The Consumer Financial Protection Bureau (CFPB) on Wednesday warned that credit card companies devaluing or canceling reward points, cash back or miles rewards programs may be breaking the law.



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The Hill

Washington

District of Columbia

United States

Watchdog warns credit card companies over devaluing, canceling reward points, miles

CFPB says it's on to credit card companies' bait-and-switch rewards tactics and launched a tool to help consumers save money and avoid scams.

Ad Fontes Media

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Media Bias/Fact Check

USA Today

Gannett

New CFPB tool aims to help consumers save money on credit cards and avoid rewards scams

Major card issuers often play a “shell game” and deny consumers the rewards they have earned, the Consumer Financial Protection Bureau warns.

The Washington Post

Jeff Bezos

Consumer watchdog takes aim at credit-card rewards programs

The Consumer Financial Protection Bureau (CFPB) on Wednesday warned that credit card companies devaluing or canceling reward points, cash back or miles rewards programs may be breaking the law. The CFPB report also found credit cards that offer store-specific rewards often charge “significantly higher” interest rates than other cards and suggested some companies are seeking…

Nexstar Media Group

The federal Consumer Financial Protection Bureau Wednesday warned law enforcement agencies that some credit card companies are allegedly illegally devaluing rewards points and airline miles.

News World Communications

CFPB warns of illegal credit card rewards practices

The agency also launched a tool for consumers to compare credit cards.

Advance Publications

Liberty Media

Capital Group Companies

The Vanguard Group

Mitsubishi UFJ Financial Group

Nippon Life

Meiji Yasuda Life

Norinchukin Bank

Resona Holdings

Sumitomo Mitsui Trust Holdings

Masayoshi Son

JPMorgan Chase

Citigroup

Baillie Gifford

New York

CFPB alerts law enforcement to illegal credit card schemes

Dec 18 (Reuters) - Credit card companies that devalue or cancel the rewards points, cash back or miles that cardholders have earned may be breaking the law, the top U.S. watchdog agency for consumer finance warned on Wednesday.

New Hampshire Union Leader

New Hampshire

US watchdog warns credit card issuers not to devalue rewards

A federal consumer watchdog is warning that certain credit card companies may be illegally devaluing accrued rewards such as points or airline miles. The Consumer Financial Protection Bureau (CFPB) said Wednesday that companies may violate federal law if fine print disclaimers or vague terms buried in a contract conflict with promotional language, if companies deflate the value of a customer’s accrued awards, or if system failures result in cons…

Fox Business

Murdoch family

Consumer watchdog warns companies against devaluing credit card rewards, launches tool to avoid scams

The Consumer Financial Protection Bureau (CFPB) on Wednesday warned that credit card companies devaluing or canceling reward points, cash back or miles rewards programs may be breaking the law.
The CFPB report also found credit cards that offer store-specific rewards often charge “significantly…

BizToc

The Consumer Financial Protection Bureau called out "bait-and-switch tactics" in connection with the rewards that card issuers offer to their customers. It also announced a new tool allowing consumers to comparison-shop for credit cards.

American Banker

Arizent

CFPB targets card industry over the devaluation of rewards

Rewards are among the key determinants in how consumers choose — and use — credit cards. In the PYMNTS Intelligence report “The Role of Rewards Programs in Credit Card Usage,” 71% of consumers said they were satisfied with their card rewards programs, which leaves about 30% of consumers who see room for improvement when it comes to their rewards programs. The data show that roughly 31% of consumers find lengthy redemption procedures a significan…

Watchdog warns credit card companies over devaluing, canceling reward points, miles

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