CFPB Report Highlights Consumer Frustrations with Credit Card Rewards Programs

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WASHINGTON: The Consumer Financial Protection Bureau (CFPB) has released a report detailing issues with credit card rewards programs. The report highlights concerns that credit card companies are using vague and complex terms to lure consumers into signing up for rewards programs, only to change the rules or devalue the rewards after they've been earned. Specifically, consumers have reported issues with redemption, with rewards being rendered useless due to technical glitches or partner decisions. The CFPB has taken action against companies like American Express and Bank of America for engaging in unfair practices and will continue to monitor rewards programs to ensure compliance with federal consumer financial laws. Consumers can submit complaints about rewards programs on the CFPB's website or by calling (855) 411-CFPB.