(47 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.

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 53 comments

  • On Friday, May 22, 2015, Pamela wrote:

    Stupid me! I have always considered myself smart. But last night received a call from someone telling me they could lower my interest rates. Yes, I have one card I would love to transfer balance or drop. The 3% he told me about sounded wonderful...... then he asked me for the entire card number... after several questions.. business name, location, why you & not my bank..etc. I was tired after working for the day.... I gave in.. he put me on hold.. came back on asked if he was selling... yes he replied for a fee can do it. My gut screamed NO!!!!!! Hung up..funny he tried calling me back four times...called my credit card company cancelled & informed them of my dumbness. UGH!!!!
    Question is there a company that protects all your info? What about LIFELOCK?
    We live in scary times!

  • On Wednesday, May 20, 2015, Becky P. wrote:

    I get calls from "credit Card Services" my own number and name shows up as the caller. You press 9 to talk to a person and when you tell them you want taken off their call list they hang up on you. Is there anyway to find out who these people are and put a stop to the phone calls?

  • On Monday, May 04, 2015, Cheri F. wrote:

    I just received a similar call. I am pretty gullib as a rule and may have fallen for the hype but received a call earlier this year from supposedly the IRS saying that I owed $6,400 dollars on my 2010 and 2011 tax returns. They claimed they were going to freeze all my accounts and arrest me. They had me all upset until I started thinking about it and realized there was absolutely no way I could owe the IRS. It's too bad that there are people out there that put so much time and effort into stealing from hard working individuals. If they put their energies into doing something honest it wouldn't take any more work!

  • 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.

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