I used the GE Money Bank CareCredit card at the recommendation of my chiropractor to pay for a year of chiropractic up front. It sounds great, you get a whole year of credit interest free. You make payments along the way so that you ideally have it paid off after a year anyway, and no interest!
Sound too good to be true? It is!
Here is what really happens:
If you're like me, I use autopay for online bill payments. This way I don't have to worry about getting the check there on time and I'm never late with a payment. I got set up for autopay on Carecredit. The way they have it set up is to decrease the auto payment each month significantly, so that you are paying much less than the amount necessary to have the balance paid off in full by the year end. There is no way for the customer to adjust this. There is either "pay in full" or go by the automated balance, which was down to $30 in the last months of my year (it needed to be $120/ month to avoid a baloon payment at the end).
Because I am set up for online statements and autopay, I was not aware of the statement fine print which said I would be receiving a $301.22 interest charge in March, if my balance of $550.00 was not paid by then. I was expecting a notification by email or mail that my balance was due, but none came.
On March 6th I received my online notification that my new balance was $880.00. So I called to see what happened. I first spoke with a woman who said, "Oh, I'm sorry but you missed your due date on March 3rd, and now you have to pay the interest." I asked to speak to a supervisor, and was transferred. Her name is Savannah. Savannah said there is absolutely nothing she can do to help me. It was my fault for not seeing the fine print on my (online) statement. She hung up on me.
I had two days grace period to pay the balance without having the $300 finance charge , oh but guess what, I wasn't notified that my deferred interest had expired until 3 days after the due date. How convenient for GE to notify me of my misfortune until the very day after my last chance to pay off the no-interest balance.
If you are using CareCredit from GE money bank, BE CAREFUL!