Managing out-of-pocket medical expenses is getting increasingly difficult for the average American. Elective treatments like cosmetic surgery, LASIK, dental care, and dermatology often aren’t fully covered by insurance, yet they remain in high demand.

For practices, offering flexible payment plans and special financing options can be the difference between a patient moving forward with treatment or walking away. And for patients, the right monthly payment options and reasonable interest rates can make life-changing procedures accessible without creating financial strain. Two of the most popular financing options in this space are CareCredit and Alphaeon Credit.

How CareCredit Works

CareCredit is a long-established healthcare credit card backed by Synchrony Bank. It’s widely accepted — with more than 270,000 providers across fields like dentistry, wellness, and cosmetic procedures. Patients can pre-qualify with a soft credit check, so their credit score isn’t impacted until they officially apply.

Once approved, patients receive either the CareCredit card or the CareCredit Rewards Mastercard, which can also be used outside of healthcare settings. The card offers special financing options, such as no interest for 6, 12, 18, or 24 months on purchases over $200.

However, these plans come with deferred interest — meaning if the balance isn’t paid in full by the end of the promotional period, interest is charged from the original purchase date.

For longer terms (24 to 60 months), patients can opt for reduced APR plans. But once promotions end, the regular rate is steep — about 32.99% — and a missed payment can trigger even higher penalty rates. On the plus side, there’s no annual fee, and patients can reuse their line of credit at participating providers.

How Alphaeon Credit Works

Alphaeon Credit, another popular financing company in the healthcare space, offers a credit card issued by Comenity Capital Bank. Patients can pre-qualify online with a soft check (no impact to their credit score), though the full application will trigger a hard pull. Approved applicants may receive a line of credit up to $25,000.

The card provides several special financing options on purchases of $250 or more — including interest-free plans if the balance is paid within the promotional period, and extended low-APR installment options.

There are no prepayment penalties, and the program is built to integrate smoothly into a doctor’s office. Patients should be aware, though, that if their balance isn’t paid in time by the end of the promotional period (or if even one payment is missed during that period), deferred interest will be charged retroactively from the purchase date.

Alphaeon vs CareCredit: At-a-Glance Comparison

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Top Alternatives to CareCredit and Alphaeon

Cherry

Cherry takes a different approach to financing. Instead of a revolving credit plan, it offers buy now, pay later (BNPL) payment plans at the point of sale. Patients split the cost of care into predictable payments — with true 0% APR for qualified borrowers and no deferred interest traps — and providers get paid upfront, taking on no risk if the borrower defaults.

The application process takes 60 seconds or less, uses a soft credit check, and approval decisions are instant. For practices, this can improve treatment acceptance, especially for patients who might hesitate at a large lump-sum cost.

Key points about Cherry:

• Soft check for eligibility — no hit to the patient’s credit score
  
• Larger loan amounts for high-ticket procedures — up to $50k
  
• Interest-free options for pay-in-4 plan, true 0% APR for qualified borrowers
  
• No prepayment penalties, origination fees, or deferred interest traps
  
• Enhanced provider cash flow with upfront payment
  
• Industry-lowest merchant fees
  
• No risk to providers if a patient defaults
• Accepted by over 40,000 providers in plastic surgery, dermatology, medical aesthetics, veterinary care, dentistry, and orthodontics

Sunbit

Sunbit is a BNPL service built originally for auto repair and retail, and has since expanded into certain areas of healthcare lending like eyecare, dentistry, and veterinary care. The application is quick, approvals are often high, and payments are split into predictable installments that fit into most practice billing systems. For patients, it can feel like a simple way to manage out-of-pocket costs, especially if it’s their first time financing care.

That said, not all plans are truly “interest-free.” Sunbit, like CareCredit and Alphaeon, charges deferred interest that applies retroactively from the purchase date if the balance isn’t paid off by the end of the promo period. They also cap their funding at $20,000, making it difficult for patients to finance higher-cost procedures. For practices, their approval rate is high, but they focus on patients with low credit scores, and charge a high merchant fee compared to other providers (4.7%).

Key points about Sunbit:

• Quick, digital application process with soft check for eligibility
  
• Straightforward credit approval with high acceptance rates
  
• Flexible credit lines that help patients cover procedures without maxing out a regular credit card
  
• Focuses on clients with lower credit scores
  
• $20,000 limit that may not be sufficient for high-ticket procedures
  
• Deferred interest applies if balances aren’t paid within the promotional period

Affirm

Affirm is best known for its role in e-commerce, where it partners with major online retailers to offer financing at checkout. It has expanded into healthcare, though its reach in this space is still more limited compared to dedicated healthcare lending providers.

