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 recently just had problem with c credit n my dentist they billed before work was even started so I spoke to CC twice they took the money n put it BK on my card til I get my dental wk done which 9500. Is credit plus I pay for sep. Dental so other than paying them BK my balance will be about 3gs.expenvive but the dentist does great wk.n I needed implants.i have promo 2 yr interest plan but gonna take me longer than two yrs
Please add me I have a care credit card got it when need to pay for my sos root canal
(Translation by Google) I am a patient with mental disabilities and limited English proficiency. My ESA cat was hospitalized for an emergency, but the doctors at the hospital misdiagnosed the condition, ultimately leading to my catโs death. While I was mentally distressed and completely unable to understand the terms, the medical staff coerced me into paying for treatment, obtained my information through deception, and opened this care credit card, falsely promising it was interest-free. I had no idea it was a high-interest loan. After being unable to repay the unreasonable charges, the Synchrony bank began frequently harassing me with many calls and letters demanding payment. Please add me to this lawsuit. Thanks and best!
Add me, as I have a Carecredit card which is a Synchrony bank card. and it is impossible to pay down the amount, especially with the 39.99% interest and I pay more than the minimum amount. I have a Top Class account for this site.
My husband needed a root canal done and this was the only way at the time for him to have it done. Having to pay full price for it out of pocket hurt. Care credit would only allow a certain amt worh me as co signer. Ok. Not a problem. Each month the min amt due was always different with a new due date. I told my spouse. This is nuts! I will get a different card and we transferred the amount from Not Care credit to another credit source. Every mth i would look at my credit report and the outstanding balance never went down. It actually went up a few bucks. Even tho we paid more the the minimum amt due. They wpuld find reasons to charge more.
Theyโre scammers. Plain and simple.
ADD ME
It is usury and flim flam exploiting emergency situations. I keep paying and care credit keeps gouging.
I am one of those people who is paying monthly more than the minimum yet my balance continues to increase. Iโve had two recent emergency veterinary situations that leaves me with a balance in excess of $3000. I want to be included. Itโs a relief to learn there is a possible solution in our future. Thank you.
Please add me
How do I apply for this law suit