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Care Credit
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Replies to This Discussion
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Permalink Reply by Jody C. Hutchinson on
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Care Credit is a credit care offered by GE Capital. It has been heavily marketed in many medical settings. It even has a teaser that includes no interest if paid in six months. I had an account with a dentist and endodontist. While at first it seems like a great thing, just wait until the balance get big-root canals and crowns, and you will struggle to keep up. They are very inflexible about the account and penalties and interest are huge.
I wouldn't use this an an MT, why get clients further in debt with interest over 25%? I think not. Don't bother.
Cheers,
jh
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Permalink Reply by Laura Allen on
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If clients choose to use credit, that's their choice and their assuming debt is their business. Many credit cards have high interest rates. If an MT is accepting ANY credit cards at all, then turning this one down doesn't make sense, nor is it good business. It is not up to us to police people's interest rates and financial habits. We're not the debt police.
Jody C. Hutchinson said:
Care Credit is a credit care offered by GE Capital. It has been heavily marketed in many medical settings. It even has a teaser that includes no interest if paid in six months. I had an account with a dentist and endodontist. While at first it seems like a great thing, just wait until the balance get big-root canals and crowns, and you will struggle to keep up. They are very inflexible about the account and penalties and interest are huge.
I wouldn't use this an an MT, why get clients further in debt with interest over 25%? I think not. Don't bother.
Cheers,
jh
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Permalink Reply by Stephanie Keffer on
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Laura are you suggesting that Mt's don't take credit cards? @Jody I didn't know the interest rate is higher than a department store good lord I wouldn't want my clients to have a card that high either. Thank you for that.
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Permalink Reply by Daniel Cohen on
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You are accepting cards from clients. It is the form they chose to pay you by. Are you asking if we should also be their financial adviser? My lowest card is 23% but I pay off almost every month so my interest for the year is almost nothing. I'm not sure what is under discussion here.
Accept all cards your card processor allows. It is just good business.
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Permalink Reply by Rajam K Roose on
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A little off topic, but if you have pets, Care Credit may be helpful for you. Several years ago my dog (12yr old Shepard/Lab mix) collapsed one day and since it was the weekend, we took him in to the closest Animal Emergency Hospital. Turned out he had all these growths on his lungs and other organs. Long story short, I had to put him down and he went to "sleep" in my arms. After dealing with that stress (had him since he was 3mo. old) I go out and the bill is $2500.00. Fortunately, the vet recommended Care Credit and we applied and got the bill paid.
That bill has since been paid, but now we use it for any medical bills for our three cats and two rabbits. Which sometimes there is that surprise $500-$1000 emergency that we don't have to spend.
If your cc machine takes it, why not. That's your client's choice to use the card and that's none of our business. It is providing a service. And, on a side note, if you have pets and are ever stuck with a larger than life bill, Care Credit is definitely a godsend.
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Not at all. I've been accepting credit cards and HSA cards since day 1. My statement is that a LOT of cards have high interest...even cards that start out with low interest rates can be changed to a high rate in an instant if people don't pay their bill on time--they company has the right to raise your rate. The point is that if you are accepting cards at all, then accept that one too. You can't possibly know what interest rate everyone is paying. Maybe they just got the card and have the introductory offer of no interest at all.
Stephanie Keffer said:
Laura are you suggesting that Mt's don't take credit cards? @Jody I didn't know the interest rate is higher than a department store good lord I wouldn't want my clients to have a card that high either. Thank you for that.
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Laura, so often I have wished there was a like button I could click when I read your comments.
Laura Allen said:
Not at all. I've been accepting credit cards and HSA cards since day 1. My statement is that a LOT of cards have high interest...even cards that start out with low interest rates can be changed to a high rate in an instant if people don't pay their bill on time--they company has the right to raise your rate. The point is that if you are accepting cards at all, then accept that one too. You can't possibly know what interest rate everyone is paying. Maybe they just got the card and have the introductory offer of no interest at all.
Stephanie Keffer said:
Laura are you suggesting that Mt's don't take credit cards? @Jody I didn't know the interest rate is higher than a department store good lord I wouldn't want my clients to have a card that high either. Thank you for that.
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Ah ok. I was going to say people like to use their debit cards. I just need to find a company to use that won't kill me on monthly charges. Right now I'm using Paypal and I have an issue with that because of security concerns. Any suggestions?
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Hi Stephanie,
I'm using Transfirst for my cc services. I only pay 1.63% and for MC & Discover is 2.02%. Although those are lower fees than I've seen elsewhere the machine rental is a little higher. You get a little cell phone sized cc machine and a little printer. Just swipe and print...it's very easy, so for me, it's worth the extra $60 per month. I could have purchased the machine in 3 payments, but the service rep. told me that if I pay it off and it breaks, I have to purchase another. Whereas, if I'm making payments, then they will replace it.
Anyway, I'm sure you'll get some other suggestions here. I have a few clients who are banking lawyers and they refuse to use paypal specifically for the reasoning you don't like it.
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I have a client that is a in the credit industry and is willing to cut me a deal to join this company he works with. It's $50 for me to join normally $250 for everyone else and $20/monthly. That includes an app on my phone that I can process the cards on the go if need be. Also the ability to process them at the shop via the web. the more I'm hearing what people charge a month for stuff it sounds insane. I was wondering about something like cell charge but what this guy offers I think is the same. The interests rates are 2.5% which isn't too bad. I'm going to message him right now for a breakdown so I can shop and compare.
Yeah paypal is free but when things are free come problems.
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SK,
Try Square, it works with some smart phones-like iPhone4. It plugs into the phone and will swipe cards: VISA, M/C, AMEX. and Discover. The fee is only 2.75%, total. It takes a day or two to get the $$, but it only costs when you use it. I've just started this month and am happy that I started taking cards.jh
Stephanie Keffer said:I have a client that is a in the credit industry and is willing to cut me a deal to join this company he works with. It's $50 for me to join normally $250 for everyone else and $20/monthly. That includes an app on my phone that I can process the cards on the go if need be. Also the ability to process them at the shop via the web. the more I'm hearing what people charge a month for stuff it sounds insane. I was wondering about something like cell charge but what this guy offers I think is the same. The interests rates are 2.5% which isn't too bad. I'm going to message him right now for a breakdown so I can shop and compare.
Yeah paypal is free but when things are free come problems.
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Permalink Reply by Jennifer Solari on
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I've only heard of Care credit as a means of paying off large vet bills. Here's a link to the site, http://www.carecredit.com/. You should find all the information you need there.
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