Stamford-based Synchrony Financial and San Francisco-headquartered Wells Fargo received an open letter from five senators known for progressive policy asking for clarification on the matter of medical credit cards.
The letter, signed by Connecticut’s Christopher Murphy as well as Bernie Sanders of Vermont, Sherrod Brown of Ohio and both Elizabeth Warren and Edward Markey representing Massachusetts, outlined several concerns involving the credit cards and asked a series of questions about the industry, Westfair Communications reports.
Medical credit cards can only be used to pay for medical procedures, but are an increasingly popular financial option for dealing with ever-rising healthcare costs. CareCredit, offered by Synchrony, is among the most popular options, with more than 12.7 million card holders. The letter from the senators noted that according to U.S. Securities and Exchange filings, Synchrony collected 15% of its total fees in 2021 from the Health and Wellness segment, coming to $2.3 billion in a year where total profits were $4.2 billion. Read more.
