Medical credit cards may lead patients to overpay for their health care, Democrats warn

By KEN SWEET
AP Business Writer

NEW YORK (AP) — A group of Democratic senators is asking the Consumer Financial Protection Bureau to take action against medical credit cards such as CareCredit, saying the cards’ deferred interest features are confusing and often lead to consumers paying high interest rates after a promotional period has ended. Further the senators want the CFPB to make sure that these cards _ which historically were used for elective procedures like cosmetic dentistry, dermatology, vision and in veterinary clinics _ are not being used in lieu of need-based programs that hospitals and other health organizations should apply to a patient’s finances before forcing them to take on debt.