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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.

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. You can also report the scam on this page: Federal Trade Commission Report.

There are 50 comments

  • On Wednesday, April 22, 2015, Vigilant wrote:

    We're sick and tired of multiple calls a week despite being on the Do Not Call Registry but that doesn't stop these SCAM calls which are always from a spoofed number. Pressing "2" to be removed doesn't do anything other than confirm that our number is legit; nor does telling them not to call again. So now, when "This is Heather (or Rachel) from Card Services" calls, I always press "1" — we have cordless phones and while the call is being transferred to a real person I turn on a second phone & place the phones mouthpiece-to-speaker to produce a giant feedback screech.

  • On Friday, March 27, 2015, George wrote:

    It's incredible how these people from India, Pakistan etc. provide a very Anglo sounding name such as "Brandon Smith". That should be everyone's first clue.

  • On Thursday, March 12, 2015, Larry Morrison wrote:

    Got a call myself on March 11, 2015, with caller ID showing my name and phone number. (That set off some alarms in my head!) The person said his name was David Parker working for Financial Coach and they would lower my interest payments with my credit card companies down to 3%! They could supposedly do this because of my excellent record in making monthly payments. I was given a website (on request) of FindMeTheMoneyLLC.com, and was told I'd get a call in a few minutes to get me set up. I did get a call and my caller ID showed the name and the number on the website. I gave the guy a bogus reason why I couldn't sign up at the moment and did some research. Thank you Scam Detector!

  • On Wednesday, February 04, 2015, Frank Cameron wrote:

    This scam of lowering your interest rate is as old as the telephone. They used to operate fropm Florida, the scam capital of the world, but have moved to the sunshine coast in B.C. They call me twice a month. Sometimes I lead them on and say I don't have a credit card, or ask them if they can lower the interest rate to .5 per cent. Other times I just hang up. My advice, 1 Don't answer the call.1. If you do, hang up immediately. 3.If you want to ream them out press 2 and when the guy with the accent comes on, call him everything in the book. Bottom line. He doesn't care and the automatic dialer will keep calling you. The number on your call minder is as phony as the scam artist on the other end. Don't sweat over it. They've been doing this for years and likely won't be caught soon. Hope this has been helpful.

  • On Saturday, January 24, 2015, Ladonna wrote:

    I get these calls every day 2 to 3 times daily.. I just received one he told me the first number of one of my cards he said I'm sitting looking right now at the statements because we are the ones that send the bills to you.. Then he said all I need is expiration dates and the rest of your part numbers on all your credit cards because I know you have more than one and I know you owe over $4000 on them and I hung up, and it was a local phone number from here where I live he called back and said we got disconnected and the phone number was from Texas that showed up on my caller ID..the first number was 479 967 0570 the name says Miguel Rodriguez..the next number from Texas is 713-300-0001..I tried to call both of them back 1 is a busy signal the local one, the one from Texas gives like a high pitch squeal like a fax

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