GE Money’s CareCredit, a health care credit card and several New York health care providers in connection with CareCredit, are currently being investigated for allegedly defrauding patients with high interest rates, while giving/receiving kickbacks for signing patients up.
Hundreds of consumer complaints submitted to the Attorney’s General’s Office probed investigations on CareCredit, as well as 10 New York State providers, and several companies that manage CareCredit, Chase Health Advance, Visa Health Benefits, and Citibank Health Card.
Complaints against CareCredit alleged foul play of fast talking sales pitches and deceit. Consumers claimed that CareCredit representatives vouched 0% interest rates when in fact interest is at the painstaking rate of 25%.
Investigation on several health care providers revealed that CareCredit often pays them kickbacks in the form of rebates based on the amount they charge consumers on CareCredit. Providers and CareCredit allegedly overcharged consumers to receive higher kickbacks/interest.
Investigations are still ongoing in this case.
