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.
Donโt Miss Out!
Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!
Read About More Class Action Lawsuits & Class Action Settlements:
- Historic $1.5B settlement seeks payday loan forgiveness, other relief
- New lawsuit alleges USDA discriminates against minority farmers through unfair loan practices
- Biden cancels student loan debt for 150,000+ borrowers
- MOHELA slow to process Public Service Loan Forgiveness applications, class action alleges
454 thoughts onCareCredit loans with high interest rates offered at vulnerable moments, class action claims
Yes I have Carecredit
Please add me
I have a bill for 10000 in vet bills interest is high
Yes, please add me I have one I took out for dental treatment and is still trying to pay it down. The interest is so high it seems never ending. At first it said zero interest then went up to 32% after 1 yr.
This credit card company is audacious in their handling of consumer credit. I opened an account for dental work at Aspen Dental in 2/2023. Aspen charged my account $1,000 for work I never got done. Care Credit automatically deducted 3 payments from my account before I realized I was paying for work Apsen hasnโt done. It took me over a year and a half to get Aspen and Care credit to reverse the $1,000 chargeโฆ I filed multiple disputes and complaints with 3 credit bureaus and CFPB. As of today, care credit keeps hitting my credit reports with 30 days late โ every month for 4 months now on a $53 balance (which is interest on money I never owed), for a $3 minimum payment!! 120โdays late on credit report โ FICO score is now in the mid-500โs. I would LOVE to get in on this class action lawsuit.
I have a care credit account
In Michigan also have care credit.
Have carecredit for a foot surgery & my pups vet bills. I called them very upset because my due balance wasnt going down. Found out I was paying on time, but they were processing my payment the next day, thus a crap ton of late fees & interest I cannot catch up on.
I had a carecredit card and one month they charged 36 + interest and said that the bexr nibth ut wiuld be around 16,00. I hace pqid then off. I asked for my total, was given a total and then got another bill for unpaid interest. Please add me.
I also have a Care Credit account. I reside in Florida where the usury law limit is 18% for anything up to 500,000. A few years ago I reported this to the FTC , and the State Attorney General. But, nothing happened. I felt like the states should go after them abd the government because they are violating usury law limits across the state lines. This is a huge issue.
Add me I have just opened an account because of my husband having a dental emergency