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Don’t Fall for Credit Card Rate Reduction Offers

Anyone with a landline or cell phone probably has gotten at least one – or maybe several a day! Yes, annoying – and illegal – pre-recorded sales calls, or robocalls, are pitching reduced credit card interest rates, promising thousands of dollars in savings and a potential way out of debt. Not surprisingly, consumers are being asked to pay a fee – up front – for this bogus service.

The United States Federal Trade Commission (FTC.gov) offers these tips on how to deal with these annoying calls.

Hang up
The best way to deal with a robocall is to hang up. If your phone number is registered on the National Do Not Call Registry (DoNotCall.gov), you
shouldn’t be getting these calls unless you have given a specific company permission to call you. Otherwise, the caller is a company that isn’t obeying the law.

Don’t share
Never give your credit card, bank account, or Social Security numbers, or any other personal information, to telemarketers who call you out of the blue. Once a scammer has your data, they can charge your credit card for their own purchases, sell the information to other scammers, and use it to commit other fraud against you.

The irony of this type of debt relief scam is that consumers can call their credit card company directly using the customer service number on the back of the card, and ask to have their interest rate lowered for free. Many times, with your patience and persistence, the credit card company will oblige.

The FTC admits that since many of these calls originate overseas, stopping them completely can be tough. However, you can help the FTC track down these scammers. If you’ve been a victim, or have received such robocalls, file a complaint with the FTC at Consumer.FTC.gov.

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