Synchrony Financial Credit Card Complaint

Synchrony Financial Credit card department,

APR or interest rate Louisiana

Care Credit company continues to have deceptive practices regarding interest rates on cards even after they were orderer to discontinue their unfair and deceiptive practices. I was in need of - and I did not have - insurance at the time to cover the cost. I was offered the card by my - office. They did not explain in detail about " promotional periods '' or " deferred interest ''. The more I pay on my balance, the larger it grows. I am recently divorced and can not afford the growing balance on my account. It has also impacted my credit score as well. I would like a resolution to CareCredit 's unfair and deceptive practices. " According to the CFPB order, since - 2009, consumers who signed up for the credit card frequently received an inadequate explanation of the terms. Many consumers, most of whom were enrolled while waiting for health-care treatment, incurred substantial debt because they did not understand how they could have avoided


clearly laying out the terms of the deferred-interest loan. CareCredit 's limited involvement during the enrollment process and lack of oversight and monitoring allowed this deception to continue. Inadequate disclosures : Many consumers did not receive copies of the actual CareCredit agreements and instead had to rely only on the oral explanations given by the service provider or office staff. Many consumers were enrolled on the belief that it was an interest-free card, and did not understand that they were actually agreeing to a deferred-interest product with a 26.99 percent interest rate. Poorly trained staff : Many staff members in the health-care offices, who were responsible for explaining the CareCredit agreement to borrowers, had received little or no training by CareCredit, and relied only on pamphlets. In interviews with CFPB investigators, some providers admitted that they were themselves confused by the deferred-interest card. ''