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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454 thoughts onCareCredit loans with high interest rates offered at vulnerable moments, class action claims
Yes I did please add me.
Add Me please
I have a care credit
I received credit from this bank for a puppy that was gift to my 12 yr old daughter and the puppy we got was very sick and the organs were shutting down so the veterinary stated I could possibly get credit through care credit to save the dogs life and handed me this paper with instructions on how to apply online. I didnโt read the fine print because my concentration was on saving her (Pickles) she was only 9 weeks old. To no avail little pickles lost her battle within after 2 days and she had to be put down. I ended up with a $3500.00 and I am not paying it. I was lied to and I started to believe I was being bamboozled out of money when the veterinarian knew she wasnโt going to be able to save this baby.
Yes at the veterinary and It was supposed to be a 24 month pay off later on when the payments started I was told it was a 6 month pay off. I would have never agreed to such a short payoff and huge payments. I agreed to it because the payments were stretched over 2 year making the monthly payments much lower and affordable for me being on disability. After going back and forth with them they told me I had to go back to the veterinarian clinic to get it straightened out. I go to the veterinarian clinic and they tell me I had to straighten it out with Care Credit. That went on like forever both passing the buck and blaming the other. Care Credit said they couldnโt do anything and change it on their end unless The vet clinic change it on their end . The vet clinic said they donโt have that power itโs Care Credit that have to do it . Honestly it never got resolved because neither would fix it. I even had proof of the 2 year payment that was offered and shown to me
Please add me have two CC accounts said it was zero %interest but was really 32%. Used it to get emergency dental services.
I had extensive dental work done. I used up all the money alloted from my Medicare Advantage plan, and couldnโt afford to pay the rest. The dental secretary insisted I apply for a Care Credit Card to help offset the remaining payments on my dental account. I was desperate and couldnโt afford to pay what was owed, so I applied and was immediately accepted. I have been paying on this bill, and it doesnโt seem like the principle amount is going down.
Please add me!
I have received numerous offers from Syncrony Bank for loans. I have never tried to get one. Interest rates are just too high. LEGAL LOAN SHARK!They are ad bad ad title loan companies.
I have a care credit card that I have used for vet bills with a very high interest rate.
Please add me. I have a Care Credit account for vet bills. I have Very Good credit with a very high interest rate.
Add me, pleaseโฆ
Yes had a care credit account due to vet bills.