Promotional Financing: Extended Payment Plans
How can I get an Extended Payment Plan? Your CareCredit provider may offer you an Extended Payment Plan with low fixed minimum payments on the purchase of goods or services if the total amount is $1,000 or more. If available from your provider, you can choose a term of 24, 36, 48 or 60 months to pay off your balance.
Do I have to pay interest? Yes, but the Extended Payment Plans are at a fixed low interest rate. The APR (annual percentage rate) for Extended Payment Plans is 13.9% (as of 02/01/09).
How is this different from Standard Financing? The Extended Payment Plan offers a lower interest rate than Standard Financing, and the fixed minimum monthly payments are the amount required to pay the balance in full by the end of the term. Payment amounts are equal to 4.7966% for 24 months, 3.4129% for 36 months, 2.7276% for 48 months or 2.3216% for 60 months of the total promotional purchase amount.
For example, if your purchase is $1,500 and you choose a 48-month Extended Payment Plan, your monthly payment will be $40.91. This fixed monthly payment will pay the balance in full in 48 months.
Does it matter how much I pay each month as long as it is paid off by the end of the term? Yes, you must make at least the fixed minimum monthly payment on or before the due date each month to keep your account in good standing. If your payment is late or you pay less than the fixed minimum monthly payment, your account will be in default, and your promotional Extended Payment Plan interest rate and term will end. Your balance will then be subject to the delinquency (variable 29.99% APR) interest rate. You can always pay more than the minimum payment.
For further help calculating your required payments please contact our Customer Service Center.
