CareCredit, a provider of promotional financing for healthcare, has signed an agreement with Citibank, N.A. to acquire the Citi Health Card portfolio, further expanding its healthcare acceptance network in the United States. Financial terms of the agreement were not disclosed.
CareCredit is a health, wellness and personal care credit card accepted through a national network of more than 200,000 healthcare providers and retailers.
The portfolio acquisition includes more than 14,500 providers, further expanding CareCredit's national network of more than 200,000 healthcare providers and health-focused retail locations. The portfolio includes more than 110,000 current Citi Health Card consumer accounts.
Dave Fasoli, CEO of CareCredit and executive vice president of Synchrony Financial, said in a statement that the agreement enhances value for its providers by increasing acceptance of the CareCredit Card.
"Wider acceptance allows the program to be an even more comprehensive solution for typical health, wellness and personal care expenses," he said. The acquisition welcomes more than a few providers to CareCredit's current network.
Citi Health Card credit account holders will receive detailed information about the CareCredit program, and can access the Acceptance Locator online at CareCredit.com or via a mobile device to find healthcare providers and health-focused retail locations where the card can be used. CareCredit will work with participating providers to offer program orientation and training materials. New CareCredit account numbers will be issued to Citi Health Card account holders in mid-February, followed by new CareCredit credit cards to replace their existing card.