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Beware of bogus offers to lower your credit card interest rate

Retired Community Manager

Beware of bogus offers to lower your credit card interest rate

One call after another rings on your phone, each promising to lower your current credit card interest rate. The callers claim that all it takes is a small upfront fee and they will negotiate significant reductions with your credit card issuers. But many of these calls are scams. Have you ever received a call like this?

How It Works


A representative calls, claiming they have a special relationship with credit card issuers and can negotiate an attractive interest rate for you. Typically, they will request an upfront fee before they can negotiate on your behalf. Only, you pay the fee and never hear from them again.

What You Should Know


  • If there's a fee, it's a scam: the Federal Trade Commission prohibits companies who sell these services from charging an upfront fee.
  • As the cardholder, you have as much or more influence when negotiating with the issuer as a third party, so make the calls yourself.
  • Scammers may also seek your credit card information to make their own purchases on it, or sell it to other scammers.
  • If you are registered on the National Do Not Call Registry, telemarketers may only call you if you have agreed to accept calls from that company, have bought something from that company over the past 18 months, or have recently asked the company for information.

What You Should Do


  • Be leery of any unsolicited, pre-recorded sales calls, especially if you registered your phone numbers on the National Do Not Call Registry.
  • If your phone numbers are not on the National Do Not Call Registry, visit to register today.
  • Don't give your credit card, bank account information, or your Social Security number to anyone who calls you unsolicited.
  • If you have been targeted by this scam or have fallen victim, call the AARP Fraud Watch Network Helpline at 1-877-908-3360 for guidance and support.
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