Pet Insurance vs. CareCredit: What’s Best for Vet Bills? 

Pet insurance can help you manage future vet expenses and potentially save money on covered vet bills through reimbursements, but you’ll need to pay vet bills up front.¹ With a CareCredit credit card, you can use it to pay vet bills up front, but you’ll need to repay what you charge to the card, as well as any potential interest accrued. Plus, there are limitations to where you can use it.

Having a plan for how you’re going to pay for vet bills can be crucial in ensuring your pet gets necessary medical care. Let’s discuss the differences between CareCredit and pet insurance so you can make the right decision for you.

Pet Insurance and How It Works

If you’re looking for financial protection for your pet and wallet, pet insurance can be a great option. It can help you manage future expenses by reimbursing you for covered vet bills and other pet costs.¹ A simple overview of how pet insurance works is:

1. Pick or customize your plan and pay your premium after enrolling your pet to keep your policy active.
2. Bring your pet to any licensed vet or emergency clinic when they need medical care.
3. Pay the vet bill and then take your pet home.
4. Submit a claim to your pet insurance provider along with required medical records and the itemized invoice from the vet visit.
5. Receive your reimbursement for expenses covered under your policy.¹

Depending on the plan you choose, you might have to pay a deductible before you can start receiving reimbursements.^1,2 Exclusions or limitations to coverage are also important to be aware of — like pre-existing conditions and reimbursement limits, or waiting periods.

CareCredit Credit Card and How It Works

A CareCredit credit card is similar to a regular credit card in many ways. You apply for one, can be approved for a specific credit limit, use the card to pay for expenses, and then pay the balance back over time. But unlike a regular credit card that can be used almost anywhere, you can only use the CareCredit credit card at participating vet offices within the CareCredit network.³

When you sign up, you can choose their Deferred Interest financing option with a promotional period of 6, 12, 18, or 24 months, where interest is deferred on qualifying purchases over $200. Minimum payments are due every month, but if you don’t pay the entire balance off by the time your promotional period ends, you’ll be charged interest on the original purchase amount.³

For larger purchases, you can opt for their Reduced APR (annual percentage rate) special financing option with a promotional period of 24, 36, 48, or 60 months. Fixed payments, including interest, are made monthly until the balance is paid in full.³

Differences Between Pet Insurance and CareCredit

There are good reasons to use either pet insurance or a CareCredit card for vet bills. Let’s review the main differences so you can see what makes sense for you.

• How they’re used: Pet insurance can help you cover certain vet bills by reimbursing covered costs after you’ve paid them out of pocket.¹ CareCredit can help you finance vet bills by allowing you to repay them over time. But you are financially responsible — including any potential interest — for those bills.
• When you use them: With pet insurance, you pay your vet bill at the time of the vet visit and then get reimbursed for covered costs.¹ CareCredit can be used to pay for vet bills at the time of the vet visit, and then you pay off the card’s balance.
• Fees and payments: Pet insurance policies are kept active by paying monthly premiums, and any deductibles need to be met before you can start receiving reimbursements.^1,2 CareCredit credit cards typically have a minimum monthly payment due on purchases, with or without interest, depending on the financing option you choose.³
• Where you can use them: Pet insurance can be used at any licensed vet: there’s no network. CareCredit can only be used at participating locations within their network.³
• Pre-existing conditions and exclusions: A pet insurance policy typically doesn’t cover routine care or pre-existing conditions. You might be able to use CareCredit to pay for a wider selection of pet expenses, like routine care and care related to pre-existing conditions.
• Limits: Pet insurance and CareCredit credit cards can have maximum limits, but they work differently. Pet insurance annual limits are the maximum amount you can get reimbursed.^1,4 CareCredit limits are the maximum amount you can charge to the card.³

Do your research and take a look at your unique financial situation to figure out if CareCredit or pet insurance may be worth it for you.

When Can Using a CareCredit Card for Vet Bills be a Good Idea?

There are some situations when using a CareCredit credit card may be helpful. Let’s take a look.

If your pet has pre-existing conditions

Say your pet has a pre-existing condition not covered by your pet insurance. There may be instances in which that condition requires veterinary care, resulting in a large vet bill.

You’ll have to pay for the entire vet bill, whether you have pet insurance or CareCredit. But, if you don’t have the means to pay for it up front, CareCredit offers the chance to pay that bill back over time. This could be especially helpful if your pet has a chronic pre-existing condition that requires expensive, ongoing vet care.

