Scratchpay vs CareCredit: Which Pet Financing is Better?

Last updated: November 29, 2024 • 5 min read

Both Scratchpay and CareCredit offer veterinary financing, but they differ significantly in approval requirements, interest rates, and payment terms. This comprehensive comparison will help you decide which option works best for your pet's healthcare needs.

Approval Process Differences

Scratchpay provides instant approval decisions in most cases, with the application taking approximately 15 minutes to complete. The service evaluates multiple factors beyond credit scores, making it accessible to pet owners with varied credit histories. This broader approval criteria means more people qualify for Scratchpay financing.

CareCredit functions more like a traditional credit card and typically requires better credit scores for approval. The application process is similar in length, but approval criteria are more stringent. CareCredit approvals generally require credit scores of 620 or higher, though exceptions exist.

Interest Rates and Payment Plans

Scratchpay offers both interest-free short-term plans and extended financing with interest. Short-term plans spanning three to six months carry no interest charges. Extended plans up to 24 months include interest rates ranging from 0% to 35% APR depending on creditworthiness.

CareCredit provides promotional interest-free periods for larger purchases, typically six to 24 months depending on the amount. However, if you don't pay off the balance before the promotional period ends, deferred interest applies retroactively to the entire original amount. This can result in substantial unexpected charges.

Where You Can Use Each Service

Scratchpay works exclusively with veterinary clinics and animal hospitals. The network includes thousands of practices across the United States, but acceptance isn't universal. You must verify that your specific veterinarian accepts Scratchpay before assuming you can use it.

CareCredit has broader acceptance beyond just veterinary care. The card works at veterinary practices, human healthcare providers, dental offices, vision centers, and some pharmacies. This versatility makes CareCredit useful for family healthcare needs beyond just pet care.

Making Your Decision

Choose Scratchpay if you have variable credit or want financing specifically for veterinary care. The service's flexible approval criteria and transparent interest rates make it accessible and straightforward. The instant approval process is particularly valuable during emergency situations.

CareCredit makes more sense if you have good credit and want financing that works for both human and pet healthcare. The promotional interest-free periods can save money if you can pay off balances before the promotion expires. Just be cautious about the deferred interest terms and ensure you can meet the payment deadlines.