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Bonus Sign-Ups on Credit Cards—Unfair?

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Question: 
Can we have sign up fees for credit cards?
Answer: 

Yes, but you need to be careful. Recently, the CFPB found that Bank of America engaged in deceptive acts or practices by: (a) advertising a sign-up bonus for a rewards card on its website, making it appear it was available to all applicants, but later denying the bonus to consumers who applied over the phone or in person and not online; and (b) offering a sign-up bonus for a rewards card to certain consumers but then failing to provide them the promised bonuses due to employee error.
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Learn more about Deborah Crawford’s
UDAAP: Dissecting Complaints, Enforcement Actions, Exam Issues webinar.

First published on 05/05/2024

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