CareCredit vs Splitit: Which Patients Does Each Serve?

Choosing the right patient financing solution is one of the most consequential decisions a healthcare practice makes. Get it right, and more patients agree to the treatment they need. Get it wrong, and you’re losing case acceptances at the final step, often without realizing it.

CareCredit is the most recognized name in healthcare patient financing. Splitit is a card-linked installment platform built around existing credit. These two solutions are often compared as direct alternatives, but that framing misses something important: they serve fundamentally different patient segments, and the practices that understand this are the ones deploying both.

How CareCredit works

CareCredit is a dedicated healthcare credit card issued by Synchrony Bank. Patients apply for a new line of credit at the point of care, which is then used to pay for procedures across CareCredit’s network of enrolled providers. The card can be used repeatedly across any CareCredit-affiliated practice. For patients, this means submitting a credit application, undergoing a credit check, and being issued a new account if approved.

CareCredit is specifically designed for patients who need new credit extended to them at the point of care. It opens up financing for patients who don’t have meaningful available credit on existing cards, a segment that would otherwise have no good path to treatment. For a practice with a high volume of these patients, CareCredit is a valuable tool.

What this means for patients 

• New credit application required at point of care 
• Hard or soft credit inquiry depending on plan type 
• New account to open and manage 
• Deferred interest that can apply retroactively if balance isn’t cleared 
• Limited to the CareCredit network of providers

How Splitit works

Splitit is a card-linked installment platform. Instead of issuing new credit, Splitit allows patients to use the credit they already have to split their payment into monthly installments, with no application, no credit check, and no new account.

When a patient chooses Splitit, the full treatment amount is pre-authorized on their existing credit card. The first installment is charged immediately, and subsequent payments are automatically deducted monthly according to the chosen schedule.

Splitit is built for patients who already have available credit. Typically, higher-income patients with strong cards, healthy credit utilization, and a preference for flexibility over necessity. 

What this means for patients

• No application or credit check required
• No new account to open or manage
• Uses existing credit they’ve already been approved for
• Keeps earning credit card rewards on every installment
• No additional fees or penalties (standard credit card terms apply)
• Instant – the process takes around five seconds

Comparing the patient experience

Application and approval 

CareCredit requires patients to apply for a new healthcare credit card at the point of care. This means submitting financial information, passing a credit check, and waiting for an approval decision. For patients who need new credit to make treatment possible, this is a straightforward and familiar process. CareCredit has built significant recognition around it, and many patients arrive already knowing what to expect.

Splitit removes this step entirely. Because it works with credit the patient already holds, there is nothing to apply for. Approval is based on their available credit limit. For patients who already have a strong credit card they use daily, this feels like the obvious way to pay. They’re not opening a new account; they’re just choosing how to use the one they already have.

Together, the two cover the full spectrum. A patient who needs financing has a clear path through CareCredit. A patient who has the credit but wants flexibility has a clear path through Splitit. Neither group is left without a good option.

Fee structure for patients

• CareCredit’s promotional deferred-interest model is often presented as interest-free, but patients who don’t clear their balance before the promotional period ends are charged interest retroactively on the original amount. For patients who understand the terms and clear the balance in time, it works well. For those who don’t, the cost can come as a surprise.
• Splitit charges patients no fees, no penalties, and no additional interest. Patients pay using their existing credit card, and the card issuer’s standard terms apply as they would with any other purchase. They’re not taking on new financial obligations; they’re just managing timing.

Credit card rewards

This is where Splitit serves a specific patient profile particularly well. Because each installment processes through the patient’s existing card, they continue earning points or cashback on every payment. For patients with premium rewards cards this is a tangible benefit that can make Splitit the preferred option even for patients who could technically afford to pay upfront.

Should your practice offer both?

For most practices, yes, particularly those offering high-value elective procedures.

CareCredit handles the patients who need new credit to make treatment possible. Splitit handles the patients who have credit and want the convenience of installments without the friction of a new application. These two segments don’t overlap much, and neither solution serves the other’s patients well.

Deploying both tools means more patients have a good option.

Frequently asked questions

Do patients pay fees with either service? 

Splitit charges patients no fees, no interest, and no penalties. Standard terms from their existing credit card apply as they would to any card purchase. CareCredit’s promotional plans are interest-free if the balance is cleared within the promotional window, but deferred interest is charged retroactively at a high rate if it isn’t.

Can patients earn credit card rewards with either service?

No, only with Splitit. Payments process through the patient’s existing credit card so they continue to earn points, miles, or cashback as normal. CareCredit operates as its own card, so standard rewards programs don’t apply.

Does Splitit require a credit check? 

No. Splitit does not perform a credit check or require a new account. Approval is based on available credit on the patient’s existing card.