Dealing with a pet emergency is a stressful time for many pet owners. You do not want the financial burden to make an impact on your decision. Pet health insurance is not as common as human forms, and you may not have the funds to pay a vet bill in full. One of the main options to consider for vet treatment is a vet care credit card.
Many vet offices include applications and options for credit that apply directly to the health costs of your animal. The use of the vet care credit card comes with a lot of options and elements to consider. Follow this guide to learn more about the cards and features found on some of the credit options.
In-Office Applications
Many vets will host financing options directly through their offices. This allows you to wait with your pet and avoid going through phone calls or going back home just to complete the application process. The application typically takes less than ten minutes and looks similar to most credit applications.
You may need to know your personal information, like your social security number, to help process the application. A vet office will typically work quickly to process the application and go over your offer options to ensure you know how much credit you qualify for and which vet care costs the program covers.
Understanding the full coverage amount will help you make the best decisions on the proper form of care for your animal.
Promotional Financing
Every pet care credit option will come with its own set of interest rates based on usage. However, you should also consider the promotional financing available for the credit cards. Many vets will offer special financing prices, which gives you time to pay off the card without any added interest fees.
The promotional financing may be worth getting a card instead of using personal card accounts. For example, if you sign up for a card with zero-interest fees for the first six months, then you have six months to pay off the vet's bill. If the bill is $4,000, then you need to pay around $670 per month to have the whole thing paid off by the end of the promotion.
The promotional financing times vary, so pay attention while at the vet. It will help you plan and budget without the need to pay extra in interest and fees.
Avoid Collection Agencies
If you skip out on any form of credit, then your bill is left to the vet office alone. A lack of proper payments or not paying the full bill in time could get the owed amount sent to a collection agency. A collection agency will not only report the amount owed on your credit report but will hound you for payment.
If your budget is stretched thin, a vet care credit card will provide you with a minimum payment each month. The minimum payment keeps your account active and displays good standing for your credit score. You want to avoid the chance at a collection agency and do not want to worry about a vet denying services in the future for unpaid bills.
Prequalification Options
Often, when you apply for a credit card, your credit is checked, which counts as a credit inquiry on your credit report. Too many inquiries can result in a lower credit score. When you apply for a pet care credit option, you have the opportunity to prequalify for financial help and can avoid the full credit check process.
A prequalification may mean you are already in the system or a credit card company uses bank account information to qualify you for the credit card as opposed to a full credit check. Look into this option. When the credit account opens on your account, the impact could be positive in both the short-term and long-term.
Future Uses
Once you are approved for the vet care credit card, you are not just limited to one use for the card. If you have follow-up appointments or future visits, you could reuse the card within your credit limits. The cards often cover other areas of health. For example, you could use the credit card to help pay for lenses and exams at an eye doctor.
The card could cover both human and pet healthcare costs. A vet care credit card will often include a full list of accepted locations. An app may offer quick access to the options so you can look up other healthcare providers and businesses where the card is accepted.
After the initial approval, the safety net of the credit card can go a long way in providing you with health services for yourself and your pet.
For more information on credit cards and financing options, contact us at South Seattle Veterinary Hospital. We can go over the whole process and help get you approved for an account long before an emergency or vet need even occurs.
