
At the end of 2022, three-quarters of general-purpose credit cards were reward cards, while the amount of earned rewards has increased substantially in recent years, it noted.
“Large credit card issuers too often play a shell game to lure people into high-cost cards, boosting their own profits while denying consumers the rewards they’ve earned,” CFPB Director Rohit Chopra said in a statement.
Consumers said card issuers sometimes increased the number of points needed to redeem a reward or didn’t protect them when reward-program partners removed benefits or changed their terms, the agency noted at the time. Consumers complained of technical issues, such as customer service problems that made it difficult to redeem rewards, or rewards disappearing when an account closed.
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