Offers to lower your credit card rate
Card member services interest rate call
Is a robocall from "card member services" offering to lower my credit card interest rate real?
Yes, it is a scam. Hang up, and never give your card number or pay a fee up front. If you want a lower rate, call the number on the back of your own card and ask.
Real organizations never do this. Stop. Hang up or delete it.
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Draft: we're still checking this page. The quotes below are word for word from their sources.
What to do
On the phone right now?
- Stop. Hang up or close the message. Don't tap anything.
- Check. Call a number you already have, like the one on your card or bill.
- Talk to someone you trust before you pay anyone.
If anyone is in danger right now, call 911.
If you already paid
- Call the company you paid through right away: your bank, card company, gift card company, or the wire or Zelle service. Ask them to stop or reverse the payment.
- Call the Justice Department's National Elder Fraud Hotline at 1-833-372-8311, Monday to Friday, 10 a.m. to 6 p.m. Eastern.
- Report it at ReportFraud.ftc.gov. If it happened online, report it at IC3.gov too.
General information, not legal or financial advice. If you've lost money, contact your bank and report it.
How it works
1 They reach you by
- Phone call
2 They pretend to be
- Your bank
- Someone else
3 They ask for
- Money
- Personal details
- Tap a link
- Something else
What it can look like
Example pattern, not a real message
Offers to lower your credit card rate. What gives it away:
- Give your ID numbers
- Use their link
- Pay right now
What they may say
“Several attempts were made to reach you”
“So press 1 now”
“Thanks to your good payment history and good credit score, you have been qualified finally for interest rate reduction between 0 to 5%”
“This is your final courtesy call before we are unable to lower your interest rates”
Warning signs
- They contacted you, then ask for your Social Security, Medicare or bank numbers.
- They want you to use their link or their phone number. Look up the real website or number yourself.
- They say you must pay right now or something bad will happen. Real organizations give you time to check.
Why we say this
Robocall Scam Examples
The FTC gives a real example of an interest rate robocall. It uses a fake deadline to make you press 1. The FTC says to hang up.
Here the scammer pretends to be offering you a reduction on your interest rate and gives an ultimatum to create urgency. The offer isn’t real — it’s a scammer calling. Hang up if you get a call like this.
1 more quote from this source
Thanks to your good payment history and good credit score, you have been qualified finally for interest rate reduction between 0 to 5%. Several attempts were made to reach you. This is your final courtesy call before we are unable to lower your interest rates. So press 1 now.
Say “no, thanks” to unexpected offers to lower your credit card interest rate
The FTC says an unexpected call offering to lower your card rate is probably a scam. Scammers may know some of your details and may rush you. Never pay up front, and ask your card company yourself.
If a company calls you unexpectedly and offers to help lower your credit card interest rate, say “no, thanks.” It’s probably a scammer hoping you’ll pay them for shortcuts that don’t really exist.
2 more quotes from this source
Some scammers use information they already have — like the last four digits of your Social Security number, your zip code, or your exact credit card balance — to get you to trust them and share more information. Others say their rates are only available for a limited time, to rush you into deciding.
Contact your credit card company directly and ask how to qualify for a lower interest rate.
Avoiding Scams To Lower Your Credit Card Interest Rate
A maintained FTC guide on how these scams work. Scammers claim special bank ties and a limited-time rate. They charge fees, and you can do the same thing yourself for free. It also says what to do if you paid.
Scammers say they have special relationships with banks and credit unions. They don’t.
4 more quotes from this source
Scammers may claim that the lower interest rates they’re promising are only available for a limited time. They say you need to act now.
Don’t share your credit card, bank account, or Social Security numbers — or any other personal information — with anyone who calls you out of the blue.
Don’t pay a company any money before they help you. That includes services to reduce your credit card’s interest rate. It’s illegal for these telemarketers to charge you before they’ve actually done something.
While there are no guarantees, the first step to lower your interest rate is to call the customer service number on the back of your credit card and ask the company for a lower rate.