The Consumer Financial Protection Bureau (CFPB) on Wednesday warned that credit card companies devaluing or canceling reward points, cash back or miles rewards programs may be breaking the law. The CFPB report also found credit cards that offer store-specific rewards often charge “significantly higher” interest rates than other cards and suggested some companies are seeking to lure customers to cards with high interest rates while not providing the promised rewards. It said some of the rewards programs may be breaking the law by “illegally devaluing rewards points and airline miles.” “Large credit card issuers too often play a shell game to lure people into high-cost cards, boosting their own profits while denying customers the rewards they’ve earned,” CFPB Director Rohit Chopra said in a statement. “When credit card issuers promise cashback bonuses or free round-trip airfares, they should actually deliver them.” The CFPB said it has launched a new tool that allows consumers to find the best credit card rates by comparing more than 500 cards using “unbiased, comprehensive data.” Companies may be violating federal law when they devalue a consumers’ earned rewards. Consumers choose different credit cards based on the rewards they will receive once they begin using the card, but if a company later deflates the value of the customers’ rewards, it may be an unfair or deceptive practice that the CFPB called a “bait-and-switch scheme.” If a company hides the conditions for earning or keeping rewards, including using fine print disclaimers or vague terms buried in contracts, it may wrongfully conflict with rewards a consumer may earn, the watchdog said. Companies may also fail to deliver promised benefits through their rewards programs. If a system failure results in a consumer losing points or failing to redeem rewards, it may be considered an unfair or deceptive practice too, the CFPB said. The watchdog group has taken action against American Express and Bank of America for illegal practices with rewards programs. The CFPB said it will continue to monitor the programs and plans to “take necessary action” if appropriate. The American Banking Association (ABA) criticized the move, arguing the watchdog group is "misleading" Americans over a popular credit card option. "Despite widespread evidence that credit card rewards programs are popular and deliver tremendous value to tens of millions of  U.S. cardholders from all walks of life, Director Copra has once again chosen not to let facts get in the way of his decision to tarnish a hugely popular consumer product," ABA President and CEO Rob Nichols said in a statement.  —Updated at 12:36 p.m.