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April 2017

Credit Card vs. Pet Loan

April 21, 2017

Which is better for paying your pet’s medical costs?

How are credit cards and loans different?
When you need to finance a serious pet medical expense, your first choice might be to consider a credit card. One of the most popular is a care credit card for healthcare, that can also be applied to pet medical costs. Your second option might be a personal loan, though at First Source, we have a loan that’s even more specialized: a Healthy Pet Loan, designed specifically for pet care financing.  

Credit cards are good for expenses you can ideally pay off within a month (without incurring interest charges, based on rates which can vary widely between cards). Personal loans were designed for a wider array of financing where the rates and terms may not be the ideal choice for this specific need. The Healthy Pet Loan, because of its tailored design, lets you borrow with a generally lower interest rate and favorable loan terms. 

Credit vs. Loan Terms
Generally, on the payment due date of your credit card, you’re required to make a minimum monthly payment, and if you don’t pay the entire amount in full, you’ll start to accrue interest charges. And these are calculated based on the average daily balance for the month, not the ending balance. After a single month’s carryover, the amount you owe grows as time goes on, and the interest keeps being added on. Depending on how long you take to pay it back, the total you pay may be much higher than what you financed, and you may not know how much until the end of your payments. The credit card is also considered “revolving debt”—you are limited to how much you can put on the card, and your available limit depends on how much you spend and how much you repay each month.

A Healthy Pet Loan is paid back in installments; you get the money all at once, and make equal, pre-determined payments over a specific period agreed upon in your loan terms when you are approved. Your payments—the same amount every month—will include principal and interest. There are no surprises. 

Because there are many factors that influence interest rates, a credit card, if it has a low-enough interest rate, may be the right option. If you qualify though, a Healthy Pet Loan is generally a smarter way to pay for expenses like pet surgery, pet medical bills, and other qualifying pet health expenses. With good credit, your interest rate may be lower, your payments will be consistent, and you’ll have much less worry making predictable payments each month. Since it may not be a simple decision, we can help you decide what’s best for you.

Live Smarter

When you have pet medical expenses, make the smarter choice: a Healthy Pet Loan.

Get started with the application process below.


If you’re not ready to apply for a Healthy Pet Loan, and have questions, we are here to help. Call 315-735-8571 to talk about your options or make an appointment with one of our friendly and knowledgeable representatives today.




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