(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 31 comments

  • On Saturday, October 11, 2014, Diane Santucci wrote:

    The calls from Credit Card Services, Scammers for sure, is now coming in with my name and phone number.

    To whom shall I report this and can anything be done to stop the calls?

  • On Saturday, September 20, 2014, Mary wrote:

    Like so many I have got calls with strange names and numbers ..... BUT today ...... they called me with MY OWN PHONE NUMBER on the ID...when I asked to speak with someone that can take my number off he said ....don't hang up I will get some one.....he HUNG UP on me...

  • 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.

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