Patients can apply at the point of sale and, if approved, finance purchases with fixed terms. Options may include interest-free plans, while others carry a disclosed APR ranging from 0% to about 30%. Loan terms run from a few months up to 36 months, and financing is capped at around $17,500, which may not be enough for higher-cost procedures like major plastic surgery.

For practices, it’s worth noting that Affirm’s merchant fees are high — typically 5.99% + $0.30 per transaction — which can cut into margins compared to other financing solutions.

Key points about Affirm:

• Widely recognized in e-commerce but less established in healthcare
  
• Fixed-term loans, usually between 3 and 36 months
  
• Maximum financing amounts around $17,500
  
• Some plans are interest-free, others carry disclosed APR up to 30%
  
• Merchant fees are among the highest in the industry (5.99% + $0.30)

PatientFi

PatientFi is another option for patients who need help covering out-of-pocket medical or aesthetic costs. Unlike CareCredit or Alphaeon, it’s not a revolving credit card. Instead, patients apply for financing at the time of treatment, and if approved, they get a loan with clear start and end dates.

The process is designed to be quick: patients can pre-qualify online with a soft credit check, so their credit score isn’t affected unless they move forward. Terms vary by provider and may include promotional offers, minimum monthly payments, or fixed APR repayment plans.

However, PatientFi generally approves fewer patients across different credit profiles compared to other options, and its business model includes selling applicant data to credit unions. For practices, it’s also important to note that PatientFi’s merchant fees are roughly double those of Cherry, which can impact margins.

Key points about PatientFi:

• Works as a treatment-based loan rather than a reusable credit line
  
• Approves fewer patients across credit profiles compared to other solutions
  
• Patients can pre-qualify instantly without hurting their credit score
  
• Higher merchant fees
  
• Data is shared with credit unions as part of its model
  
• A healthcare-only program, though not as widely recognized as CareCredit
• Can be useful for patients exploring financing for the first time

Choosing the Right Solution

CareCredit or Alphaeon?

While CareCredit and Alphaeon Credit look similar on the surface — both are healthcare credit cards with deferred interest promotions, reduced-APR long-term plans, no annual fees, and credit limits that can reach into the tens of thousands — the biggest difference is in where they can be used.

CareCredit has a far broader acceptance network, covering everything from dentistry and dermatology to veterinary care, pharmacies, and even general wellness. Alphaeon Credit, on the other hand, is more limited, focusing mainly on specialties like plastic surgery, vision, dermatology, and dentistry.

For practices, this means CareCredit offers wider applicability, while Alphaeon may be better suited to providers who primarily perform elective or aesthetic procedures.

CareCredit, Alphaeon, or an Alternative Lender?

In some cases, practices may find that an alternative financing partner makes more sense than either CareCredit or Alphaeon Credit. Solutions like Cherry, Sunbit, Affirm, or PatientFi can be appealing when patients prefer fixed installment loans instead of revolving credit, or when higher approval rates are a priority.

Some of these programs may also fit practices that want to avoid the confusion of deferred interest promotions (though some, like PatientFi and Sunbit, may charge deferred interest) or are looking for more flexible ways to present financing at the point of care.

While CareCredit and Alphaeon are widely recognized, alternatives often provide more transparency, lower merchant fees, and in some cases, even higher available credit limits (for example, Cherry can approve up to $50,000 for plastic surgery). For practices, this can make alternatives a strong complement or even a replacement, depending on patient demographics and procedure types.

Conclusion

Both CareCredit and Alphaeon Credit card accounts remain established financing options in healthcare. CareCredit stands out for its broad acceptance and promotional offers, while Alphaeon appeals to practices seeking straightforward repayment and no prepayment penalties.

At the same time, alternatives like Cherry, Sunbit, Affirm, and PatientFi introduce new approaches, from BNPL flexibility to faster credit approvals. By offering a mix of traditional credit cards and modern financing platforms, practices can give patients more ways to say yes to treatment.

Today, more than 40,000 providers use Cherry because it addresses many of the frustrations tied to medical financing. With a 60-second application and a soft credit check, true 0% APR options with no deferred interest traps, the industry’s lowest merchant fees, and upfront payment to practices, Cherry has become a trusted option for practices that want to increase case acceptance without adding financial risk. Find out how Cherry can transform your practice. Claim your complimentary demo here.