(45 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. 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.

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 25 comments

  • On Tuesday, August 19, 2014, Michael wrote:

    "Heather from Card Services" has changed her number. Instead of a "real number" the latest call was from 1-800-000-0000 so I couldn't report it to Do Not Call or do a Reverse Directory search and report it to whoever provided the landline (Telus, Bell, etc.). No matter, I kept them on the line for over 5 minutes — kept asking fellow to repeat everything "because we had a bad connection".

  • On Monday, August 18, 2014, Brenda wrote:

    These people call me at least every other day, too. I used to play along and ask a lot of questions but now I just say "Is this the best job you can get? Can't you find something more useful rather than working for crooks?" It seems that there must be some way of stopping these annoying people.

  • On Wednesday, August 13, 2014, julie wrote:

    Why can my phone company that i have been loyal to for years not want to protect me their client? Considering ridding myself of landline

  • On Wednesday, August 13, 2014, Serg wrote:

    Just got a call from one of these scammers. I just asked probing questions about the what company they are from and how it works, he said that he was with Card Services and they work with Chase, BoA, Capital One and all the large card companies. All I need to do was give him my information and I would start receiving the lower rate. So I replied with if you work with all of these companies, you would already have my information in which he got irritated and got a little belligerent as to which I asked for a return # and he promptly hung up...

  • On Monday, August 11, 2014, Phartsy wrote:

    If everyone would start wasting these telemarketer's time, and keep them on the line as long as possible, they'd all go out of business. Scam the scammers!

    Sometimes I play it straight, and use a foreign accent, and speak very slowly, and get them to repeat everything...then ask them endless questions; give them a phony credit card number (make sure the 1st 4 dicits are from a real card, they can tell)...then, they either catch-on and hang up on ME, or (and this is the best) I just suddenly say "Not interested" in a non-chalant manner, and hang up, after wasting 15 minutes of their time!

    I've taken to recording my farts with a micro-cassette recorder...now when they call, I'll play the farts into the phone. One lady stayed on through about 20 farts. The guys usually hang up after 2 or 3.

    Have fun, and help put these scammers out of business!

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