• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

New Tariff Threats Tank Stocks: Find Out How to Protect Your Portfolio

July 8, 2025

These Jobs Can Pay $100 an Hour (or More) Without a Degree

July 8, 2025

Being ‘Nice’ Almost Cost Me My Business — Here’s What I Do Differently Now

July 7, 2025
Facebook Twitter Instagram
Trending
  • New Tariff Threats Tank Stocks: Find Out How to Protect Your Portfolio
  • These Jobs Can Pay $100 an Hour (or More) Without a Degree
  • Being ‘Nice’ Almost Cost Me My Business — Here’s What I Do Differently Now
  • Jack Dorsey Announces Bitchat Messaging App
  • Here Are the Traits OpenAI Executives Look For in New Hires
  • New Social Security Commissioner Politicizes The Trusted Agency
  • Think You’re Building Wealth? These 16 Money Mistakes Say Otherwise
  • 75 Top Companies With Remote Jobs This Summer
Tuesday, July 8
Facebook Twitter Instagram
FintechoPro
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
FintechoPro
Home » Consumer watchdog warns companies against devaluing credit card rewards, launches tool to avoid scams
Credit Cards

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

News RoomBy News RoomDecember 19, 20240 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

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 consumers losing points when attempting to redeem them. 

“Large credit card issuers too often play a shell game to lure people into high-cost cards, boosting their own profits while denying consumers the rewards they’ve earned,” CFPB Director Rohit Chopra said in a statement. “When credit card issuers promise cashback bonuses or free round-trip airfares, they should actually deliver them.”

DOJ SUES VISA OVER DEBIT CARD MARKET MONOPOLY

The CFPB said it’s taking aim at these so-called “bait-and-switch tactics.” 

It launched a tool to help consumers, who choose to open or use a credit card based on both clear and subtle messages about the value of card benefits and rewards, to find the best credit card rates for both rewards cards and traditional cards.

The tool, Explore Credit Cards, allows consumers to compare more than 500 credit cards using unbiased, comprehensive data, according to the federal watchdog.  

Despite the significant rate differences between issuers serving similar customers, the CFPB says it’s not easy for someone to compare interest rates before applying.

Here is how it works: 

CREDIT CARD DELINQUENCY RATES HIT WORST LEVEL SINCE 2012 IN NEW FED STUDY

The tool essentially provides an “apples-to-apples” comparison of options in the credit card market using data that’s available to the public. 

credit cards

The CFPB said the tool “provides unbiased, comprehensive data” for more than 500 cards. It lets customers evaluate them based on credit score range, interest rates, fees and rewards offerings. 

The CFPB also said the tool is meant to make the credit card market more competitive, allowing smaller providers and companies with better offers a chance to compete.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

American Express set to unveil game-changing update to its elite Platinum cards

Credit Cards June 17, 2025

Travel experts break down the top credit cards to maximize summer vacation savings

Credit Cards May 15, 2025

Products such as Credit Karma and NerdWallet benefit consumers, do not harm them: report

Credit Cards May 10, 2025

Judge tosses Biden-era credit card late fee rule: What to know

Credit Cards April 16, 2025

Credit card rewards are about to vanish, and guess who’s to blame?

Credit Cards April 4, 2025

United increases airport lounge fees to counter overcrowding

Credit Cards March 25, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

These Jobs Can Pay $100 an Hour (or More) Without a Degree

July 8, 20250 Views

Being ‘Nice’ Almost Cost Me My Business — Here’s What I Do Differently Now

July 7, 20250 Views

Jack Dorsey Announces Bitchat Messaging App

July 7, 20250 Views

Here Are the Traits OpenAI Executives Look For in New Hires

July 7, 20250 Views
Don't Miss

New Social Security Commissioner Politicizes The Trusted Agency

By News RoomJuly 7, 2025

On July 3rd, just before fireworks lit up the skies, a quieter explosion took place…

Think You’re Building Wealth? These 16 Money Mistakes Say Otherwise

July 7, 2025

75 Top Companies With Remote Jobs This Summer

July 7, 2025

Why Your Company Needs Flexible Capital (and How to Get It)

July 6, 2025
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 FintechoPro. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.