Should I use a credit card or CareCredit for med financing?

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ckkiw8
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Should I use a credit card or CareCredit for med financing?

Postby ckkiw8 » Sat Jul 07, 2012 3:10 pm

We are going to be financing a medical procedure that is around $4000 in the next couple months and basically need help deciding between two options.

We can apply for a CareCredit credit card through the doctors office that is 0% for 2 years or we were thinking of instead getting the Citi Forward (because I make purchases on Amazon daily and would like the 5% cash back in that category in the future), which is currently offering 0% for 1 year + $100 sign up (+ 1% back). Besides the obvious extra year 0% interest, what are the advantages and disadvantages of either? Which route would you take?

Second question is regarding hard credit pulls- we just refinanced our home this month and they did a hard inquiry (2 actually). Would there be any benefit to signing up for either of the cards I mentioned above right away (ie, not having another hard pull) or would it not matter and be better to wait until September when the procedure is so it gives at least a couple months between hard pulls?

Thank you so much!
Amex BCE (25K), Amex Costco (7K), Citi Forward (12K), Chase Disney (15k), Chase Freedom (18K), Chase Sapphire (8K), GE Capital Gap Visa (8K), US Bank Cash+ Visa (13K), Business: Chase Ink (17k), Not Used: BofA Royal Carib Visa (11K), Home Depot Store Card (5K)
Credit Score: 830


ckkiw8
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Postby ckkiw8 » Mon Jul 09, 2012 11:28 am

Anyone have any good advice for me? Thanks!
Amex BCE (25K), Amex Costco (7K), Citi Forward (12K), Chase Disney (15k), Chase Freedom (18K), Chase Sapphire (8K), GE Capital Gap Visa (8K), US Bank Cash+ Visa (13K), Business: Chase Ink (17k), Not Used: BofA Royal Carib Visa (11K), Home Depot Store Card (5K)
Credit Score: 830

432521
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Postby 432521 » Mon Jul 09, 2012 12:47 pm

If you think you can pay off the $4000 bill in 1 year then I say go for the Citi Forward, but if you can't I say go for the CareCredit
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

jeffysdad
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Postby jeffysdad » Mon Jul 09, 2012 1:08 pm

I would be reluctant to carry a balance that I'm financing on the same card that I am using for new purchases. You will have an easier time of tracking the payoff of your financed balance if you keep it segregated from your purchases.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

ckkiw8
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Postby ckkiw8 » Tue Jul 10, 2012 12:22 am

jeffysdad wrote:I would be reluctant to carry a balance that I'm financing on the same card that I am using for new purchases. You will have an easier time of tracking the payoff of your financed balance if you keep it segregated from your purchases.

So if we go with the Citi Forward put it away until the procedure is paid off?
Amex BCE (25K), Amex Costco (7K), Citi Forward (12K), Chase Disney (15k), Chase Freedom (18K), Chase Sapphire (8K), GE Capital Gap Visa (8K), US Bank Cash+ Visa (13K), Business: Chase Ink (17k), Not Used: BofA Royal Carib Visa (11K), Home Depot Store Card (5K)
Credit Score: 830

Crashem
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Postby Crashem » Tue Jul 10, 2012 1:38 am

Assuming you can pay off in same time, the key benefit of credit card is that you will get whatever cash back/points for the purchase where none exist for care credit.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

agp
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Postby agp » Tue Jul 10, 2012 8:11 am

My vote goes to Citi Forward. Don't get a card (CareCredit) to fund one purchase, get a card that you will use in the future for other things.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

jeffysdad
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Postby jeffysdad » Tue Jul 10, 2012 8:23 am

ckkiw, yes, put the forward card away and pay it off would be my advice.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

ckkiw8
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Location: USA

Postby ckkiw8 » Tue Jul 10, 2012 1:05 pm

Thanks all! I kind of figured it was an obvious choice to go with the Citi but thought I would get a few opinions. ;)

One last question, I know that I have read somewhere that sometimes a hard pull can be used more multiple account openings... is this correct or complete BS? My question is, we just had a hard pull for a refi last week- would it be able to be use that same hard pull for the credit card or would it be irrelevant? I'm sorry if this is a dumb question, but I just want to make sure. If it makes no difference, I will wait a few more weeks to apply for the card, just so it's not all in one 2 week period.
Amex BCE (25K), Amex Costco (7K), Citi Forward (12K), Chase Disney (15k), Chase Freedom (18K), Chase Sapphire (8K), GE Capital Gap Visa (8K), US Bank Cash+ Visa (13K), Business: Chase Ink (17k), Not Used: BofA Royal Carib Visa (11K), Home Depot Store Card (5K)
Credit Score: 830



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