United States:
Focus On Credit Card Promotional Interest Offers
31 October 2014
Morrison & Foerster LLP
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On September 3, 2014, the CFPB issued a bulletin warning credit
card issuers about marketing practices related to promotional
interest offers. The bulletin focuses on consumer acceptance of a
promotional offer that causes the consumer to lose a grace period
on new purchases if the consumer does not pay the entire statement
balance by the payment due date. The bulletin states that credit
card issuers who fail to adequately "alert consumers" in
marketing materials about the relationship between promotional APR
offers and a grace period may be engaging in "abusive
conduct." For our client alert on this topic, click
here.
Because of the generality of this update, the information
provided herein may not be applicable in all situations and should
not be acted upon without specific legal advice based on particular
situations.
© Morrison & Foerster LLP. All rights reserved
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