CareCredit is a healthcare credit card designed to help you manage out-of-pocket medical expenses not covered by insurance. Unlike standard credit cards, CareCredit offers two distinct types of promotional financing:
1. Deferred Interest Plans
These plans (6, 12, 18, or 24 months) require you to pay a minimum monthly payment. If the balance is paid in full within the promotional period, you pay $0 in interest. Crucial Note: If you fail to pay the full balance by the deadline, interest is charged from the original purchase date at the standard APR (usually 29.99%).
2. Reduced APR / Fixed Payment Plans
For larger procedures (typically $1,000+), CareCredit offers longer terms (24 to 60 months) with a fixed interest rate. These function like a traditional installment loan where interest begins accruing immediately but at a lower rate than the standard credit card APR.
Examples of CareCredit Financing
Procedure Cost
Financing Plan
Monthly Payment
$1,200
12-Month No Interest
$100.00
$5,000
48-Month (16.90% APR)
$143.95
$3,000
24-Month (14.90% APR)
$145.31
function calculateCareCredit() {
var amount = parseFloat(document.getElementById("purchaseAmount").value);
var planData = document.getElementById("financingPlan").value.split("-");
var months = parseInt(planData[0]);
var apr = parseFloat(planData[1]);
var resultArea = document.getElementById("resultArea");
var monthlyEl = document.getElementById("monthlyPaymentResult");
var interestEl = document.getElementById("totalInterestResult");
var totalEl = document.getElementById("totalCostResult");
var warningEl = document.getElementById("warningNotice");
if (isNaN(amount) || amount <= 0) {
alert("Please enter a valid purchase amount.");
return;
}
var monthlyPayment = 0;
var totalInterest = 0;
var totalCost = 0;
if (apr === 0) {
// Deferred Interest Logic
monthlyPayment = amount / months;
totalInterest = 0;
totalCost = amount;
warningEl.innerHTML = "*Interest will be charged from the purchase date at 29.99% if the purchase balance is not paid in full within " + months + " months.";
} else {
// Fixed APR Amortization Logic
var monthlyRate = apr / 100 / 12;
monthlyPayment = (amount * monthlyRate) / (1 – Math.pow(1 + monthlyRate, -months));
totalCost = monthlyPayment * months;
totalInterest = totalCost – amount;
warningEl.innerHTML = "*This plan includes a fixed APR of " + apr + "% for the " + months + "-month duration.";
}
monthlyEl.innerText = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
interestEl.innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
totalEl.innerText = "$" + totalCost.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
resultArea.style.display = "block";
}