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. Here’s how to spot and avoid scams that promise to help lower your credit card interest rate.
Scammy debt relief companies promise to help reduce your debt, but what they really want is your money. They charge you an upfront fee before they help. But that’s illegal and along with getting little to no help, you could wind up in even more debt. 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. This is all part of the scam.
Follow these steps to avoid scams:
- Don’t share personal information with anyone who calls you unexpectedly. Once a scammer has your information, they might use it to commit other crimes.
- Never pay up front. It’s illegal for a debt relief company to charge you before they help you. That includes paying in advance for services to lower your credit card’s interest rate.
- Make a plan to avoid scams. Print this Action Plan and keep it nearby to help you spot the scams more easily and get real help if you need it.
While there are no guarantees, you might be able to get a lower credit card interest rate by asking yourself. Contact your credit card company directly and ask how to qualify for a lower interest rate. Learn more about scams and identity theft at consumer.gov. If you spot a scam, tell the Federal Trade Commission at ReportFraud.ftc.gov.
