Credit Card Company Pays $11 Million Settlement

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00009154-credit-card-company-pays-11-million-settl/

Columbus Bank and Trust Co., a Georgia-based credit card company, has agreed to pay $11 million in restitution to New Yorkers to settle Attorney General Eliot Spitzer’s investigation into its practices.

According to WBEN.com, Spitzer had accused the company of failing to disclose activation charges of as much as $179 on Columbus Bank’s Aspire Visa cards that were marketed to low-income people and consumers with poor credit. He also said the company exaggerated how much credit would be provided, enrolled customers in other programs without consent then billed them with renewal fees. Spitzer also criticized debt-collection practices.

You can read the entire story at Credit Card Company Pays $11 Million Settlement.