When paying for medical expenses like dental care, plastic surgery, or even medspa treatments, patients often compare Cherry financing with the CareCredit credit card. Both offer ways to get treatment sooner and pay later, but they operate under very different models. So which is right for you? 

How CareCredit Works

CareCredit is a healthcare credit card issued by Synchrony. Patients apply through a traditional credit card application process, which includes a hard credit check (this will hurt the applicant’s credit score) and a review of their credit report. Cardholders can then use the line of credit at participating healthcare providers, dental offices, and some vet clinics.

A major appeal of CareCredit is its promotional period. Patients may receive special financing or deferred interest for several months.

However, eligibility usually depends on good credit, and missing a due date or failing to pay the balance in full before the promo ends can result in retroactive interest charges. That means even if 11 out of 12 of the borrower’s payments are submitted on time, if the 12th is missed, the borrower is charged interest on all 12 payments. This interest is added to the principal, and combined with minimum payment requirements and higher interest rates at the conclusion of the promotional period, it can result in ballooning credit card debt that’s difficult to pay off.

How Cherry Financing Works

Cherry offers an alternative to the healthcare credit card model and traditional lenders. Instead of revolving credit, Cherry payment plans are structured around installments with clear repayment terms. Patients can prequalify with a soft credit check that doesn’t affect their credit score, making the application process less intimidating, and allowing applicants to shop around stress-free for the best possible rate. 

Depending on eligibility, borrowers may have APR options that include interest-free plans. Cherry also allows flexible down payment amounts, predictable monthly payments, and autopay features to help patients stay on track. There are no hidden fees, no prepayment penalties, and the terms are explained upfront. This transparency helps patients manage cash flow more easily and pay what they agreed to — no surprises.

Providers often find Cherry straightforward to implement at checkout. Patients can apply online in seconds, receive instant credit approval decisions, and begin dental work, wellness treatments, or even vet care the same day.

Comparing Cherry vs CareCredit

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Cherry may be right for your practice if…

• You prefer an application process that uses a soft credit check so your patients’ credit scores aren’t impacted.
  
• You want your patients to have higher credit approval odds, even if they don’t have great credit.
  
• You like the idea of enabling your patients to pay with a debit card for the down payment at checkout, then spreading the rest across predictable installments.
  
• Your patients would benefit from clear APR options, including interest-free plans with no hidden fees, no prepayment penalties, and no surprise processing fee add-ons.
  
• Your patients would rather avoid managing a line of credit or worrying about making only the minimum monthly payments, resulting in ballooning interest.
  
• You want a repayment schedule that aligns with your patients’ cash flow and helps them stay on track with monthly payments through autopay.
  

Your patients find cost a barrier when planning procedures like dental implants, plastic surgery, medspa treatments, or veterinary care.

CareCredit may be right for your practice if…

• Your patients are comfortable applying for a healthcare credit card with a hard credit check that will appear on their credit report.
  
• Your patients already have good credit and can confidently manage a promotional period with special financing options or promo offers.
  
• Your patients are capable of paying the balance in full before the due date to avoid deferred interest or retroactive interest charges.
  
• Your patients prefer a revolving line of credit that can be reused with participating healthcare providers and dental offices.
  
• Your patients don’t mind making minimum payments and understand the potential for accumulating credit card debt if balances aren’t cleared monthly.
  
• Your patients want flexibility to use a card at multiple locations, provided the practices accept the CareCredit credit card.
  
• Your patients are comfortable navigating more complex terms that may include fees, eligibility requirements, or stricter repayment rules.

Final Thoughts

Choosing between Cherry and CareCredit comes down to priorities. Patients who are comfortable incurring a hard credit check, can manage another line of credit, and will pay off their loan before deferred interest charges kick in, may find the CareCredit card’s flexibility worth it. It can be used at a variety of practices, whereas Cherry is practice-specific. 

Those who prefer a no-harm application process, predictable monthly payments, flexible financing options, 70% lower merchant fees, true 0% APR options, and clear terms with no risk of retroactive interest may lean toward Cherry.

For healthcare providers, offering both can expand payment options for patients. Still, Cherry often proves more accessible for borrowers who want straightforward repayment without the stress of deferred interest or complex promo terms. Want to find out how Cherry can transform your practice? Claim your complimentary demo here.