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Published Category: Info for consumers

What’s that chip doing on my credit card?

Lately, we’ve received questions from people wanting to know what these chips are and how they work. As a new federal agency, we’re committed to providing you with trustworthy information about consumer financial products—including bank accounts and credit cards. Here are a few things you should know about chip technology.

Published Category: Policy & Compliance

Citibank to refund $700 million to credit card customers for unfair and deceptive practices

Today we’re ordering Citibank, N.A. and some of its subsidiaries to refund approximately $700 million to customers for unfair and deceptive credit card practices. This includes unfairly billing consumers for credit card add-on products, deceptively marketing those products, and deceptive collection practices. Generally, consumers who were signed up for these products on or after January 1, 2009, will receive full or partial refunds.

Sunshine for college credit card agreements

Today, we’re releasing a report that looks at deals between financial institutions and colleges to market credit cards to students. This year we found that there are fewer schools marketing credit cards, and those that do are not making their agreements with credit card companies readily accessible to students.

New Project Catalyst research pilot to study early intervention credit counseling

We’re announcing a research pilot aimed at assessing the potential impact of early intervention credit counseling. We know that defaulting on credit card debt is a very stressful event for anyone and impacts consumers’ ability to access credit in the future. We’d like to use this opportunity to explore what ways may help consumers better manage their credit card debt and avoid default.

Published Category: Info for consumers

Reminder for steps you can take if you think your credit or debit card data was hacked

Home Depot has confirmed that there has been a breach of its payment data systems. According to the company, the breach could potentially impact any customer that has used their card for payment at a Home Depot in the U.S. or Canada since April 2014. Here’s what you can do to protect yourself if you spot unauthorized charges.

Published Category: Info for consumers

You could still end up paying interest on a zero percent interest credit card offer

What could be better than zero percent interest for one year? Nothing, nada, free…right? Not exactly. Credit card companies market these promotions as a way for you to save money. But, what some credit card companies may not have been telling you is that new purchases could cost you more than you expect. Learn more about credit card promotion offers and see why they could cost you more than you think.