New York CNN  —  If you use a points-and-rewards credit card offered by an airline in partnership with a big bank, how much are the points you’ve accrued worth in dollars? And how much do you need to spend to get the best rewards? If you’re not sure, you’re probably not alone. The terms and conditions of such card programs can be confusing and in some instances they can be changed at any time. Those were two of the issues discussed at a joint hearing held Thursday by the Department of Transportation and the Consumer Financial Protection Bureau, in an effort to examine ways to improve consumers’ experience with — and financial return from — the popular programs that can generate huge revenue for large airlines. NEW YORK, NEW YORK - JUNE 30: People wait in line at the Delta Airlines check in counter of JFK International airport on June 30, 2023 in New York City.The number of Americans traveling by air for the Fourth of July holiday is expected to reach 25 million, surpassing pre-pandemic levels for the first time in four years. Recent flight disruptions have raised concerns about airlines' ability to handle the surge in demand. (Photo by David Dee Delgado/Getty Images) David Dee Delgado/Getty Images Related article Delta loyalty program backlash: Airline backtracks on some changes after an uproar from customers “For many families looking to finance a trip or a vacation, those [credit card] benefits are really valuable. … It’s almost seen as savings – something in the bank that you will be able to spend,” said Rohit Chopra, CFPB’s director. “[But] our review of all the fine print suggests that credit card companies and airlines have the power to quickly and dramatically devalue those points by making it more challenging to redeem them. … This creates confusion over the true value of the points and raises some questions about fairness.” In some instances, Chopra added, consumers may pay fees for rewards cards “without a clear option to get a refund” when benefits get stripped away. Also raised at the hearing was concern for consumers who use rewards cards to carry revolving debt. “Consumers with revolving debts on average pay far more in interest and fees than they get back in rewards,” according to a CFPB report released Thursday. The hearing featured Chopra and Secretary of Transportation Peter Buttigieg, as well as a panel of consumer advocates and representatives from a few small airlines, a small credit union and a small bank. No one from the major airlines or the top 10 credit card issuing banks was present, although many had been invited, according to CFPB and DOT officials. Before the hearing started, however, Rob Nichols, president and CEO of the American Bankers Association, put out a statement. CNN video Related video Flight canceled? Buttigieg explains how you can get a cash refund without having to ask “The credit card market in the U.S. is highly competitive, and consumers have hundreds of card issuers and thousands of card reward programs to choose from” Nichols said, citing a Morning Consult survey that indicated 80% of credit card users have at least one credit card offering rewards and that the vast majority say they value them. Nichols also cited a bill in Congress that has been strongly opposed by banks, which aims to lower so-called “interchange fees,” which is revenue that banks make on credit card transactions. Such a drop in revenue, banks argue, could jeopardize the availability of rewards programs. After the hearing, Jaret Seiberg, a financial services analyst for TD Cowen Washington Research Group, said in a note that he expects the reason for the event is “building the foundation for the CFPB to force changes to airline reward credit cards by ensuring already earned miles cannot be devalued and by preventing airline miles from expiring.” But, Seiberg added, “Our expectation remains that the ultimate outcome here is likely tied to the election. We see the CFPB and DOT moving forward if President Biden wins while it is less likely that Trump-controlled agencies would act.”