Rising healthcare costs make it harder for patients to cover out-of-pocket medical expenses, especially for elective procedures like plastic surgery, LASIK, and medspa treatments. Since these are rarely covered by insurance, the right patient financing program can be the difference between moving forward with care or delaying it.

For practices, offering flexible payment options helps patients say “yes” to treatment while enhancing cash flow. Two of the most recognized names in this space are CareCredit and PatientFi. Both offer flexible financing options, but they take very different approaches.

How CareCredit Works

The CareCredit credit card, issued by Synchrony, is one of the most widely recognized healthcare credit cards in the U.S. With over 270,000 enrolled providers, it covers everything from dentistry and wellness visits to skincare, veterinary care, and elective procedures with plastic surgeons.

Application & Approval

• Soft credit check lets patients prequalify without impacting their credit score.
  
• Full application process requires a hard credit check, which shows up on a credit report.
  
• If approved, patients become cardholders with a reusable line of credit they can use at multiple locations. Limits are based on credit, but the maximum is $25,000.

Financing Options & Rates

• Special financing options: No interest if the full amount is paid within 6, 12, 18, or 24 months.
  
• Longer terms: Reduced interest rates (lower APRs) on monthly plan options up to 60 months.
  
• Interest charges: If patients miss a minimum monthly payment or fail to pay in full by the promotional period end, deferred interest is charged retroactively from the purchase date — at a steep 32.99% APR.
  

Why Patients & Providers Use CareCredit

• Reusability: One card for multiple treatments, from dental checkups to elective surgery.
  
• Recognition: CareCredit is well-known, with strong brand trust.
  
• Flexibility: Suits patients who want revolving access instead of reapplying for each procedure.
  

But it comes with risks — high interest charges if balances aren’t cleared, and pricing for patients can quickly add up.

How PatientFi Works

PatientFi positions itself as a modern financing company for elective healthcare. Unlike a healthcare credit card, PatientFi provides individual loans with fixed start and end dates, ideal for one-time procedures over ongoing treatment.

Application & Approval

• Patients can prequalify in seconds with a soft credit check, avoiding damage to their credit score.
  
• Underwriting is more selective: Approval is 100% for higher credit scores, but only 5-50% for lower scores.
  

Financing Options & Rates

• Fixed loans tied to a specific treatment (no reusable line of credit).
  
• Clear monthly plans with predictable minimum monthly payments.
  
• Interest-free promotional offers may apply, but most loans carry disclosed APRs.
  
• Like CareCredit, deferred interest can apply if the full amount isn’t paid off during a promotional period.
  

Why Patients & Providers Use PatientFi

• Transparency: No revolving debt — each procedure has its own loan.
  
• Integration: Easy for practices to present financing during consultations.
  
• Flexibility: Works well for patients seeking payment plans for high-ticket elective procedures.
  

However, PatientFi’s approvals skew more toward borrowers with higher credit scores, and its business model also involves sharing borrower data with credit unions, which some patients may view as a drawback.

PatientFi vs CareCredit: At-a-Glance Comparison

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Who Should Choose Which?

While CareCredit and PatientFi both expand access to care, their structures mean they serve different types of borrowers.

CareCredit is best suited for patients who:

• Want a reusable CareCredit card for recurring medical expenses or multiple procedures.
  
• Feel confident they can repay in full before the promotional period ends, avoiding deferred interest charges.
  
• Value brand recognition and a card they can use across many healthcare providers, including plastic surgeons, dentists, and medspas.
  

PatientFi is best for patients who:

• Prefer the simplicity of a personal loan with clear start and end dates.
  
• Want predictable monthly plans and minimum monthly payments that don’t change.
  
• Are financing a one-time cosmetic surgery or skincare procedure, rather than ongoing care.
  
• Are able to pay in full before the promotional period ends to avoid deferred interest charges.
  
• Have a good credit score and established credit history.
  

For providers, CareCredit offers scale and recognition, but comes with lower funding and requires a hard credit check. PatientFi integrates smoothly into elective practices but costs more in merchant fees and approves mostly borrowers with high credit scores. Many practices ultimately offer both — or combine one with a BNPL financing company like Cherry — to cover more patient scenarios.

Top Alternatives to CareCredit and PatientFi

Cherry

Cherry is one of the fastest-growing financing companies in the healthcare and medspa space, offering a Buy Now, Pay Later (BNPL) model rather than a revolving healthcare credit card. Instead of carrying a balance with interest charges, patients can split their medical expenses into predictable installments with true 0% APR for qualified borrowers.

