What’s Changing with the PayZen Care Card
We are excited to announce major updates to the PayZen Care Card, designed to simplify and enhance your payment experience. The updated Care Card now features a single monthly payment, faster repayments to help you pay off your debt, and streamlined billing. This guide will help you navigate the update process and ensure you use the Care Card in the way that best suits your needs.
New Plans
Once you update and use your card, a new plan will be created in your account, separate from any plans you created prior to the update. All future transactions will be added to the balance of this new account. Any older plans will remain separate and unchanged. This means any charges made after upgrading will consolidate into one debt, one set of communications, and a simpler experience overall.
Monthly Statements
Your new plan will also be eligible to receive monthly statements to help you better understand your payments. Each statement will list all transactions, payments, and refunds that occurred during the statement cycle and will indicate the minimum payment amount for that period. Your payment for your new plan will always be less than the maximum payment set when you received your Care Card. You can always choose to pay more than your minimum monthly payment.
Separate Payments for Old Plans
Payments for old plans (originated before August 28th) are separate from payments for new plans (originated on or after August 28th). As a result, if you are paying the maximum monthly payment on your new plan and you have a pre-existing payment plan, your total payment may exceed your planned maximum.
For example, suppose the maximum monthly payment for your new plan is $200, and you already have an older plan that requires a $50 payment each month. If both payments are due at the same time, you will need to pay $250 that month—$50 for the old plan plus $200 for the new plan. Since your new plan is separate from your old plan, a higher total payment is expected.
Shorter Payoff Schedules
New plans typically feature shorter repayment periods compared to old plans. Be sure to review your monthly statements or our account management system to stay informed about your remaining payments, which may change with additional spending.
Remember, updating is optional. If you choose not to update, you can continue to pay off your current plans, but you will no longer be able to use your Care Card for additional spending or access 0% interest and fee-free financing.
How Your Care Card Monthly Payment Is Calculated
The Care Card uses a single monthly payment cycle based on your balance and payment tier. Here's how your payments are calculated:
- Pay $50 over 1-6 months if your balance is below $300.
- Pay in 6 months if your payment is less than the maximum monthly payment.
- For higher balances, continue paying your monthly maximum until your balance is fully paid.
For example, if your balance is $200, your payment will be $50 over 4 months. If your balance is $1,200 and your maximum payment is $200, you will pay it over 6 months.