I used CareCredit to finance my medical expense in 2010 with 18 month interest free loan. After I signed up, a introduction package came, but nothing further explained on the monthly statement.
Every month, they mailed me statement with only the minimum balance and the promotion balance. I had car loans and other loans before, they all listed the monthly payment clearly. At the end of the term on CareCredit, nothing extra was mailed to me. As a matter of fact, they didn't even mail me any statement.
I had to find out from their overdue email. By that time, they already had charged me $1300 finance charge. I felt I'm tricked to pay that amount. First, I paid them every month on time.
If they have divided the total amount by 18 months, I could have paid off the whole loan without any charges. Second, they tricked me by stating my balance as a promotiona balance. On top of that, they stated the deferred interest so hidden. I don't study every statement.
I pay the stated amount. If all of my loans and credit cards are doing this type of statement, I'd be bankrupt.
I am one of the lucky ones, who can still afford to pay this unjusted finance charge in this economy. However, I do think this dishonest company needed to be reported, so that no more victim will be suffered.