CareCredit interest rates class action lawsuit overview:ย
- Who: A consumer filed a class action lawsuit against Synchrony Bank.ย
- Why: The class action lawsuit claims Synchrony Bank offers exploitative high-interest so-called CareCredit loans to consumers in need of financial help during emergency medical situations.ย
- Where: The CareCredit class action was filed in New York federal court.
Synchrony Bank offers โexploitativeโ high-interest loans to individuals in need of emergency care at medical and veterinary offices, a new class action lawsuit alleges.
The class action lawsuit claims the so-called CareCredit loans offered by Synchrony Bank often carry โextraordinarilyโ high interest rates that are โabove and beyond what is permitted by New Yorkโs state usury law.โย
โTo compound such matters, these loans are offered to consumers at extremely vulnerable moments in their lives โ and they are unable to grasp the potential financial ruin that awaits them when they ultimately choose to pull the trigger on one of these usurious loans,โ the CareCredit class action says.ย
The consumer behind the complaint is seeking to represent a nationwide class of CareCredit account holders who signed up on the CareCredit website and who accrued interest above 16% per annum during the applicable statutory period.ย
Class action says CareCredit interest rates can go up to 39.99%
The consumer argues the interest rate on a new CareCredit account is an โastonishingโ 32.99% per annum as of May 30, 2024, and account holders who end up being late on payments can see their interest rate go as high as 39.99%.ย
โ(CareCreditโs) product is designed to take advantage of the flaws in the medical and veterinary services industries on the backs of unwitting consumers that they eventually crush under a mountain of debt,โ the CareCredit class action says.ย
The plaintiff claims Synchrony Bank is guilty of unjust enrichment and breach of good faith and fair dealing, and violating New Yorkโs Deceptive Trade Practices Statute and Usury Laws.
They demand a jury trial and requests declaratory and injunctive relief and an award of compensatory, punitive, actual and statutory damages for themself and all class members.ย ย
The Consumer Financial Protection Bureau ordered Synchrony Bank โ then known as GE Capital Bank โ to pay $34.1 million in June 2014 to refund more than 1 million consumers who signed up for a CareCredit credit card under the belief they were interest free.ย
Do you have a CareCredit account? Let us know in the comments.
The plaintiff is represented by Javier L. Merino and Brian D. Flick of DannLaw, Jennifer Czeisler, Edward Ciolko and Arturo Pena of Sterlington, PLLC and Adam Pollock and Anna Menkova of Pollock Cohen LLP.ย
The CareCredit interest rates class action lawsuit is S.G., et al. v. Synchrony Bank, Case No. 2:24-cv-05788, in the U.S. District Court for the Eastern District of New York.
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455 thoughts onCareCredit loans with high interest rates offered at vulnerable moments, class action claims
So, my husband had eye surgery, and we used Care Credit and we were not told about a protection plan that was put on with our account, we were just asked if we wanted to safeguard our account when went for the financing. When I finally paid 6 months on the card and called about the protection plan I was told it was an added feature in case of loss of job or any other loss of income. We were paying 140.00 extra a month, it was a crazy amount they were charging us. I finally got it taken off but I could of gotten our bill paid off 6 months earlier if I would of known. The person I talked to tried to keep me in the plan but I flatly told him no. I wanted it canceled. So always take the time to read the fine print and know what you are signing.
I use Care Credit for my dentist and the vet.
Had to replace dentures and was offered Care Credit to get the new dentures next day
It isnโt just Care Credit, it is Synchrony Bank in general โฆ.they just did the same thing on their QVC accounts raising the
interest rates to the extreme which is ridiculous!
I got a care credit card to help pay for care for my dog who had lymphoma. The interest rate is so high that there is no way I am going to be able to pay this off!
Please add me Iโm in Texas and Iโve used CareCredit twice. When was for an emergency surgery for my dog and one was for my surgery, all in all Iโve paid them over $13,000. And theyโve lowered my credit due to my credit score going lower. Which is unfair because Iโve paid them on time all the time.
Please add me to CareCredit class action, Iโm paying an extremely high interest
I was offered Care Credit at a Dental office when I was unable to afford a dental procedure I needed. It is great they extend credit during hardships to people, but they are predators taking advantage of people with excessive, unacceptable interest rates. If not paid in full by a certain date they tack on all the interest to the first day it was used and all the previous payments basically meant nothing!!! Get em!!!
I am CareCredit and the rates go from 26.99%- 32.99% and if I am late it will go to 39.99%. Please Add Me, Iโm in MN
I had care credit had to get it because my dog needed emergency surgery on this leg.I canโt afford to make payments and call me all day everyday
Please add me to CareCredit class action, Iโm paying an extremely high interest
I donโt understand why I canโt find this lawsuit when I login. I have In a CareCredit customer for many years.