Senators scrutinize medical credit cards

A group of senators have sent a letter to Wells Fargo and Synchrony Financial over concerns that the banks' medical credit cards may be causing unnecessary financial problems for consumers, Bloomberg reported Jan. 3. 

The letter, led by Massachusetts Sens. Elizabeth Warren and Edward Markey, alleged that "patients — often under duress because of concerns about their medical care — are being pushed into and then locked into medical credit cards despite the availability of alternative payment options that might be more beneficial and offer lower interest rates." 

The senators are requesting information from the companies by Jan. 12, according to the report. 

Synchrony offers a medical credit card called CareCredit, according to the report. A company spokesperson told Bloomberg that CareCredit "works hard to ensure our products are offered responsibly and with clear, simple, transparent terms so consumers can make well-informed decisions about financing their care." The spokesperson said the company is working to gather information on the senators' request. 

Wells Fargo, which offers a medical credit card called Health Advantage, did not immediately respond to Bloomberg's request for comment. 

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