Care Credit?
Not a bad way to finance bigger-ticket medical needs, but YOU HAVE TO MAKE SURE YOU CAN PAY THE ENTIRE BALANCE OFF WELL BEFORE THE PROMOTIONAL RATE ENDS.
If you borrow the cash for 24 months at 0%, make sure you can ABSOLUTELY pay it off in 20 months. If you mess up and don't have the balance zeroed out before the end of the promotional period, YOU WILL BE CHARGED A HIGH RATE OF INTEREST FROM THE ORIGINAL DATE YOU BORROWED THE MONEY. That means if, in the 24 month scenario, you have about $500 remaining to pay off and it's now month 25, the amount you owe will suddenly be raised up to include all the interest on the account that has been waived. Many people fall into this trap - they don't read the fine print and think that it's 0% interest for the first 24 months, and then interest is charged after 24 months. No - interest is charged from month one and you're responsible for the entire amount if you haven't paid back ever penny of the principal by the end of the promotional period. That interest will be thousands and thousands of dollars.
So...
If you can afford to pay off the entire surgery in 20 months, go for it. But were that the case, you'd be far safer simply saving for the next 20 months and paying cash.
