Many credit card holders are declining and terminating "extra" services offered by credit card companies such as debt protection, credit monitoring and identity theft protection. In addition, major banks are withdrawing these services, in part, because of recent enforcement actions by the Consumer Financial Protection Bureau (CFPB). Since July of 2012, the CFPB has reached multi-million dollar agreements with Capitol One, Discover and Bank of America regarding alleged violations of consumer protection law with regard to these types of "extras."
Good tips at the end of the article on considering whether to purchase the "extra" services offered by credit card companies:
- Shop around
- Ask for details
- Stay on them
Source Article: Under Pressure, Credit Card Upsells Disappearing - ABC News
Jeffrey Lapin of Lapin Law Offices has blogged about these prior CFPB enforcement actions:
- Discover Bank To Refund $200 Million for Deceptive Marketing
- American Express to Pay Millions in Refunds and Fines
Lapin Law Offices represents Nebraska consumers who rights have been violated by debt collectors, credit reporting companies and telemarketers.
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