CareCredit® Rewards™ Mastercard™ Credit Card Review

CareCredit Rewards Mastercard Credit Card Review

The CareCredit Rewards Mastercard Credit Card is a healthcare-oriented card that also provides rewards earning potential. The credit card earns 2 rewards points for every dollar spent within the CareCredit health network, on health and wellness, at grocery stores and for veterinary services. For other purchases made with the Mastercard earn 1 point for every dollar spent. Similar to many other rewards credit cards, points can be redeemed for statement credits, travel, gift cards, or select merchandise. The APR is high at 29.99%, but if you have significant health spending in the future, the rewards options could be worth the higher rate.

CareCredit Rewards Mastercard Credit Card: pros and cons

Rewards system in a nutshell

The rewards are easy to earn with the CareCredit Rewards Mastercard. Cardholders Earn 2 points. For every dollar spent with 4 categories of purchases:

• CareCredit Network. The credit card may be used to pay for out-of-pocket doctors, health, and medical care expenses not covered by standard medical insurance, such as cosmetic, dentistry, vision, and more. Cardholders can choose health and wellness within the Care Credit providers network and pay for care at over 250,000 providers that accept care credit across the United States.
• Health and Wellness. Health & Wellness includes: Healthcare, drug stores & pharmacies, gym memberships, sporting goods stores, bicycle shops, health AND beauty shops, and more.
• Groceries. Qualifying purchases made at select grocery stores.
• Pet Stores. Qualifying purchases made at select pet stores.

All other purchases, wherever Mastercard is accepted, earn 1 reward point per dollar spent. Certain transactions don’t qualify for Reward Points, and those include, ATM cash advance, balance transfers, finance charges and fees.

Redemption of points is easy too, and rewards are available with as few as 1,000 points. When enough points are earned to claim a reward, cardholders simply log in to their account and choose from one of many of the rewards redemption options available. Categories of rewards include travel, gift cards, merchandise, and statement credits. Point values may change from time to time on available items, and so may the offered rewards based on that availability.

Who can benefit from getting the CareCredit Rewards Mastercard Credit Card?

This credit card is a great option for users who plan to make health and wellness purchases outside the usual items paid for by standard insurance. Since many insurance plans don’t cover cosmetic procedures, certain types of dentistry or vision services, this card allows for easy financing options, while also allowing for the earning of rewards at the same time.

It will be beneficial for individuals who are interested in other types of health and wellness like gym memberships or equipment, specialized healthcare equipment, etc. With the inclusion of pet care services and stores this card allows for rewards for taking care of cardholder pet needs.

Considering that there is reward earnings potential for all these potential expenses, it certainly makes sense for it to be a card worth the consideration of the health-minded consumer.

Are there any other benefits?

Because the CareCredit Rewards Card is a Mastercard, it provides some extra benefits. These include:

• Identity Protection. 24/7 Identity theft protection keeps personal information secure and can help clear your name with credit rating agencies.
• Mastercard Global Service. Emergency assistance anytime and anywhere that helps with reporting a Lost or Stolen Card, obtaining an Emergency Card Replacement or Cash Advance, finding an ATM location, and more.
• CareCredit Mobile App. The app is available from the App Store or Google Play store, and makes it simple to manage a CareCredit Rewards Mastercard account 24/7.

Conclusion

This card definitely has benefits for consumers interested in health and wellness, or those who expect to have to make significant purchases/spending in this area over time. Rewards point earning is significant in specific categories, but only average for most other spendings. The lack of rewards limits the number of people who may be interested in the card, but the benefits will be excellent for some.

The high APR is a turn off, and the card’s interest rate will make carrying a balance over time somewhat expensive. Although not interest free, quick payoffs on pre-planned purchases won’t accrue substantial interest while still providing good rewards earning potential, but prospective cardholders need to take the high APR into account.

The rewards sound pretty good too, and the inclusion of a statement credit option is nice to see and is a helpful way to reduce some of the potential high balance concerns mentioned above.

Overall, this card has benefits for people looking to spend on health and wellness, but won’t be a good fit for everyone.