(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 29 comments

  • On Tuesday, September 16, 2014, Bob wrote:

    I have started using a shrill whistle... I press one, the idiot answers .. and I give him or her a blast of the whistle... I DO hope it damages their hearing.....

  • On Saturday, September 13, 2014, Linda Zee wrote:

    I have started hitting "1" and immediately saying "Remove me from your computer list or I will press charges". I try to say it as fast as I can because of course they hang up right away. Don't know if it will work but I'm getting a couple of these calls per DAY and I'm fed up! To make matters worse, I don't EVER have any credit card debt!

  • On Monday, September 08, 2014, David Chan wrote:

    i get these every week since 1987. i just either hang up or i yell & scream obscene words to them. thay still call. even my neighborhood banks get these calls. also i get mortgage scam calls.

  • On Friday, September 05, 2014, Rob Chan wrote:

    If you ever get one of these calls, and you've got the time, you should always press 1 and play along. Start it out as if you were really interested, and drag it out as long as possible. Don't give them any real information. Maybe a credit card number like

    8160 7337 8008 1350 (Big Leet Boobies)

    Drag it out as long as possible by mumbling the number and using the crinkly wrappers and "sorry please repeat..." requests. As long as they're on the line with you, they can't be scamming anyone else. Ideally, you'd drag it out to at least 2 minutes or get them to flip out on you. That's when it gets really fun. I figure if enough of their calls end up like that, it won't be worth their time to make these calls anymore and they'll start dreading it when someone presses '1' to have a chat. I see it as my civic duty to screw with these people as much as possible.

  • 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".

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