Making Pet Care Affordable by Using a Credit Card

by admin on November 8, 2011

There are ways to take care of your pet without paying high insurance costs month after month. Pet insurance is frequently touted as the best way to assure affordable care for your pet, but is it really? There are other ways, and using a credit card is one of them.

A number of credit card providers, such as Visa, offer credit cards for medical expenses for your pet. They usually offer 0 percent interest for up to three years on most veterinary bills. Some, of course, are exempt. But this does cover the main types of bills, common diseases pets suffer from, injections, disinfection procedures, and the like.

At any rate, it is convenient to have such a credit card if you do not have an emergency fund to take care of an expensive veterinary bill. It is also a convenient option for routine check-ups and small bills. You do not have to wait, and you can make a payment at once. You can also dispute charges where Canadian law permits it, and you can postpone repayment for a given term depending on what your provider has set as terms.

There are also some disadvantages to using a credit card for your pet’s health care. If you cannot pay the money back, it becomes a loan, and then interest begins to add up, and you start paying and owing more. Everyone has some kind of a credit limit on their card, so this limit restricts the sum you can spend on your loved one. If you fail to make payments on time, this can wreck havoc on your credit score.

One worst-case scenario would be the following. Say you have to pay several thousand dollars because your pet has contracted a disease that is rare and expensive to treat. You do not have that kind of money, so you put the bill on a credit card with 20 percent interest. It will take you over ten years to pay off your debt, and the interest will end up being twice as much as the treatment.

A lot of Canadians have opted for PetCard, which is one way to cover veterinary costs. It is very easy to apply for this credit card. You can request financing for a part of your expenses or PetCard will cover the total. Most applications are processed very quickly. PetCard offers good interest and a high approval rate. No collateral is required, and there is no penalty on early repayment.

How do you apply? First, you need to determine how much money you need. Then you choose your repayment term: 6 months, 1, 2, 3, 4, or 5 years. You can apply in person, by fax or online. You will be informed of the company’s decision by phone. Your vet gets his money directly from PetCard, and the sum is electronically debited from your checking account. In general, Canadians are very satisfied with this service. It really has proven to be a wonderful safety net.

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