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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453 thoughts onCareCredit loans with high interest rates offered at vulnerable moments, class action claims
I had a care credit account opened when my dog was mauled by 5 other large dogs. We didnโt have the thousands of dollars to take care of her so we had to get care credit.
I have a Care Credit account. I signed up for it to help pay for a very expensive vet bill. I am very happy with it and have used it for dental visits, eye exams, glasses, vet care, etc. The trick is to ask for a no interest plan and make large monthly payments to avoid having to pay that very high deferred interest. I like Synchrony Bank.
Please add me to this. Same practice here with my credit care account but with my Synchrony PayPal account also.
Please add me I have a care credit account
I have well had care credit account. I thought it was interest free but it was not and interest was ridiculous. I opened a balance transfer to 18 months at 0%. I was paying $350 a month to pay it down faster. So now I pay $190 month for 18 months no interest.
Add me please I have had nothing but problems with care credit.
Please add me I have a care credit account
Yes, I have a CareCredit card. Rates outrageous.
I do have a Care Credit Card from Synchrony Bank. Itโs supposed to be Interest Free if Paid in Full in 2 Years.
Yes, I have a care credit account and rates somewhat changed from time to time.
I have a care credit card. I was making payments on time more than half paid off. I was then charged double interest
Yes, I have a care credit card made payments on time. Paid more than my statement asked for. They closed my account. Iโm still making payment every month.