The CFPB recently published a blog post to tell consumers what they “need to know” about deferred interest credit cards offered by health care providers.
The CFPB states in the blog post that, because health care providers do not always explain how such cards work, the CFPB wants to “make sure” consumers are getting the facts they need. In the post, the CFPB provides advice to consumers about how to avoid paying interest, what happens if the balance is not paid by the end of the promotional period, “grace periods” for interest accrual on future purchases, and the need to keep track of minimum payments and payment addresses.
Deferred interest products were among the “areas of concern” highlighted by the CFPB in its recently published CARD Act Report. On Thursday, February 13, Ballard attorneys will be conducting a webinar entitled “Credit Cards: Getting Ready for More CFPB Scrutiny” that will focus on helping financial institutions identify which of their credit card products, practices, and disclosures could be in the CFPB’s crosshairs and what changes they may want to consider implementing to reduce potential risks. More information and a link to register is available here.