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Consumer Financial Protection Bureau Encourages Retail Credit Card Companies to Consider More Transparent Promotions

Bureau Notes that Deferred-Interest Promotions May Lack Transparency, Carry Risks to Consumers
Washington, D.C.–(ENEWSPF)—June 8, 2017.  The Consumer Financial Protection Bureau (CFPB) today announced it has sent letters to top retail credit card companies encouraging them to consider using more transparent promotions. Many retailers use credit cards with deferred-interest promotions – offers of no interest for a set period if the promotional balance is paid in full by the end – to give consumers a financing option, often for larger purchases. The letters outline Bureau concerns that these promotions may surprise consumers with high, retroactive interest charges . . .

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