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Scratch Pay, Carecredit, Pet Insurance
- Thread starter himawari
- Start Date
I use CareCredit, it is widely accepted and easy to apply for. Plus 0% interest if paid off in time. You just have to remember to check the terms your vet has for the payments and pay it off before the interest hits.
- Thread Starter Thread Starter
- #3
My primary vet doesn't accept any payment plans or Care Credit which is why I've spent this entire morning looking for vets that do. One accepts Scratch Pay, but there are others who accept CareCredit. Will you please tell me more? What do you mean by "check the terms"? Each vet has different terms? I always assumed it would be similar to using a credit card, pay off at least the minimum before the promotion ends?
For CareCredit, the vet decides if it will be 6 months, 12 months or 18 months with no interest. There is also an option I think for equal payments instead. If you go to the CareCredit website they show the different payment terms but the vets office is the one who determines which you are doing. Any of the 0% interest are a deffered interest. So if you are in the position of not paying it off before that your best bet is a small loan or get a different 0% interest credit card to pay it off because deferred interest is a beast. If you just pay minimum you won't pay it off and will get hit with all the back interest.
Another option, if your credit is good I would look into a 0% card from any of the big companies. Then you don't have to worry about which vet. I did that for a show I wanted to see and the tickets were $1000 for the whole family (Christmas presents). The card had 0% interest for 18 months plus a $100 cash back if you made $1000 in purchases in the first 60 days. So I got essentially $100 off and paid it off within the period. I also got points on the purchase so I used those too. Then close the account. Most credit cards aren't deffered but rather just interest on balance at the point the 0% ends but always read fine print or do an online chat to confirm (online so you can save the transcript and dispute if needed).
I usually open a new 0% everytime the last one wears off (and transfer any balances in if the 0% includes transfers). That card then gets rolling payment on it paying off each billing cycle (insurance, netflix, etc). Then close the card after 3 years and repeat (except for one card I leave open for long term history). So I have 4 cards at any given point.
Another option, if your credit is good I would look into a 0% card from any of the big companies. Then you don't have to worry about which vet. I did that for a show I wanted to see and the tickets were $1000 for the whole family (Christmas presents). The card had 0% interest for 18 months plus a $100 cash back if you made $1000 in purchases in the first 60 days. So I got essentially $100 off and paid it off within the period. I also got points on the purchase so I used those too. Then close the account. Most credit cards aren't deffered but rather just interest on balance at the point the 0% ends but always read fine print or do an online chat to confirm (online so you can save the transcript and dispute if needed).
I usually open a new 0% everytime the last one wears off (and transfer any balances in if the 0% includes transfers). That card then gets rolling payment on it paying off each billing cycle (insurance, netflix, etc). Then close the card after 3 years and repeat (except for one card I leave open for long term history). So I have 4 cards at any given point.
I've never had an experience with ScratchPay. Their website was a little vague but it looks similar to short term loan with a lower limit. My interest is good enough that I can get lower interest independently so I don't think I would consider it (if I am reading right the lowest is 5.96%). If you are in the position that you can't get something from a bank or you can't wait for a new card to arrive then it doesn't look like a bad option (although I have found in a crunch most companies I can apply by phone and get a temporary number if I talk to them about it).
Unlike CareCredit it looks like it is interest from day one but their longest term is 12 months and you set length. CareCredit is my preferred though for instant needs if the vet takes it because of the 0% if paid off in the term; since my vet and emergency clinic take it it works for me. Even with a 6 month term you can apply for a loan through a bank and maybe consolidate everything, including other debt, if you won't make the 6 month time limit to meet the minimum loan amount. Although if you can't make the loan amount through need (usually $5000) then you just bank the leftover in an emergency fund or use it to make a payment if you don't have an early payoff clause.
Since you are looking at different vets I would see which takes either option, pick the best vet for your situation, and use whichever since time is likely a factor.
Unlike CareCredit it looks like it is interest from day one but their longest term is 12 months and you set length. CareCredit is my preferred though for instant needs if the vet takes it because of the 0% if paid off in the term; since my vet and emergency clinic take it it works for me. Even with a 6 month term you can apply for a loan through a bank and maybe consolidate everything, including other debt, if you won't make the 6 month time limit to meet the minimum loan amount. Although if you can't make the loan amount through need (usually $5000) then you just bank the leftover in an emergency fund or use it to make a payment if you don't have an early payoff clause.
Since you are looking at different vets I would see which takes either option, pick the best vet for your situation, and use whichever since time is likely a factor.
- Joined
- Feb 9, 2019
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My poor Marcellas has had blockage 3 times this last year and the last time my vet recommended Scratch Pay so I used it. I wanted to do the 90 day free financing but they wanted the first payment of $500 within 2 weeks. I knew I couldn't afford it so I went for the year knowing I was going pay it off early. They told me my credit wouldn't take a hit. To my surprise my credit dropped 20 pts! That is just the beginning! I took out the loan around November 15 and December 29th I called to find out what my final payment would be and this is what is happening!
December 29th - talked with customer service they told me I would be responsible for the interest of the full year which I found very suspicious so asked to speak to a supervisor. I waited on hold for 15 minutes for a supervisor and the supervisor said that was incorrect and that if I pay it off early I would only owe the daily percentage. I told her I have already sent in my final payment so what would be my interest be to fulfill the loan. We agreed on $14 so I sent out the check for $14 that day. One check was scheduled to arrive on January 2 and the interest check was scheduled to arrive on January 4. The end of January I received a text stating my payment was due but I ignored it because I figured there system was cleared out.
February 7- called customer service they say I still owe them $950 and my next payment is due. I told them it was all paid off and I owe nothing. They said they would said it to accounting but to send to customer service the bank statement where it was paid off so I did what I was supposed to. I received an email back saying they would contact me 24 - 48 hours.
February 9 - No response either by email or phone. I replied by email ... no response. I called and I got the same run around as I did on February 7th and after 30 minutes asked for a supervisor. They said all supervisors were busy and would call me back within the hour. It is going on 2 hours and no response.
I don't trust this company and stay away from it! Don't get sucked in!!!
I want this done and over with!!!
December 29th - talked with customer service they told me I would be responsible for the interest of the full year which I found very suspicious so asked to speak to a supervisor. I waited on hold for 15 minutes for a supervisor and the supervisor said that was incorrect and that if I pay it off early I would only owe the daily percentage. I told her I have already sent in my final payment so what would be my interest be to fulfill the loan. We agreed on $14 so I sent out the check for $14 that day. One check was scheduled to arrive on January 2 and the interest check was scheduled to arrive on January 4. The end of January I received a text stating my payment was due but I ignored it because I figured there system was cleared out.
February 7- called customer service they say I still owe them $950 and my next payment is due. I told them it was all paid off and I owe nothing. They said they would said it to accounting but to send to customer service the bank statement where it was paid off so I did what I was supposed to. I received an email back saying they would contact me 24 - 48 hours.
February 9 - No response either by email or phone. I replied by email ... no response. I called and I got the same run around as I did on February 7th and after 30 minutes asked for a supervisor. They said all supervisors were busy and would call me back within the hour. It is going on 2 hours and no response.
I don't trust this company and stay away from it! Don't get sucked in!!!
I want this done and over with!!!
ScratchPay sounds like a PayDay loan. Don't ever take one of those out, either. Interest can run 300%.
- Joined
- Feb 9, 2019
- Messages
- 4
- Purraise
- 6
Finally yesterday they cleared it up and I don't owe them anymore money! Still wouldn't recommend them.
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