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CFPB Warns Credit Card Companies Against Deceptively Marketing Promotional Offers
Thursday, September 4, 2014 6:25 AM

The Consumer Financial Protection Bureau is warning credit card companies against deceptively marketing interest-rate promotions. The CFPB is concerned that some companies are luring in consumers with offers of reduced or zero interest for a specific purchase or balances transferred from another credit card, and then hitting them with surprise interest charges.

In the bulletin released yesterday, the CFPB puts credit card issuers on notice about clearly disclosing the costs and risks of these promotional offers so consumers understand what they are signing up for.

“Credit card offers that lure in consumers and then hit them with surprise charges are against the law,” said CFPB Director Richard Cordray. “Before they sign up, consumers need to understand the true cost of these promotions. Today, we are putting credit card companies on notice that we expect them to clearly disclose how these promotional offers apply to consumers so that they can make informed choices about their credit card use.”

The bulletin is available on the CFPB website.