• Report: #794041

Complaint Review: Care Credit

  • Submitted: Mon, October 31, 2011
  • Updated: Fri, November 04, 2011

  • Reported By: Anonymous — Texas United States of America
Care Credit
Internet United States of America

Care Credit GE Money, GE Capital Retail Bank, GECRB 1 week late in payoff charged 42% of ORIGINAL Balance Internet

*UPDATE Employee: From CareCredit/GE Capital and would like to help

*REBUTTAL Owner of company: From CareCredit/GE Capital and would like to help

*Consumer Comment: Where did you get your numbers?

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GE Money / Care Credit  -  These people prey on you.

2 years ago my mom went in for eye surgery.  We thought these guys were great, my mom is on social security, and could not afford to pay all at once - and with their help, she could have her surgery & take 2 years to pay - we borrowed $3300. 

We faithfully made payments over the last 2 years, bringing the balance down to $765. 

My mom had a bad fall, and we had to move her to a smaller, single story home - we were busily getting her settled, so we just made our regular payment on-line in October, without really looking at the bill. 

When I looked at it, I found that the "promotional rate" had expired 5 days previous.  They had applied interest charges of $1387.28 --- that is 42% of the ORIGINAL $3300 - basically tripling the total due

I contacted them, to do a payoff, asking to negotiate this exteme interest charge, I explained the situation, and they were willing to reduce the interest by 1/2, assuming I paid the total the same day - which I did appreciate - but still seems like rape - more than $100 a day in interest ! 

I know that I am to blame for not looking at the bill earlier, and I fully expected to pay a late charge, or interest on the remaining principal - but REALLY -

I paid it, so as not to incur any more charges for my mom, but after paying it - I am getting angrier and angrier, and losing sleep over it....  You would think there would be some sort of grace period for a payoff. 

SERIOUSLY CONSIDER any other options you may have before borrowing from these guys.

This report was posted on Ripoff Report on 10/31/2011 09:08 PM and is a permanent record located here: http://www.ripoffreport.com/r/Care-Credit/internet/Care-Credit-GE-Money-GE-Capital-Retail-Bank-GECRB-1-week-late-in-payoff-charged-42-of-O-794041. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 1Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

From CareCredit/GE Capital and would like to help

AUTHOR: GECapitalCares - (USA)

I'm sorry you're experiencing problems with your account. We'd like to help. Please email me at gecapitalcares@ge.com with the following information:
 
- The full name associated with the account
- Mailing address associated with the account
- Your contact phone number
- Reference code DM 110411_ccrr
 
For your security, please do not include your account number in your email.
 
Regards,
Nicole
GE Capital
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#2 REBUTTAL Owner of company

From CareCredit/GE Capital and would like to help

AUTHOR: GECapitalCares - (USA)

I'm sorry you're experiencing problems with your account. We'd like to help. Please email me at gecapitalcares@ge.com with the following information:
 
- The full name associated with the account
- Mailing address associated with the account
- Your contact phone number
- Reference code DM 110411_ccrr
 
For your security, please do not include your account number in your email.
 
Regards,
Nicole
GE Capital
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#3 Consumer Comment

Where did you get your numbers?

AUTHOR: Robert - (U.S.A.)

more than $100 a day in interest
-
Where did you get that number?  If it was 2 years(730 Days), $1387 is only about $1.90 a day not $100 a day.

I know that I am to blame for not looking at the bill earlier, and I fully expected to pay a late charge, or interest on the remaining principal
- Your mom got a special interest deal that was deferred interest for what looks like 2 years.  That means that each month she still accrues interest, but it is just not assessed until after the promotional period is over if she still has a balance or misses a payment along the way.  This is the same with just about any no-interest or same as cash promotion with any bank.

You would think there would be some sort of grace period for a payoff. 
-
Nope..their terms make it quite clear if you miss one payment or don't pay it off by the promotional period you are assessed all of the interest.

SERIOUSLY CONSIDER any other options you may have before borrowing from these guys.
- Again just about any Credit Card that has this type of offer would have done the exact same thing. 

The point is that unfortunately you missed the payoff and were held to the terms of the account.  So while an expensive lesson it is not a RipOff.
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