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Lower Credit Card Rates: Phone Scam Overview



18 Jul 2016

Having healthy finances is important and takes a lot of work. The cornerstone of any balanced financial plan is low-interest credit cards. If you are like millions of other Americans, then you are constantly on the lookout for the next great credit card. The one with the best rewards and lowest interest rates. However, you need to be careful when it comes to your desire for low-interest credit cards due to the scams going around involving this hot commodity.Lower Credit Card Rates Phone Scam

You can avoid falling prey to this type of scam by educating yourself on how these particular scams work.

Different Variation of the Lower Credit Card Rates Phone Scam

The first scenario to be on the lookout for regarding this scam starts with an automated phone call, possibly from someone claiming to be from customer service, asking you to press one if you are looking to lower your credit card interest rates.

Once you have pressed the corresponding number, you will be able to speak with a representative. The representative will usually inform you that they can help with the lowering of your credit card interest rates. Of course, before they can do that, they will have to get some information. Giving the representative your credit card information will allow them to make all the purchases they want with your credit cards.

The second scenario common with this type of scam will start with an unsolicited phone call from scammers claiming that they can negotiate lower credit card rates on your behalf. The first thing they will want to do is collect all of your personal information. After they have this information, they will move in and try to get your credit card numbers. Usually, these scammers will be very convincing and professional sounding.

These phone scams are being used to target people with less than stellar credit ratings because they are usually in possession of high-interest credit cards and loans.

Taking Away the Scammer's Power

Your main objective when it comes to this type of scam is how to avoid it. If you receive an automated call, all you need to do is just hang up. If you don't give the scammers the time of day, they will not be able to pressure you into giving out your personal information.

The second scenario is easy to avoid when you realize that most credit card companies offer low-interest credit cards to the general public. This means you do not need to have a third party to negotiate lower rates for you.

And remember the better your credit score is the better rates you will receive in the first place. Check out this guide to learn more about improving your credit score.

Reporting Phone Scammers

The best thing that anyone who has fallen victim to this type of scam can do is report it. The Federal Trade Commission keeps a record of these scams. By filing a claim with them, you will be able to help others avoid being scammed. The time that is invested in filing this claim will be more than worth it in the long run.

CallerSmart helps give you the tools to identify scamming phone numbers and to report phone numbers that are breaking laws. You can download our reverse phone lookup app from the iTunes App Store to trace a phone number at any time and report suspicious activity from anywhere. If you don't have an iPhone, you can still identify unknown phone numbers by using our website.

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