Promotional Financing: No Interest Payment Plans
How can I get a No Interest Payment Plan? Your CareCredit provider can offer you a No Interest Payment Plan on the purchase of goods or services. A No Interest Promotion may be available on all purchases every time you use your CareCredit account through a provider. There is No Minimum purchase required for a 90 Day promotion (minimum monthly payments are required). For additional No Interest Options a $300 minimum purchase is required. All purchases are subject to credit availability. At the time of the purchase, your healthcare provider will explain the terms (number of months) available at No Interest for your purchase. Not all plans are available at every provider, please see your provider for plan availability.
Is No Interest the same as no interest and no payments? No, during the No Interest promotional period, you will be required to make at least the minimum monthly payment on or before the due date shown on your monthly statement. If you do not make at least the minimum monthly payment, your account will be in default. If your account is in default, finance charges will be added and the interest rate will increase to the delinquency annual percentage rate.
If I don't pay the full amount by the end of the term, will I only have to pay interest on the remaining balance? No, finance charges (interest) are calculated on this purchase in the same way as a standard purchase (daily periodic rate x daily balance). However, these finance charges are deferred (not added to your balance) for the length of the No Interest promotional period. Although they are not added during the term, the total amount of the finance charges will continue to increase until the balance is paid in full. If you pay the total balance (amount of the purchase) on or before the final due date of the No Interest term provided by your healthcare professional, you will not be required to pay any of the finance charges. If you do not pay the total balance (amount of the purchase) on or before the final due date of the No Interest term, all finance charges that have been deferred (calculated, but not added) will be added, to your account. You will be required to pay all of the finance charges from the original purchase date and purchase amount.
My statement has a minimum monthly payment amount. Will paying this amount pay off my balance by the end of the term? No, but paying the minimum monthly payment amount on or before the due date on the statement is required to avoid default and ending the No Interest promotional term.
If your account balance begins at $0, you can easily calculate the monthly (on time) payment amount required to pay off your new promotional balance by the end of the term. Simply divide your balance by the number of months in the No Interest term. For example: Your balance (purchase amount) is $1,200 and the No Interest term is 6 months. $1,200 divided by 6 = $200 per month.
For further help calculating your required payments please contact our Customer Service Center.
