The Real Scoop about the Cosmetic Surgery Credit Card
We all want to look good, and afford it too. Is the interest free financing that comes with your cosmetic surgery credit card really free? Here’s the real scoop.
You can easily use a personal credit card and make payments, but the interest rates are high. Cosmetic doctors offer financing options that include interest free terms.
GE Capital is one of the major cosmetic industry financing companies, they own CareCredit® which helps patients everywhere afford health care, dental treatments, cosmetic care, and even veterinarian costs. Literally, a cosmetic surgery credit card in your wallet!
The payment plans are affordable and enough options exist, allowing you to pick a plan with terms that you find suited for your budget. Is the interest free financing really interest free?
When you select an interest free plan, it comes with terms, this means you must make equal monthly payments until the balance is paid in full by the term’ end.
It is important for you to uphold your end of the deal and insure your payments are paid in full by the end of the term. If you do not pay the entire amount by the end of the term, interest will be calculated and added to the balance as monies owed.
Some financing companies will add up all the interest from the prior months and pile them on at the end if you have a remaining balance. Oh yes, all those months you thought were interest free, they will show up like the un-welcomed surprise. It’s a big chunk of bill to swallow.
Remember to make the payments you’re required to make, otherwise the interest you believed to be free, will quickly cost you more than you think.
What if I pay off my cosmetic credit card balance early, can it still cost me?
Always remember to ask if the cosmetic financing you’re signing up for has a pre-payment penalty. Rarely do interest-free plans have pre-payment penalty, but some financing plans do. You’ll want to be aware of this during the application process in order to budget properly.
Most cosmetic procedures are not covered by insurance, so when you decide to enhance your look without the added burden of coming up with a lump sum, financing is a great option.
How do I apply for cosmetic financing?
Once you find a cosmetic provider and know what your procedure will cost, you’ll have a better idea of whether you need cosmetic financing or you can afford to pay the full amount. If financing is needed, your provider is the best source in helping you compare various cosmetic financing options, including interest rate comparisons with your own credit card company.
Your in-office patient coordinator can help you with the application process, most offices work closely with these companies and you’ll get an approval or denial in minutes.
What if my cosmetic surgery credit card is denied?
Some financing companies will allow you to re-apply. If credit limit is an issue, you can ask about adding a co-signer to your application. Patients have found a higher success rate in approval when they include their spouse or another family member on the application.
Electing cosmetic procedures is an exciting fun time, a cosmetic credit card enables you to enjoy the process without dealing with the added stress of a lump sum payment.
Empowering yourself with this information and a list of questions to ask will help you make an informed decision about your cosmetic procedure and finances. The real scoop? as long as you hold up your end of the bargain, it should be smooth sailing for you without all the added costs.