He added that the agreement with Continental Finance ensures disclosure of upfront fees in the future. It also allows consumers to make proper financial decisions.
Under the existing federal law, Companies such as Continental Finance are required to disclose important terms in a table format. “In this instance, the federal disclosure followed multiple pages of marketing materials, which did not list important items like upfront fees that diminished the initial buying power of the card,” according to AG’s office.
The AG’s office is advising consumers to read all the pages of promotional materials from credit card companies. Most credit cards include automatic charges, cost associated with second cards, security deposits, and other fees. Consumers may not see these fees on marketing materials at first glance.
Additionally, the AG’s office is encouraging New York consumers, to call its hotline 1-800-771-7755 if they think they were misled on credit cards or other issues. They can also contact the office through its website.
