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Credit Card Rewards

Rewards programs that promise consumers financial incentives for spending are a central feature of most consumer credit cards and dominate many issuers’ marketing efforts. The role of rewards in the industry has grown substantially, as rewards programs have become increasingly expensive for issuers and important to consumers. For this Issue Spotlight, we analyzed several hundred consumer complaints relating to the administration of credit card rewards programs and identified four recurring themes that resulted in consumers not receiving the rewards they were promised: (1) unexpected promotional conditions, (2) devaluation, (3) redemption problems, and (4) revocation.

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CFPB Report Highlights Consumer Frustrations with Credit Card Rewards Programs