Credit Cards, Debit Cards, and Gift Cards

Credit Card Practices

The OCC has issued guidance to national banks on credit card practices that are unacceptable because they may constitute unfair or deceptive acts or practices. The OCC has also taken a number of formal enforcement actions against national banks that have engaged in abusive practices and has required the payment of millions of dollars in restitution to customers harmed by such practices.

Debit Cards

Consumers often use debit cards similarly to credit cards, but they are very different. Debit cards take money directly from the bank account rather than borrowing money at a rate of interest, and they often use a personal identification number (PIN) instead of a signature. Because debit cards deduct the purchase amount from your account, using the card carelessly can result in overdrafts, which may result in high fees.

Gift Cards

See Answers about Gift Cards at our HelpWithMyBank website. The agency also produces a variety of public service announcements to help make consumers more aware of rules and risks regarding gift cards.