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.