(46 votes)

Credit Card Lower Rates

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How the scam works:

There are two variations of this scam:

Scenario 1. Did you ever pick up a phone call and the first thing you hear is an automated message saying: “To lower your credit card rates, press 1”?

If you haven't, chances are you will soon. The automated call scam is quickly spreading all over the world, as victims are lured into pressing keys on their phone and allowing (giving permission by confirming) scammers to register them for shady premium text campaigns or even to give them their credit card numbers.

Scenario 2 (with video). This second variation of the scam involves unsolicited phone calls from fraudsters offering to apply for a low-interest rate credit card on a person's behalf, for a large fee. The criminal will request personal and financial information, including a person's existing credit card number. Watch the video below to see in action the Credit Card Lower Rate scam, as covered in the news.

Credit Card Lower Rate Scam in the News Video

How to avoid:

Just hang up the call if it is an automated message, regardless of what it is about: lower rates, free trip, bonus loyalty points, etc. For the second variation of the scam, consumers should never pay a fee to a third party for this service. Most financial institutions offer low-interest rate credit cards and consumers can apply for these cards on their own through the financial institution directly.

There are 40 comments

  • On Thursday, December 04, 2014, Tom Cook wrote:

    I get these calls on a regular basis, and am tired of it. Is there any way to stop them?

  • On Friday, November 21, 2014, vicki wrote:

    don't answer calls from 310-823-7369. It is a scam. & now they are calling my cell phone.

  • On Thursday, November 20, 2014, Trinity wrote:

    I just had one said his name Jerry ext.424 user ID 699. He called from card services - chase, bank of america, citi bank, and capital one. I told him I don't have either and he hung up. Talking about lowering you interest on your credit card. Jerry please...

  • On Tuesday, November 18, 2014, P Golde wrote:

    Wish I could get them to stop calling - have been on the DO NOT CALL LIST for years. Now they are using your own name and phone number on the caller id. When you finally get a live person they tell you they are from your credit card company and how you have only been paying the minimum balance. Right there they were dead wrong! How do you get these guys to stop!!!!!

  • On Monday, November 03, 2014, Chelsea G. wrote:

    I just received the call from Card Services saying they'd lower my balance. I felt it was a scam, but kept listening to what they say. As soon as they said confirm the expiration date on my cards and I told them NO YOU TELL ME WHAT YOU HAVE?! The woman hung up right away. They called from (540)890-4303 (Virginia Number)

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