Credit Card Phone Scam - Get Your Current Interest Rates Lowered

Credit Card Phone Scam - Get Your Current Interest Rates Lowered

Persons are reporting that they are getting automated phone calls about lowering their current credit card interest rates. This is the message of the automated phone call: "As of right now, you do not have any problems with your current credit card, but please press 1 to get your current interest rates lowered". Even persons who do not own or have never owned a credit card are getting these calls. These phone calls are set up by scammers to steal your credit card and personal information.

Here is how the scam works

You will get the following automated message:

"As of right now, you do not have any problems with your current credit card, but please press 1 to get your current interest rates lowered."

If you press "1", someone will answer asking if you are calling about lowering your interest rates and ask you for your credit card number.

This person will guarantee that the reduced rates they offer will save you thousands of dollars in interest and finance charges, and will allow you to pay off your credit card debt three to five times faster.  The same person on the line may claim that the lower interest rates are available for a limited time and that you need to act now and promise money-back guarantees as further enticement.

Do not give these people your credit card information and any other personal information. Once these scammers have your data, they can charge your credit card for their own purchases or sell the information to other scammers.

One person reported asking the person who answered the phone, the name and location of the company that he/she is calling from, but the person refused, stating that they cannot do that.

Never disclose your credit card or sensitive information like your social security numbers and bank account to anyone over the phone.

The FTC says that if you’re looking to reduce the interest rate you’re paying on your credit card purchases, your best bet is to handle it yourself for free: call the customer service phone number on the back of your credit card and ask for a reduced rate.

Click here to read more about Credit Card Interest Rate Reduction scam at the FTC website.

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Note: Some of the information in samples on this website may have been impersonated or spoofed.

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Comments (Total: 9)

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  • June 2, 2015 at 10:34 AM by an anonymous user from: Wichita Falls, Texas, United States

    Just received a call today from 914-806-4295 out of NY.

  • March 14, 2014 at 9:27 PM by an anonymous user from: Mission, Kansas, United States

    I'm pretty sure I got scammed. What do I do now.

    • March 14, 2014 at 10:44 PM by info

      Contact your bank about the credit card information that you gave to the scammers.

  • January 25, 2014 at 1:48 PM by an anonymous user from: Stamford, Connecticut, United States

    I got one of these phone calls from a restricted number and I pressed "0" to talk to a "representative". My purpose in doing this was to ask them to take me off their calling list. I politely requested (I actually was very polite because trust me I definitely have been a * to telemarketers in the past) that they take me off their caller list multiple times and when the "representative" finally realized I wasn't going to be part of his scam he ended the convo by saying "Go * yourself, goodbye". Sounds like a very reputable company to me! Unbelievable, guess I really shouldn't have expected any less from the slime balls that do this stuff.

  • January 21, 2014 at 10:26 AM by an anonymous user from: Redmond, Washington, United States

    I keep getting these phone calls also. I pressed 1 to speak to a representative, and immediately assumed scam when they asked me for my credit card number and SSN.<br/><br/>They have since kept calling me up to 3-4 times a day, even after pressing 2 to cancel further calls.<br/><br/>I think that I'm going to fight back by giving them bogus information whenever they call me in the future.

  • January 15, 2014 at 5:46 PM by an anonymous user from: Sullivan, Missouri, United States

    I've been receiving this call for months now from a blocked number, told them the first time I wasn't buying into their scam and to stop calling me. Today they called again, so I got rude with them about their scam and informed him that I keep up with my credit cards and if I was eligible for anything I would be notified by the company themselves, not some shady "company". I then asked him to verify for me what credit card of mine he was talking about and the guy promptly got defensive saying his company worked for all major credit cards, tried to lecture me about accusing him of things, and tried to threaten me with interest rates on my credit cards of up to 35%. All bogus I know, but watch out people. This is a true scam. I can't believe these people, I wish I had a way to report them to authorities that could shut them down.

  • January 7, 2014 at 12:26 PM by an anonymous user from: Gideon, Missouri, United States

    I received this call. I pressed 9 to talk to the representative. They told me they would reduce the interest rate on all my credit cards by 1/3 to 1/2. They then told me they saw that I had $4000 debt at a current rate of 7%. I asked which card they were talking about. They said that was the total. I said I only have 1 credit card and I don't owe $4000. They immediately hung up. DON'T GIVE THEM ANY INFO.

  • October 17, 2013 at 6:16 AM by an anonymous user from: Norwood, Massachusetts, United States

    Are all of them scams?

  • July 17, 2013 at 11:52 AM by an anonymous user from: Chicago, Illinois, United States

    I just got a call like this today and I don't even have a credit card. How are they getting my cell phone number?

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Credit Card Phone Scam - Get Your Current Interest Rates Lowered