WASHINGTON—Complaints about fraudulent charges and confusion over how card reward programs work continue to top the list of problems being experienced by consumers related to credit cards, according to the CFPB.
The CFPB’s monthly complaint snapshot also shows that as of March 1, the Bureau had handled approximately 1,136,000 consumer complaints across all products since it began accepting complaints in July of 2011.
“Credit cards are a vital financial tool used daily by more than half of all adults in this country,” said CFPB Director Richard Cordray in a statement. “Consumers deserve clear guidance and need to be able to resolve problems that arise with their cards.”
According to the CFPB, when it comes to credit cards, the Snapshot shows:
- Consumers report issues with fraudulent charges: Consumers complain about being billed for charges that were not initiated by them or other authorized users on their account. Consumers describe difficulties in having these charges removed even after receiving notification from their card company that the dispute had been resolved in their favor.
- Consumers complain about confusion over reward programs: Consumers report issues with taking advantage of offered benefits after meeting requirements of bonus points programs, miles programs, cash back programs, and travel benefits programs. Some consumers said that online information about the programs differed from what they were told by customer service representatives.
- Consumers report being victims of identity theft: Consumers complain about credit card accounts being fraudulently opened in their name even after an alert was placed on their credit file.
- Companies with the most credit card-related complaints: The three companies that the Bureau has received the most average monthly complaints about are Citibank, Capital One, and JPMorgan Chase.
The Monthly Complaint Report can be found at: http://files.consumerfinance.gov/f/documents/201703_cfpb_Monthly-Complaint-Report.pdf