Last Updated on October 22, 2021 by Zwivel Team
If you’ve been considering having some cosmetic surgery done but aren’t sure how to pay for it, you’ll want to know about CareCredit, a healthcare financing credit card.
Since few cosmetic surgery procedures are covered by insurance and interest rates on traditional credit cards can be sky high, you may have put off or even given up on the idea of getting a nose job, breast enhancement, or butt lift.
A recent study conducted by Google on behalf of CareCredit reported that 52.6% of survey respondents have delayed elective healthcare treatment because of cost. And 27% stated that they would have begun treatment sooner had they known about affordable financing options like CareCredit.
The decision to pursue plastic surgery is typically well-researched, found a study by Rothstein Tauber, with patients spending nearly 145 days gathering information, including researching treatment options, considering doctor recommendations, and looking into financing options. In the end, the go/no-go decision is often driven by cost.
Which is where CareCredit comes in.
What is CareCredit?
CareCredit is a revolving line of credit – a credit card – to be used exclusively for healthcare-related expenses. It can be used at more than 200,000 healthcare providers and health focused retailers like Rite Aid and LensCrafters.
No interest if paid in full financing
The difference really comes down to two things: unique promotional financing, and a dedicated healthcare credit line, explains Laurie Hurt, vice president, cosmetic surgery and dermatology marketing at CareCredit. “Consumers love our friendly ‘no interest if paid in full payment’ options,” she says, “making more expensive surgical procedures, as well as routine and repetitive maintenance, a reality for many people.”
Once approved for a CareCredit card, you can use it over and over (as long as credit is available) for fillers and injectables, chemical peels and IPL procedures, spider vein treatment, new glasses or contacts at LensCrafters, or a weight loss procedure, and pay for it with your CareCredit card.
“What cardholders also like about CareCredit is that it’s a separate line of credit for all their healthcare needs,” says Hurt. “It helps them keep track of what they’ve spent and they don’t have to go through the application process again for additional procedures.”
Making plastic surgery possible
When you apply for a CareCredit card, you request a specific amount for the treatment you’re interested in having done. “We work with consumers to help them get what they need,” says Hurt, and 92% of the time, CareCredit is able to do just that for credit-qualifying consumers.
There are currently 10 million cardholders in the U.S., with 12,000 people applying daily for a CareCredit account. “We approve a new application every 14 seconds.”
“The good news for medical practices is that CareCredit makes it possible for their patients to have the work done that they want or need. For every $1 spent on Mastercard or Visa credit cards, CareCredit customers spend $4,” says Hurt.
The repayment amounts fit into your budget. For example, a patient who finances a $5,000 laser lipo treatment will pay $209-per-month for 24 months to pay it off in full.
The application process
Anyone interested in applying for a CareCredit card can do so on the company’s website, via phone, mobile device, Facebook link, or while at their doctor’s office. “Patients instantly get a credit decision in less than 10 seconds, says Hurt, “so they know they can schedule the procedure before they even leave the office.”
Patients using Zwivel can apply directly through the website’s CareCredit Portal.
“Consumers want financing options and like the ‘no Interest if paid in full’ promotional financing,” explains Hurt.
You’ve probably been hearing more about CareCredit recently because the company has been branching out into many new healthcare markets, from orthopedics to OB/GYN and Podiatry. But that doesn’t mean it’s a newcomer. Far from it.
CareCredit actually started nearly 30 years ago for dental implant patients and has financed more than $65 billion since. The business took off and expanded into the veterinary market, helping pet owners pay for unexpected charges for veterinary care.
Today, the company aids patients in a wide range of healthcare markets, from plastic surgery to dental to vision, hearing, orthopedics and veterinary, making it possible for consumers to pay for both planned and unplanned medical procedures.