If your pet has an emergency

You may not always have an emergency fund or savings account that can cover an unexpected high-cost or emergency vet bill. In this scenario, you might consider using a CareCredit credit card to pay the initial bill and then pay off the balance.

Be mindful of your credit limit, the length of your promotional period, and how interest will be charged. Make at least your minimum payment on time every month, or you could be charged a late fee.⁵

If you can pay off the balance quickly and avoid interest

With a Deferred Interest promotional period, interest won’t be added to your monthly payments until the period ends. You then get charged interest based on the original purchase amount. If you’re able to pay off your balance before the promotional period ends, you could avoid paying interest on the vet bill.³

This might make CareCredit a better option than using your regular credit card to pay for vet bills.

If you also have pet insurance

Using a CareCredit credit card to pay vet bills up front can be helpful. Combined with the financial protection of a pet insurance policy, you could have more control over managing pet expenses. This is in part because you can use your pet insurance reimbursements to help you pay off purchases on your CareCredit credit card.¹

Benefits of Choosing MetLife Pet Insurance

While there may be good reasons to use CareCredit, pet insurance has its own benefits. Let’s dig into the details.

• Savings: You can be reimbursed up to 90% on covered expenses with a MetLife Pet policy.¹ This means there’s potential to save money on the overall cost of the vet bill. CareCredit doesn’t reimburse you, so there’s no way to save on vet bills you charge to the card.
• Guaranteed enrollment: With MetLife Pet, you don’t have to worry about your pet being denied enrollment for any reason. Once they’re enrolled, coverage depends on their policy details, exclusions, and current health. You could be denied approval for a CareCredit credit card and have to find another way to manage pet expenses.
• No impact to your credit: CareCredit is still a credit card — applying for one and using it can affect your credit score and credit report.³ Pet insurance doesn’t affect your credit.
• No network limitations: MetLife Pet Insurance can be used at any licensed vet. You don’t have to worry about a network of providers. CareCredit is only accepted at participating locations within their network.³ This could mean not being able to use it at your current vet if they’re not “in network.”
• No interest charges: You’ll end up paying more than the total dollar amount on the vet bill if you use CareCredit and select the Reduced APR promotion. You could pay more than the vet bill amount if you choose the Deferred Interest promotion and don’t pay back the balance before the period is over.³ With pet insurance, there’s no interest to worry about.

Enrolling in a MetLife Pet policy over a different provider also has its benefits. These include a 0-day waiting period on accidents and Preventive Care benefits, a free 24/7 vet chat⁶ for policyholders, grief counseling⁷ when beloved pets cross the Rainbow Bridge, and our unique Family Plan, which allows you to enroll up to three pets on one policy with a shared deductible.⁸

Real-life savings from MetLife Pet members

Here at MetLife Pet, we want to help you confidently care for your furry family. Our customizable plans can provide financial protection when it matters most. Just take a look at some of our policyholders and their stories:⁹

Flower, a young dog from North Carolina, was brought to the vet for a troubling skin lump. She was diagnosed with a mast cell tumor and had surgery to remove it. The vet bill for the surgery was around $3,800. MetLife Pet reimbursed Flower’s family nearly $3,500.

Buster, a pup from New York, suddenly started vomiting, drooling, and having trouble breathing. He was rushed to the vet where he was stabilized and treated for a severe allergic reaction and shock. After paying the nearly $7,000 bill, Buster’s family was reimbursed just over $6,000.

Mink, a cat from California, started experiencing occasional panting, wheezing, and lethargy. Her family took her to the vet, who ran some tests and diagnosed Mink with asthma. The tests and exam cost over $2,800, but Mink’s family was reimbursed more than $2,200.

You Could Save Money on Vet Bills With Pet Insurance, Not CareCredit

MetLife Pet Insurance could help you save money on vet bills by reimbursing you up to 90% of covered costs.¹ While you have to pay the bill up front, these reimbursements can put money back in your pocket after a vet visit.

A CareCredit credit card can be used to pay vet bills at the time of the visit — which could be helpful if you don’t have the funds right then — but it can't help you save money on those vet bills.

Whether you choose one option or combine them, having a financial plan in place for covering your pet’s medical care is a good idea. Ready to see what your personalized rates for a MetLife Pet policy might be? Get your free quote and customize your pet’s plan today.