CareCredit 101: Everything You Need to Know

Few things are as frustrating as navigating through the health insurance world—and unless you do your research and pick the right healthcare plan, you could end up paying out of pocket for a large portion of your medical bills.

Because many people who need medical care don’t have the financial means to pay their bills in full, there’s CareCredit—a financing card that helps you pay for healthcare expenses not covered by insurance. Keep reading to learn answers to common CareCredit questions and how to get approved for CareCredit.

How does CareCredit work?

CareCredit works like any other credit card. When you need to pay for a medical expense not covered in full by your insurance, simply give your provider your card. The balance will be applied to your card, and then you’ll need to make monthly payments to CareCredit to pay off your bill.

Where can CareCredit be used?

A great feature of this card is that it can be used for nearly any medical expense. Use it to purchase your mobility device, install a wheelchair ramp, pay for out-of-pocket surgery expenses and more. CareCredit can even be used to pay for your pets’ veterinary bills.

Who can get a CareCredit card?

Anyone over the age of 18 is able to apply for a card. We’ll cover the application process below, but be prepared to provide your doctor’s name and how you plan to use your card. CareCredit will also want to know your Social Security number, net income and housing information.

How to get approved for CareCredit

The application process is simple. Your first step should be prequalifying online or over the phone to see if you’re eligible for the card. Prequalification takes seconds and has no impact on your credit.

If you’re eligible for the card, you can continue with the process by providing the information we mentioned earlier, along with some more financial and personal details. Applicants should have a credit score of 620 or above to be approved.

Can you apply with a co-signer?

Those who don’t have stellar credit or don’t qualify for other reasons aren’t out of luck. They can try applying with a co-signer. Having a co-signer—who will be partly responsible for paying your statements—makes applicants look better on paper. Co-signers will also receive a CareCredit card for their own use.

What are the CareCredit interest rates?

The standard annual percentage rate (APR) for these cards is 26.99 percent. However, your interest rate may vary.

CareCredit offers deferred interest payments for some cardholders with a balance of less than $200 who pay their bill in full within 24 months of receiving their first statement. Those who need to make larger purchases may also be eligible to receive lower APRs if their balance is paid within 60 months.

Talk to our team about paying with CareCredit

At Penn York Medical, we accept payments with a CareCredit card. Contact us today to learn more about applying for a card or for more helpful information about how CareCredit works.