CFPB to Credit Card Companies on Promotional APR Offers: We Know What You Did This Summer
Credit card companies have been officially warned by the CFPB against deceptively marketing special interest-rate promotions. Certain companies have been offering consumers reduced or zero interest deals for transferring specific purchases and balances from another credit card, and then hammering consumers with hidden interest charges. The CFPB has directed that a clear disclosure of costs and risks must be made prior to signing consumers up for such programs. [9/4/14]
