Reported 12 days ago
The U.S. Consumer Financial Protection Bureau has warned credit card companies that devaluing or cancelling reward points, cash back, or miles may violate consumer protection laws. In a policy statement, the agency highlighted that unfair practices could lead to penalties for issuers. This warning follows a trend where three-quarters of credit cards offered rewards, and as consumer choice increasingly hinges on these perks, the CFPB aims to enforce fair treatment amidst industry backlash.
Source: YAHOO