CareCredit interest rates class action lawsuit overview:
- Who: A consumer filed a class action lawsuit against Synchrony Bank.
- 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.
- Where: The CareCredit class action was filed in New York federal court.
Synchrony Bank offers “exploitative” 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 “extraordinarily” high interest rates that are “above and beyond what is permitted by New York’s state usury law.”
“To compound such matters, these loans are offered to consumers at extremely vulnerable moments in their lives – 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,” the CareCredit class action says.
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.
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 “astonishing” 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%.
“(CareCredit’s) 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,” the CareCredit class action says.
The plaintiff claims Synchrony Bank is guilty of unjust enrichment and breach of good faith and fair dealing, and violating New York’s 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.
The Consumer Financial Protection Bureau ordered Synchrony Bank — then known as GE Capital Bank — 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.
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.
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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454 thoughts onCareCredit loans with high interest rates offered at vulnerable moments, class action claims
Me, add me
I have a care credit loan and so does my mom
I had that card up until 1 yr ago
Add Me
I have a care credit for a few years now. Needed for dental and pet expenses if ever an emergency. I now have over $2000 in claims and was given only 6 months to pay claims over $200 which is not long enough so I will be hit with their ridiculous interest fees soon. One of my claims was over $1000 (emergency) and there is no way I should have only been give 6 months to pay. Unfortunately I have no choice but to use care credit. I just feel if it’s over $500 you should be given more than 6 months before getting hit with these crazy interest rates they charge!!
I have an qccount with Care Credit for emergency dental care before i started my Chemotherapy. I had to get all my teeth pulled. Radiation was to follow chemo. Yes Synchroney Bank over charged for the necessary treatment. I wondered at the time whythe dentust was pushing me to get my teeth extracted all at once. The dentist and the bank reminded me of old time hoodlums. Conviving to hurry procedures stating I was approved for so & so amount that day. The offer would not be for a timed sensitive account but only for immediate treatment! i looked overthe small letters in the contract and knew it was a big time scam. I thought the reason for the hurriued treatment was soon the government would see the shady business practice they were applying and actually scamming the potential patient. In other words yoy had no choice but to sign your name with promise of paying the money with the like 29% interest rate. I laugh ed , I signed and when i was finished with mytraatment, i wrote the doctor a note stating i really cannot afford this monthly payment for 5 years. She smiled and i again wrote,” U smile, I laugh because I don;t about my credit score. You also have this loan backed by the government! You lose mothimg and don’t card about the patients, in your eyes they are all colored green” I hope someone gets a class action lawsuit against you. If i survive this cancer i will sign it! If i don’t survive the cancer, I say ” You can go to Hell” and i left…
I have an qccount with Care Credit for emergency dental care before i started my Chemotherapy. I had to get all my teeth pulled. Radiation was to follow chemo. Yes Synchroney Bank over charged for the necessary treatment. I wondered at the time whythe dentust was pushing me to get my teeth extracted all at once. The dentist and the bank reminded me of old time hoodlums. Conviving to hurry procedures stating I was approved for so & so amount that day. The offer would not be for a timed sensitive account but only for immediate treatment! i looked overthe small letters in the contract and knew it was a big time scam. I thought the reason for the hurriued treatment was soon the government would see the shady business practice they were applying and actually scamming the potential patient. In other words yoy had no choice but to sign your name with promise of paying the money with the like 29% interest rate. I laugh ed , I signed and when i was finished with mytraatment, i wrote the doctor a note stating i really cannot afford this monthly payment for 5 years. She smiled and i again wrote,” U smile, I laugh because I don;t about my credit score. You also have this loan backed by the government! You lose mothimg and don’t card about the patients, in your eyes they are all colored green” I hope someone gets a class action lawsuit against you. If i survive this cancer i will sign it! If i don’t survive the cancer, I say ” You can go to Hell” and i left… so yes, i will whole heartedly sign up! thanl you very much!
I’ve had a Care Credit account for 20 years and whenever I had a crisis with a pet, I relied on it. The interest rate, which increased the most over the last three years, made it untenable for me to lower and repay the balance. Now they’ve closed my account, which has affected my credit in general.
Please add me to the Care Credit lawsuit.
I got a care credit card for medical that is not covered by insurance. However, they reduces the amount of coverage you have if you do not use the card often. Therefore, when you need it, it is almost always not enough to cover your medical needs as was the case for me just last week. I had to go without the medical care that I really need. The interest rates are so very high, but you use it anyway because you need the medical care that the care credit card will allow you to receive.
I have a Care Credit Card that I used for Vision and Dental. Some Vision doctors will not accept the card, that was my main reason for getting one. for the medical care.
Please add me…. Care credit is awful. We had 2 pups with heart issues. Got care credit through our vet and was not told we were on a no interest promotion. They also dont tell you if you want the promotion paid off before they hit you with outrageous interest you have to CALL AND TELL THEM THATS WHERE YOU WANT YOUR PAYMENT TO GO. I LEARNED THE HARD WAY WHEN I WAS HIT WITH $400 IN INTEREST FEES AT ONCE…SO MY $900 BILL THAT WAS ON 18 MONTHS NO INTEREST IF PAID OFF WAS ONLY DOWN TO $725 BECAUSE THEY DONT APPLY YOUR PAYMENTS TO IT… ITS PENNINES APPLIED TO IT SO THEY CAN CHARGE YOU THE INTEREST… STAY AWAY FROM Synchrony Bank….
My wife has been getting ripped off by Care Credit for years, and to make matters worse it (the loan) was for shoddy dental work PLUS the dentist has gone out of business. Basically she is paying for something she never received (quality dental work) and has no recourse. And to add even more insult to injury, back during the Covid nonsense Care Credit offered something like an “amnesty” period due to people being underemployed/unemployed….my wife never received that either.
We have a Care Credit account that was used for dental work. Definitely add me to this one!