After NY inquiry, CareCredit to offer safeguards

Mayor Michael Nutter looks up after signing legislation that broadens equality protections for lesbian, gay, bisexual, and transgender people living and working in the city, Thursday, May 9, 2013, in Philadelphia. Nutter and gay rights advocates say it makes Philadelphia the first big city in the U.S. to offer tax credits to companies that extend the same health care coverage to LGBT employees' life partners and their children as they already provide to heterosexual spouses and their children. Nutter is accompanied by from left, Rue Landau, Executive Director of Commission on Human Relations, Gloria Casarez Director of LGBT Affairs, Zeli Colon-Pennock, Councilman James Kenney, and state Rep. Brian Sims D-Philadelphia. (AP Photo/Matt Rourke)

ALBANY, N.Y. (AP) — New York state officials say they have reached a settlement with GE Capital Retail Bank that forces the company’s CareCredit LLC subsidiary to add consumer protections to their health care credit card, which can carry interest rates above 26 percent.

State Attorney General Eric Schneiderman (SHNEYE’-dur-muhn) says the agreement limits charges in advance and requires the company to disclose higher interest rates that kick in if charges are not paid off at the end of a promotional period.

The settlement ends an investigation by the office’s Health Care Bureau that followed consumer complaints.

GE Capital Retail Bank issues the CareCredit card and contracts with health care providers who offer it to patients to finance treatment.

The company did not immediately reply to a request for comment.

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