For practices, Cherry pays the full amount upfront, eliminating risk if a patient defaults. Its low merchant pricing and fast application process (under 60 seconds) have made it a favorite among plastic surgeons, dermatologists, medspas, dentists, and even vets. More than 40,000 healthcare providers now use Cherry for these reasons and more.

Key Points about Cherry:

• Soft credit check prequalification with no impact on credit report.
  
• True 0% APR and interest-free payment options for qualified borrowers.
  
• No deferred interest traps or hidden interest charges.
  
• Quick application process (less than a minute).
  
• Industry’s lowest merchant fees, with practices paid upfront.
  
• Financing available up to $50,000 for high-ticket procedures like plastic surgery and cosmetic surgery.

Scratchpay

Scratchpay is a financing company that promotes simple payment plans for patients who need help covering medical expenses. It has traditionally been strong in veterinary care but has expanded into other healthcare verticals like dental, vision, and skincare.

The application process is quick, starting with a soft credit check for prequalification. Patients can select from three different monthly plan tiers with fixed repayment terms.

However, Scratchpay’s limitations make it less competitive for larger elective procedures. It caps loans at $10,000, terms run no longer than 36 months, and some plans include deferred interest.

For healthcare providers, Scratchpay offers fast payouts, but its merchant fees are steep — sometimes as high as 7% — which can significantly impact practice margins compared to other financing companies.

Key Points about Scratchpay:

• Soft credit check prequalification with instant results.
  
• Three payment plan tiers, capped at 36 months.
  
• Funding capped at $10,000 per treatment.
  
• Deferred interest can apply if the balance isn’t paid in full by the promo deadline.
  
• Merchant fees range up to 7%.

Affirm

Best known as a checkout option in online retail, Affirm has expanded into healthcare, giving patients a way to split medical expenses into fixed monthly plans. Unlike revolving healthcare credit cards, Affirm functions like a personal loan, with each transaction tied to a specific purchase or treatment.

Affirm’s appeal lies in its transparency — patients see the interest rates, minimum monthly payments, and payoff schedule upfront. Some loans are interest-free, while others carry APRs up to 30%. Terms range from 3 to 36 months. 

Keep in mind, Affirm’s financing maximum of around $17,500 often falls short for plastic surgery or larger elective procedures. Practices also face steep merchant fees (typically 5.99% + $0.30 per transaction), making it one of the costlier options for healthcare providers.

Key Points about Affirm:

• Recognized BNPL financing company, expanding into healthcare.
  
• Personal loan model with fixed monthly plans (3–36 months).
  
• Interest-free options available, but APRs can reach 30%.
  
• Financing capped at about $17,500.
  
• Clear disclosure of minimum monthly payments and interest rates.
  
• Higher merchant fees compared to other financing companies.

Sunbit

Sunbit started as a BNPL solution for auto repair before moving into healthcare areas like dental, vision, and some elective procedures. Its biggest advantage is high credit approval rates, especially for patients with lower credit scores who might otherwise be denied by traditional lenders.

That said, Sunbit’s payment options can come with catches. Some special financing options include deferred interest if the full amount isn’t paid within the promotional period. Sunbit also caps financing at about $20,000, limiting its usefulness for higher-cost procedures such as full cosmetic surgery packages. For practices, Sunbit charges relatively high merchant fees (around 4.7%), which can hurt cash flow. 

Key Points about Sunbit:

• Soft credit check and quick credit approval decisions.
  
• High approval rates for patients with lower credit scores.
  
• Flexible payment plans that reduce upfront cost for patients.
  
• Deferred interest may apply.
  
• Financing cap around $20,000.
  
• Higher merchant fees compared to other financing companies.

Final Thoughts: CareCredit vs PatientFi

Both the CareCredit credit card and PatientFi loans help patients manage medical expenses and elective procedures. CareCredit offers broad acceptance and reusable credit, while PatientFi provides fixed-term payment plans with clear payoff dates.

Still, some practices and patients may prefer alternatives that avoid deferred interest and hard credit checks, offer higher approval rates, or provide larger funding for cosmetic surgery and medspa treatments.

Among these, Cherry stands out. With a quick soft credit check, true interest-free options for qualified borrowers, transparent payment plans, the industry’s lowest merchant fees, and upfront provider payments, Cherry has become a trusted solution across all practice types. Find out why over 40,000 practices choose Cherry to remove barriers to treatment while enhancing cash flow. Claim your complimentary demo here.