Digital Transactions Authoritative, insightful and timely information for payments professionals
By Jim Daly
@DTPaymentNews
CareCredit, the health-care financing unit of the big private-label and cobranded credit card provider Synchrony Financial, plans to buy Citibank N.A.’s Health Card portfolio that includes 14,500 providers and 110,000 consumer accounts, CareCredit announced Tuesday.
The acquisition will expand CareCredit’s acceptance network to about 200,000 providers of mainly elective procedures or services that generally aren’t covered by insurance, including dental, cosmetic, vision, audiology, and veterinary practitioners. CareCredit provides primarily promotional financing through a private-label credit card to patients or customers of its network providers. CareCredit had some 4.81 million active account holders in 2015, according to a Synchrony Financial filing.
“We’re pleased to enhance the versatility and value for our existing and new providers and cardholders by increasing acceptance of the CareCredit card nationwide,” Dave Fasoli, chief executive of CareCredit and executive vice president of Stamford, Conn.-based Synchrony Financial, said in a statement.
Terms of the deal were not disclosed. A Citibank spokesperson was unavailable Tuesday to say why Citi sold the portfolio.
