GE Capital To Give Back $225 Million To Consumers For Bad Credit Card Practices

GE Capital To Give Back $225 Million To Consumers For Bad Credit Card Practices

One of the nation’s largest credit card companies, GE Capital (which changed its name to Synchrony Bank a couple weeks back) has agreed to the largest credit card discrimination settlement in U.S. history and will fork over a total of $225 million in relief to around 750,000 consumers for illegal and discriminatory credit card practices. [More]

GE’s CareCredit To Refund $34.1 Million To Misled Consumers

GE’s CareCredit To Refund $34.1 Million To Misled Consumers

CareCredit is a medical financing service operated by the folks at GE Capital. For almost all of its 4 million customers, CareCredit is a deferred interest loan, meaning cardholders who don’t pay off their balances in full by the end of the initial promotional period are hit with all of the interest that had been accruing during those months. That would be fine (and is quite common in retail credit cards), if the company hadn’t misled consumers into thinking CareCredit was an entirely interest-free product. [More]