Today, the Consumer Financial Protection Bureau announced major steps in its efforts to rein in conduct that devalues and undermines popular credit card reward programs. The CFPB published an enforcement circular identifying conduct that violates consumer financial law, an issue spotlight that highlights the high cost of rewards cards, and a website tool that allows consumers to make unbiased comparisons between cards.

“People place a high premium on rewards programs, which makes it especially frustrating when credit card providers and airlines do not hold up their end of the bargain,” said Erin Witte, director of consumer protection for the Consumer Federation of America. “The CFPB’s announcement today makes it clear that this bait-and-switch conduct is not just frustrating, it is often illegal. Thanks to the research and guidance from the CFPB today, people are empowered to make informed decisions about their credit cards, and the public has a clear picture of rampant problems with many of these programs.”