The Interest Rate Reduction Scam – Lower Rates for a Fee?

Don't Be a Target

What You Should Know

These scams are pestering consumers nationwide with prerecorded phone calls from companies that claim to be able to negotiate significantly lower interest rates with your credit card issuers if you just pay them a fee first.

How Does It Work?

Consumers hear a very tempting pitch: "Rates are low and we can help you lower your credit card interest rate and save thousands!" All that's needed is a small fee to get the ball rolling. Though there are stricter rules and surveillance by the FTC, this scam is still successful. Consumers end up giving out personal and financial information, including existing credit card numbers in order to "process" the rate reductions.

What You Should Do

The FTC says:
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. Be calm, patient and persistent. And if you are tempted by the promises in a rate reduction robocall, hold off and hang up..

Our BEST Advice

Be vigilant and avoid calls from numbers you don't recognize. Let those unknown callers go to voicemail. It's your best defense against scammers and robocallers.

How YouMail Can Help Stop Scams Today

YouMail customers are protected from scammers and fraudsters. Our service is 100% free and extremely effective. Our exceptional call blocking and caller ID capabilities systematically block calls and remove any and all numbers from robocaller lists – FOREVER.

Definitely check out YouMail's online phone directory to validate if the caller's number has negative reports or is from a known scammer.