I have had care credit for a little over 2 months and I haven't experienced any problems - yet. When I signed up, the lady who talked to me about it said that I didn't have to pay the whole procedure off and that I could pay in installments using carecredit without interest for the first year. Her exact words were, "Don't just pay the minimum payment because you don't want to get hit with the interest." Without further thought, I signed up for it and was approved. Some reviews have stated that all you have to have is a pulse to get approved. I personally do not know the validity of said statement.
Recommend this product?
And to be honest, I didn't even know people had such a problem with it until one day I randomly typed it into google and found so many negative reviews. All of them seemed legit and I was really concerned because people not only hated carecredit but were thinking of filing a lawsuit against GE Money.
One claim that bothered me was when a person said that carecredit does constant inquiries of your credit, which lowers your credit score. I was nervous because I had just applied for a Marriott Visa card and thought my credit score wouldn't be good enough because carecredit may have ruined it. Low and behold, I was not approved for the Visa card for the very reason that there had been too many inquiries on my credit. Immediately, I called carecredit to address my concerns and the lady was helpful. She told me that they had not inquired about my credit accept once when I applied for it and then to let the credit bureau know that I had given my payments on time. I wasn't sure if she was telling me the truth so I signed up for freecreditreport.com and so far I haven't received any alerts.
Each payment that I've submitted has gone through on time and I haven't had any problems getting hit with late fees or anything.
My issues right now with care credit come mainly from the people who are selling it to you. They do not know anything about carecredit and from my last appointment, the company I go to has actually stopped using care credit. So I would have to apply for another card (through CHASE, I believe) to get another procedure. I think that's partly to do with the high rates that care credit imposes and possible customer complaints.
The second issue stems from the high interest rate. If you do not pay off your procedure in the time allotted you WILL get slammed with a super high interest rate. Carecredit is also inflexible if you need to talk about paying in a lower installment. They do not give you any more time. They basically just want all of your money. And that's not a company that anyone wants to deal with.
The third issue is the customer service. I haven't had an issue with anyone personally, but when you call, your chances of getting put on hold for 15 minutes or more is very high. And sometimes your call does not get answered at all.
I do not recommend carecredit to anyone. Personally, I believe if you have an expensive procedure such as dental work or a trip to the veterinary hospital for your pet, I would just make sure you have a low interest credit card handy or even a fixed rate card of like 8%. It might take you a little longer to pay it off but it's better than having to worry about a potential scam.
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