The study is based on the findings of 1,200 pet owners and 100 veterinarians and offers verified consumer insights into the lifetime of the care costs of dog and cat owners through veterinary practices. Conducted on behalf of Synchronys Pet & Veterinary Finance Solutions, CareCredit and Pets Best Pet Insurance, the research covered a comprehensive list of expenses for dogs and cats, from first year expenses (neutering / neutering, vaccinations, pet supplies) all the way up Food and Health Insurance, End of Life Expenses.

According to the American Association for Pet Products, 90.5 million households in the US now have pets, and in 2020 alone $ 103.6 billion was spent on animal care. The Lifetime of Care research found that dog owners can expect between $ 1,300 – $ 2,800 and cat owners approximately $ 960 – $ 2,500 in the first year alone.

“Millions of Americans choose to share their lives with a pet, but the real cost of ownership has historically been incredibly vague. Our lifetime care study serves as a useful tool in preparing future pet parents, ”said Jonathan Wainberg, Senior Vice President and General Manager, Pet, Synchrony. “We want pet owners to have a deeper understanding of what to expect financially and to understand the flexible payment solutions that will help them manage care costs throughout their pet’s lifespan.”

With every fifth household By purchasing a new pet during the pandemic, Synchrony sought to raise awareness of the options that can help pet owners be financially prepared, such as: B. through animal insurance such as Pets best, to pet care credit cards like CareCredit.

“Veterinarians often see pet parents struggling to balance the care their pet needs with what they can afford,” said Peter Weinstein, Owner of PAW Consulting, Author, and Industry Leader in Veterinary Medicine. “This new study gives us a deep insight into the real cost of pet care so we can provide our customers with the information and financial solutions they need to care for their pets for a month, a year and a lifetime.”

CareCredit has been a valuable funding option for all types of veterinary services, treatments, and diagnostics for more than 20 years, giving pet owners the peace of mind they can look after their pet for a lifetime. CareCredit is recommended by the American Animal Hospital Association and is a preferred partner for the American Veterinary Association. CareCredit is currently offered in more than 24,000 veterinary practices across the United States

Pet owners looking for a flexible payment method for the care of their pet can quickly see in real time (with no impact on their creditworthiness) whether they are pre-qualifying for the CareCredit credit card and applying on any smart device, in a veterinary practice or beyond the telephone. A credit decision is made immediately and, if approved, you can pay your veterinarian immediately via your account. Pet owners can choose from short-term and long-term financing options, including deferred interest if paid in full within 6, 12, 18 or 24 months and reduced APR with fixed monthly payments for 24, 36, 48 or 60 months. In addition, CareCredit offers a user-friendly online calculator This makes it easy for pet owners to quickly estimate monthly payments based on the funding options available.

Four out of five pet owners face an unexpected veterinarian bill.² With Pets Best pet insurance, pet parents can have peace of mind knowing they are protected. They take away the financial worries of owning a pet so they can focus on making the best decisions for their dog or cat. Pets Best policyholders can choose from plans that cover accidents, illnesses and routine grooming, all tailored to their pet’s needs and budget, as well as being treated by a veterinarian of their choice and having access to easy and accurate claims handling. Pets Best policyholders also have access to a number of digital features including a pet helpline, a 24/7 emergency hotline that provides policyholders with free access to veterinarians for animal health questions and advice. Customers can also make claims on their smartphone, customize a policy, add pets and access claim status and details online or via their mobile app.

Together, CareCredit and Pets Best offer a complete financial solution. Cardholders can pay with their CareCredit card at the Veterinary Office and then deposit the Pets Best refund into their CareCredit account.

methodology
The Synchrony Lifetime of Care study enrolled 1,200 pet owners and 100 veterinarians.
Access the complete one Study of the lifetime of care and financial planning resources for pet owners. To learn more about CareCredit and Pets Best, please visit carecredit.com or petsbest.com.

About Synchrony
Synchrony (NYSE: SYF) is a leading consumer financial services company. We offer a wide range of specialized financing programs and innovative banking products to consumers in key industries such as digital, retail, household, auto, travel, health and pet. Synchrony enables our partners to increase sales and customer loyalty. We are one of the largest publishers of private label credit cards in The United States; We also offer co-branded products, installment loans and consumer finance products for small and medium-sized businesses and healthcare providers.

Synchrony is changing what is possible through our digital capabilities, in-depth industry knowledge, actionable data insights, a smooth customer experience, and bespoke financing solutions.

For more information, visit www.synchrony.com and Twitter: @Synchrony.

Pet insurance is offered and administered by Pets Best Insurance Services, LLC and is operated by American Pet Insurance Company, a new York Insurance company located at 6100 4th Ave. S Suite 200 Seattle, WA 98108.

Contact:

Michelle Blaya
Synchrony
[email protected]
626-250-1415

SOURCE Synchrony

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