Care Credit Complaint - Care Credit breaks accounting principle of "First-in-first-out."
PO BOX 981127 EL PASO, TEXAS -- I am disputing the charge of $407.06 consisting of principal of $395.04 and illegal accrued interest of $12.02. I am also disputing the charge of $15 total minimum payment due specified on the Statement Date of 11/18/09.
Not only did Care Credit refuse to declare my $395.04 interest null and void, it broke the basic financial accounting principle of “First-in-first out.” Instead of applying my payment of $7269 toward the first payment incurred, it applied it to the last 3 payments incurred. Realize that I am paying off the promotional balance (PB) of $160.81 approx 20 days early, PB of $2000.01 approx 144 days early, and the PB of $3864.39 approx 174 days early.
I would not have had to pay any interest on these payments. In this case Care Credit practiced predatory lending. Care Credit applied my early payoff of $7269 to each of these payments for which I would have owed no interest. Instead Care Credit., A predatory lender, failed to apply my payment toward the first bill that I had incurred. Predatory lending because I discovered that care credit continued to charge me 23.99 % interest rate on the unpaid balance even though the $395.04 unpaid balance would not officially been due until 174 days from Oct. 23, 2009. The exact date that this payment should be due is (04/17/2010—the promotional expiration date).
Reinstate the promotional balance due form of payment and Reinstate the promotional balance due date of 04/17/2010. The promotional balance due should be $395.04.