Beware of Fake Calls Offering a Reduction On Your Credit Card Interest Rate

by Lynnette Khalfani-Cox, The Money Coach on October 6, 2011

in Scams


If you receive an automated call from someone telling you that your credit card’s interest rate has been lowered, beware!

In a recent warning issued by the Better Business Bureau, citizens are warned of phone calls from anyone promising you a lower interest rate on your credit card, if and only if you provide the caller the credit card number and expiration date.

One of the bests ways to avoid becoming the victim of identity theft and not get scammed (and really, this is a scam) is to hang up the phone.

When credit card companies lower your interest rate they will generally send you a letter in the mail. Most credit card issuers will only lower your interest rate if you write or call them, asking for a lower interest rate.

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Lynnette Khalfani-Cox, The Money Coach

Personal Finance Expert and Co-Founder at Ask The Money Coach.com
Lynnette Khalfani-Cox, The Money Coach is a personal finance expert, speaker, and author of numerous books on personal finance. She appears frequently as an expert commentator on television, radio and in print.

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Edward Allen

Hi!

I received a couple of calls from a 1-866 in the past week. I was unavailabe to immediately answer both times. The second time when I called right back the man on the other end made his pitch about helping me with my finances by offering a discount in my Tax preparation Service if my Credit Card Interest rate was greater than 10%. In declining the offer I explained my reason. That reason, by the way, was because I didn’t qualify. The man was apologetic about taking my time and we ended the conversation. The number that called me was 1-866-520-9360. Judging by the post on this page this may have been legit or bogus, I can not say for certain. My caller did not have an Indian accent. Also I have never, to my knowledge, previously solicited by this company over the Internet.

Ren

Hi,
I was wondering if anyone who has received such calls has been participating in any kind of online surveys.
The reason I ask this is because I also received such a call, but my # is private and unlisted. I received the same scam call less than 24hrs after completing some online surveys. Credit card company don’t know how the scammers even come accross the partial card info. I shred everything with my name on it before throwing it out, so how? IP address?

This whole thing is just disgusting. About a week ago I received a call promising to lower my interest rate on my credit card. The person already knew my credit card account balance, the interest I was paying as well as my last credit card payment. They also called out the first 8 digits of my card and asked me to call out the last 8 digits for ‘verification purposes’. I didn’t want to, I felt like they should already know this.
So I was ‘put through’ to an ‘associate’, and it was while I was ‘on hold’ to speak with this other ‘associate’ I hung up.

The man had a light east-indian accent, he gave me a phone# where he could be reached. Said he was from LTA-Lindquist Tax and Accounting.
Of course the phone# he gave(214#) as well as the # appearing on my phone( a 1-877#), were both invalid.

They called back at least 8 times within the space of 1 hr, and then a couple more times after that, but I never picked up.
One message was left asking me what had happenened, in this pathetic desperate voice.
So after I hung up I notified my credit card, cancelled and called my local anti-fraud orginaztion, had identity on watch alert, because before I realized it was a definate scam I had confirmed my name, address and DOB.

I honestly don’t know how these ‘people’ can even stomach themselves, doing what they do. They are pure scum, and may they all loose double-fold of what they took or tried to take in all aspects of their lives

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