Is CareCredit Good for Vet Bills? What You Should Know

Unexpected vet bills can be stressful, especially when they come with a high price tag. If you don’t have pet insurance or savings set aside for emergencies, covering the cost quickly becomes a priority. CareCredit is one option many pet owners consider, offering financing for healthcare expenses, including veterinary care.

Before deciding if CareCredit is right for you, it’s important to understand how its financing works and the potential costs involved.

Promotional Financing Terms

CareCredit offers financing options to help manage vet expenses, but understanding the terms is key to avoiding unexpected costs. A common promotion is the deferred interest plan, which allows repayment over six, 12, 18, or 24 months without interest—if the full amount is paid by the end of the term. If any balance remains, interest is charged retroactively from the original purchase date, often near 30%.

For expenses starting at $1,000, CareCredit offers extended repayment plans of 24, 36, 48, or 60 months with a fixed interest rate. These plans provide predictable payments and avoid retroactive interest, but rates vary based on the loan term. Missing a payment can result in penalties or higher rates, making timely payments essential.

Standard APR and Monthly Bills

Once a promotional period ends or if a purchase doesn’t qualify for special financing, CareCredit applies a standard APR of about 29.99% as of 2024. This is higher than most traditional credit cards, making carrying a balance expensive.

For example, a $2,000 balance with a minimum payment of $80 per month could take years to pay off, with interest charges possibly exceeding the original amount borrowed. CareCredit functions as revolving credit, offering payment flexibility but increasing the risk of prolonged debt.

Minimum monthly payments are required, but they may not be enough to prevent interest from accumulating. Paying only the minimum leaves a large portion of the balance unpaid for an extended period, leading to higher overall costs.

Eligible Providers

CareCredit is accepted at many veterinary offices, but not all clinics participate. Large corporate-owned hospitals, such as Banfield Pet Hospitals inside PetSmart stores, often accept it, as do many emergency vet clinics. Independent veterinarians may or may not participate, so checking with your provider before an appointment is necessary.

Even at clinics that accept CareCredit, not all services may be eligible for financing. Routine checkups, vaccinations, and preventive care are often covered, but some providers may limit its use to more expensive treatments like surgeries or emergency procedures. Some clinics also require a minimum spending amount, meaning smaller expenses may not qualify unless combined with other treatments.

Credit Inquiry and Reporting

Applying for CareCredit triggers a hard inquiry on your credit report, which may temporarily lower your credit score. This inquiry stays on your report for up to two years and is considered by lenders when assessing future credit applications. Unlike some medical credit cards that offer prequalification with a soft pull, CareCredit requires a full credit check at the time of application. Approval depends on credit history, income, and existing debt, meaning applicants with lower credit scores may receive lower limits or be denied.

Once approved, CareCredit functions as a revolving credit account and is reported to major credit bureaus—Equifax, Experian, and TransUnion. On-time payments build a positive payment history, while missed or late payments can lower credit scores and lead to penalty APRs or collection activity if the account becomes delinquent. The account’s age also affects credit history length, influencing creditworthiness over time.

Additional Charges

CareCredit does not charge an annual fee, but late payments result in fees ranging from $30 to $40, depending on the state and balance owed. Returned payments due to insufficient funds may incur additional charges.

Exceeding the assigned credit limit can lead to declined transactions or over-limit fees. If a promotional financing plan is not fully repaid within the specified period, deferred interest is added retroactively, significantly increasing the final amount due. Tracking balances and due dates is essential to avoid unexpected expenses.