Monday, December 17, 2012

Refunds from credit card issuers on the way

From CNN Money 

Attention Discover, American Express and Capital One credit card customers: Don't be surprised if you see a credit show up on your monthly statement soon.

The three issuers owe a collective $435 million in refunds to nearly 6 million customers as a result of a government crackdown on deceptive credit card practices by the Consumer Financial Protection Bureau.

And refunds should be arriving soon -- if they haven't come already. Most consumers can expect to receive payments from all three issuers by the end of March. 

Customers aren't required to take any action. Instead, current cardholders will automatically receive a credit on their account, and former customers will receive checks in the mail or have any outstanding balance reduced by the refunded amount. 

Read the full article here. 

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