Q: Should a cosmetic surgery practice offer CareCredit or Sunbit?

What each lender charges, and what patients owe

A:CareCredit says its processing fee depends on the special financing option used for each purchase, so the promotion chosen at checkout sets the practice's cost. The card, from Synchrony, charges no annual or monthly fees and pays the practice within two business days. Sunbit, whose loans are made by TAB Bank, lists practice fees "as low as 1.9%" and says the rate stays the same whatever plan the patient picks. Sunbit states that CareCredit's 0% APR (annual percentage rate) promotions "commonly carry merchant fees of 10%+," and says it pays the practice in full at checkout.^1,2

For the patient, CareCredit's no-interest promotions run 6 to 24 months, and a balance left at the end is charged interest from the purchase date. Its card agreement sets the purchase APR at 32.99%. Sunbit's loans run from 0% to 35.99% APR, and Sunbit says it charges no deferred interest. The Consumer Financial Protection Bureau put the typical medical credit card's APR at 26.99% in 2023, against about 16% for all general-purpose cards.^1,2,3,4 We'd argue the headline rate matters less than the plans a practice's patients choose, so we would price last quarter's financed cases under each lender's written fee schedule before choosing. Our patient financing review covers how deferred interest has played out for patients, and in‑house plans covers what a practice's own payment plan costs.