GE's CareCredit card to refund $34M to customers

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Associated Press

Posted on December 10, 2013 at 9:02 PM

Updated Tuesday, Dec 10 at 11:00 PM

WASHINGTON (AP) — General Electric Co.'s credit card division will refund $34.1 million to consumers who government regulators say were misled about the potential costs of relying on a deferred-interest plan to pay their medical bills.

The settlement announced Tuesday by the Consumer Financial Protection Bureau affects about 1 million people who obtained CareCredit cards from GE Capital Retail Bank since 2009. GE Capital didn't acknowledge any wrongdoing in consenting to the order.

Regulators contend that the GE Capital Retail Bank exploited consumers by not taking adequate steps to ensure they understood the terms of the credit cards that they obtained to help cover the costs at doctors and dentists around the country.

GE Capital Retail Bank spokeswoman Dori Abel said CareCredit has one of the highest customer satisfaction levels in the industry.

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