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Getting A New Credit Card to Shop Black Friday? You Might Want to Think Twice
November 18, 2019
The Consumer Bankers Association, which represents many retail banks in the U.S., says that its members work with merchants to make sure payment requirements are clear. But those details may not always be communicated sufficiently by a store employee.
"If I'm in a mall and I'm at a store and I'm offered a card at the point of sale ... I can see a situation in which the consumer isn't given full disclosure," says David Pommerehn, senior vice president and associate General Counsel for the CBA. "The bottom line is deferred interest can be a highly useful tool for consumers to finance necessary purchases in their lives, but disclosure is key.’’