Consumer complaint received 2025-01-28 00:00:00
Product: Credit card — Store credit card
Issue: Fees or interest — Unexpected increase in interest rate
Company: SYNCHRONY FINANCIAL
State: NY

Complaint narrative:
I signed up for CareCredit to cover emergency dental expenses that I couldnt afford out of pocket. The dental office recommended it as a fast option, explaining that I would have 24 months to pay off the charges with no interest as long as I made monthly payments. I was told I could set up autopay for the minimum amount, and the balance would be paid off within the given timeframe. I was provided only a sticky note with my account number and was never given a copy of any agreement or terms to review. 

I set up autopay and initially paid $ XXXX/month. In XX/XX/2024, I increased my payments to $ XXXX/month to pay off the balance faster and have consistently paid this amount on time. However, I recently noticed that my balance had significantly increased. On XX/XX/2024, I was charged {$990.00} in interest without any prior notification or explanation. 

When I contacted CareCredit, I spoke with three different representatives, all of whom were rude and dismissive. They repeatedly told me there was nothing they could do and that I should have read the fine print in the agreementan agreement I was never provided. Additionally, the CareCredit website does not allow me to view transactions or payment history prior to XX/XX/2024, making it impossible for me to verify the accounts timeline, prior activity, or terms. 

I was completely unaware that interest could be applied in this way, especially since I have been making consistent payments above the minimum. If I had been informed that this charge would be applied, I would have immediately paid off the balance to avoid such excessive fees. This feels predatory, as it targets individuals already struggling financially to cover necessary medical expenses. 

Key concerns : 1. **Lack of transparency : ** I was not notified of the {$990.00} interest charge in advance, despite my understanding that the law requires a 45-day notification for account changes or significant fees. 
2. **Limited access to account history : ** The inability to view transaction details prior to XX/XX/2024 prevents me from verifying payments and understanding the timeline of my account activity. 
3. **Unhelpful customer service : ** CareCredit representatives were dismissive and unhelpful, repeatedly suggesting I should have read an agreement I was never provided. 

This charge is unfair and misleading. It seems designed to take advantage of people in vulnerable situations, such as those seeking emergency medical treatment. Companies like this rely on customers setting up autopay and forgetting about the details, only to later impose unreasonable fees when its too late to act. 

I request that CareCredit reverse the {$990.00} interest charge and provide full transparency into my account history and the original terms of the agreement. I also hope that this complaint helps raise awareness of these predatory practices so others can make informed decisions before signing up for similar programs. Thank you for investigating this matter.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation