Reported 5 months ago
The Consumer Financial Protection Bureau (CFPB) is focusing on credit card rewards programs after a surge in consumer complaints since before the pandemic, with a recent report highlighting common issues like not receiving rewards, rewards devaluation, inability to redeem rewards, and losing rewards access. The CFPB aims to ensure fairness and transparency in the credit card market. To protect credit card rewards, consumers are advised to carefully read card terms, use their points regularly to prevent devaluation, choose the right rewards type, and stay flexible when redeeming points and miles. Regulatory concerns also include interest rates and the categorization of buy now, pay later companies as credit card companies.
Source: YAHOO