Just in time for the holidays, refunds are coming compliments of three of the biggest credit card networks in the business - Discover, American Express and Capital One.
According to MoneyNews.com (via CNNMoney), the refunds are a result of "a crackdown" by the Consumer Financial Protection Bureau.
What kind of crackdown? CNNMoney calls it "deceptive credit card practices" and the credits being refunded add up to a total of $435 million. So, if you own a Discover, American Express or Capital One card, you might see an extra credit on your billing statement soon.
Many analysts have said that a slew of new fines and enforcement orders could be on the way with the election over and the "meat" of the Credit CARD Act of 2009 sure to remain intact.
According to CNNMoney, Capital One was docked $150 million in July for pressuring customers into buying extra services when they opened a card, a no-no categorized under the term "deceptive" according to the Credit CARD Act of 2009.
Similarly, Discover was fined for using "deceptive language" that allegedly led to consumers buying additional items attached to the card they were opening, including ID theft protection and payment protection at additional fees. Lastly, American Express was ordered to pay customers for charging higher-than-legal late fees, among other violations.
Odds are if you haven't seen your refund already - and many have since as a fair number of refunds have already been sent out - then you'll see it before the end of Quarter 1, 2013.
