GE To Pay $34M For 'Deceptive' Health Care Credit Cards

Law360, New York (December 11, 2013, 7:22 PM EST) -- A General Electric Co. unit will refund some $34 million to consumers over alleged deceptive enrollment tactics that led them to believe their health care credit cards were interest free when the cards imposed fees on unpaid balances after a promotional period, consumer protection regulators said Tuesday.

Some 85 percent of customers holding cards by GE Capital Retail Bank’s unit CareCredit LLC were put in a deferred-interest financing plan that charged a nearly 27 percent yearly interest on their balance during a promotional period, between about...
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