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Review 1/13/2010
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When I financed my medical procedure, I was relieved to apply for CareCredit's promotional interest-free 18-month payment plan. The first payment was made two weeks after my procedure. To ensure I never missed a payment, I scheduled the next 17 equal monthly installments through online banking beginning with my first paycheck, which was 10 days after the first payment and 31 days before the next Due Date. Each payment was over four times the Minimum Due.
Each month I verified that my payments were being received by CareCredit and my bank statement reflected each withdrawal. By the 8th month, I no longer checked my statements. I presumed each payment was being properly posted. By the 13th installment, I was inclined to check my remaining balance. I nearly fell off my chair in tears when I noticed that CareCredit not only charged me $39 late fee for one day late, but added $500 in deferred interest and 'terminated' the 0% promotional rate. After reviewing the unopened statements, I realized CareCredit had charged me $39 on 2 other occasions claiming my monthly installment was one day 'late'.
My first statement shows that my 1st and 2nd payments were posted in the same 30-day cycle, the 2nd payment was received on the Due Date. Each subsequent payment was received on the Due Date. If that date fell on a weekend, the payment posted on the next business day and was considered delinquent by CareCredit. The entire time I had thought each of my online payments were being received 31 days in advance.
I wrote CareCredit requesting the reversal of the deferred interest and reinstatement of the promotional rate. I sent to a couple of addresses with the hope that at least one person in the organization will be of sound mind. CareCredit wrote back denying both requests. Needless to say, I was infuriated and called the 800 line to get my payoff balance. I'm pleased to report that someone did eventually reverse the deferred interest and one of the 3 late fees. I cut my losses and closed the account. Thankfully because of the kind soul who reversed the assessed interest, I'm only writing a review and not the 269th BBB complaint against CareCredit.
I can only say that promo offers such as CareCredit's are intended to attract and RETAIN business customers. The business strategy of assessing late fees and requiring minimum payments due within a 30-day cycle prior to the Due Date ONLY is unreasonable. My only consolation is that I will never deal with CareCredit again and I'll advise same to all my 800+ FICO score friends and others as well.
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