CFPB addresses unlawful practices regarding awards.
In December 2024, the Consumer Financial Protection Bureau (CFPB) issued a circular warning credit card issuers that they may violate federal law when they devalue earned rewards, hide the conditions for earning or keeping rewards or fail to deliver promised benefits.

Simultaneously, the CFPB published new research which found that retail credit cards, which typically offer store-specific rewards and loyalty programs, charge significantly higher interest rates than traditional credit cards.
Additionally, the CFPB launched a new tool “Explore Credit Cards” to help consumers find the best credit card rates across both rewards cards and traditional cards.
For more information see the CFPB Press Release.
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