Partnerships / Acquisitions

Synchrony Financial’s CareCredit Buys Citibank’s Citi Health Card Portfolio

Synchrony Financial’s CareCredit, a provider of promotional financing for health care, announced Tuesday (Feb. 21) it inked a deal with Citibank to acquire the Citi Health Card portfolio.

In a press release, CareCredit said the move further expands the company’s health care acceptance network in the United States. According to CareCredit, the portfolio acquisition includes more than 14,500 providers, further expanding CareCredit’s national network of more than 200,000 health care providers and health-focused retail locations. The portfolio also includes more than 110,000 current Citi Health Card consumer accounts. Terms of the agreement were not disclosed.

“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,” said Dave Fasoli, CEO of CareCredit and executive vice president of Synchrony Financial, in the press release. “Wider acceptance allows the program to be an even more comprehensive solution for typical health, wellness and personal care expenses.”

According to CareCredit, Citi Health Card credit accountholders will receive detailed information about the CareCredit program and can access the Acceptance Locator at CareCredit.com online or via a mobile device to find health care providers and health-focused retail locations where the card can be used. New CareCredit account numbers will be issued to Citi Health Card accountholders in mid-February, followed by new CareCredit credit cards to replace their existing card, the company said in the release.

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