of their promotional financing?

Checking the payment plans and interest you will pay throughout your payment period is a good idea to get an estimated overall cost. This helps patients to manage their finances and check out the available options to pay the required bill.

If you want to check the estimated payment plan for the Care Credit financing then you can use the payment calculator available on the official carecredit.com website.

Customers can use this facility to get an idea about their monthly payments.

Please follow the below steps to calculate the payment.

  1. Visit the official website.
  2. The payment calculator is available on the homepage or you may navigate to the Resources -> Payment Calculator from the top menu.
  3. You will find a payment calculator (as shown below).
Payment Calculator web page on carecredit.com website
  1. Enter the amount you want to pay to your healthcare provider and press the Calculate button.
  2. You will get the available financing options based on your amount.
  3. If you enter a $1000 or more amount then you will see more than 24 months of reduced financing options also.

Also read,

Payment Calculator example

We are taking an example of financing a $12,000 amount to pay the medical bill.

For a $12000 amount, customers will get both no-interest (up to 24 months) and reduced interest (up to 60 months) based financing options.

1-No Interest promotional financing:

Zero interest base financing is available only for 6, 12, 18, and 24 months. Suggested monthly payments will be similar to as shown below if the required monthly payment is paid in full every month.

Promo PeriodMonthly PaymentsEst. Payoff PeriodAmount Financed
 6 Month$2,000 Suggested6 Months$12,000
 12 Month$1,000 Suggested12 Months$12,000
 18 Month$667 Suggested18 Months$12,000
 24 Month$500 Suggested24 Months$12,000

Note: The Monthly Payment shown may be greater than the required minimum monthly payment that will be on your billing statement when you use the promotional financing offer.

This estimated payment:

  • Equals the greater of (a) the Amount Financed divided by the number of months in the Promotional Period, in which case it is only a suggested payment, or (b) $30, the currently required minimum monthly payment.
  • Would pay off the Amount Financed within the Payoff Period, but only if there are no other balances on your account at any time during the Promotional Period and you make your payments on time.  Your total payments will equal the amount Amount Financed.

Note: If the Amount Financed is not paid in full within the Promotional Period, interest will be charged to your account from the purchase date and your total payments will be greater than the amount of the Amount Financed.

Also read,

2-Reduced APR and Fixed Monthly Payments.

Reduced APR-based monthly payment is also available. Monthly payments are fixed and must be paid every month. Low-interest APRs are available on purchases of $1000 or more.

For a $12000 example, you will have to pay as per the below-mentioned monthly bill.

Promo PeriodMonthly Payment:Est. Payoff PeriodAPRTotal Payments with Interest
 24 Month$58224 Months14.90%$13,951
 36 Month$42236 Months15.90%$15,167
 48 Month$34648 Months16.90%$16,591
 60 Month$30560 Months17.90%$18,245

24, 36, and 48 Months of financing are available on a purchase of $1000 or more and 60 Months of financing is available on a purchase of $2500 or more.

The estimated monthly payment shown equals the purchase price multiplied by 4.8439% for the 24-month promo, 3.5108% for the 36-month promo, 2.8803% for the 48-month promo, and 2.5339% for the 60-month promo. It is rounded to the next highest whole dollar.

The above offer is applicable only if you pay your monthly payment every month before the due date. Other balances will also be added to your monthly payment if there are any.

Conclusion

By using this payment calculator, patients will get an idea about different payment plans and the estimated costs they will have to pay.

It also shows the payment plans without interest and payment plans with interest but higher duration. Patients can also check the total interest amount and interest rates for all payment plans.

If you are looking forward to applying for the care credit card then please use the payment calculator and find all available financing options and the total cost you will have to pay to the provider.

Finally, thanks for reading this article. Please share this post if you find it helpful.

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