Synchrony Financial operates CareCredit (SYF).Synchrony Financial has been an independent publicly listed firm since 2015. It was once owned by General Electric. Synchrony Financial has been active in offering financial solutions to its consumers since its inception in 2003.
Synchrony Financial’s CareCredit business provides a credit card that is approved by over 225,000 healthcare providers in the United States. The credit card may be used for a variety of medical treatments and wellness services, including vision care, cosmetic surgery, dermatological services, dental services, and hearing care, among others.
- Synchrony Financial operates CareCredit.
- The CareCredit companies aim to offer a revolving credit line for health and wellness needs.
- Over 225,000 providers and businesses accept the CareCredit credit card.
- Customers may do a comprehensive search for accepted companies on the CareCredit website by category, area, and business provider.
CareCredit may be used to pay for family members as well as pets. CareCredit is accepted by a variety of hospitals, veterinary clinics, dentistry institutions, and private medical practice organizations. CareCredit maintains a listing of providers and companies who accept it as payment.
CareCredit is a revolving credit option for health care services and products that help cardholders meet their health and wellness requirements.
CareCredit, unlike other credit cards, provides customized financing arrangements for beauty and wellness treatments. CareCredit offers promotional financing for six, twelve, eighteen, or twenty-four months with no interest on purchases above $200. The promotional time will be determined by the user’s credit score.
The promotional financing terms also demand the cardholder to make minimum monthly payments and to pay off the whole amount outstanding by the promotional period’s due date. Otherwise, CareCredit charges interest retroactively from the purchase date at a rate of 26.99% APR.
CareCredit also has incentives for longer-term financing. Longer-term financing for 24, 36, 48, or 60 months may feature a lower interest rate. Purchases of $1,000 or more are required to be eligible for the 24, 36, or 48-month offer. A purchase of $2,500 or more is required to qualify for the 60-month offer.
Longer-term financing programs may contain the following terms, according to CareCredit:
- Purchases totaling $1,000 or more: 24-month deal with an APR of 14.90%, 36-month offer with an APR of 15.90%, or 48-month offer with an APR of 16.90%
- Purchases totaling $2,500 or more: APR of 17.90% for 60 months
Longer-term financing programs do not include a 0% interest period. The promotional APR on these purchases, however, is much lower than the usual APR of 26.99%. After the promotional period expires, balances are subject to a 26.99% APR.
Finding a Provider
Synchrony Financial, as previously stated, provides CareCredit. The card is not intended to replace medical insurance plans. It solely tries to assist consumers in paying out-of-pocket expenses that are not covered by medical insurance.
Searching for a business provider that takes CareCredit is similar to searching for a doctor or specialist on the website of your insurance carrier. Users start at the “Find a Location” option on the CareCredit website. They may next input their zip code and choose a category of interest. The following categories are included:
- Primary Care/Clinics
- Pharmacies/Personal Care
- Medical Equipment/Supplies
- Surgery Centers
- Animal/Pet Care
- Labs and Diagnostics
Users can also drill down into specialty areas within each category. For example, there are the following specialities in the field of “Animal/Pet Care”:
- General Practitioner, Veterinary
- Veterinary Specialist
- Emergency and Critical Care
- Equine, Large Animal
- Pet Insurance
Each thorough and exhaustive search area provides a complete list of providers ready to accept the CareCredit credit card for items and services.
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