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Credit Card Robocall Scams

Spot It

The caller tells you there is no current problem with your card, but that you are eligible for a limited-time offer to get a lower rate—for a fee.


Audio Transcript:


“Hi there. This is Vincent from cardholder services calling in reference to your current credit card. There are no problems currently with you account, however it is urgent that you contact us concerning your eligibility for lowering your interest rates to as little as 4.9%. Your eligibility expires shortly so please consider this your final notice. Please press 1 on your phone now to speak to a live operator to lower your interest rates today, press 1 now.”

Stop It

If you are tempted by the promise in a rate reduction call, you should hang up. The companies or scammers behind the sales pitches claim to have special relationships with credit card issuers, but they can't do anything for you that you can't do for yourself — for free. They will likely demand an up-front fee, which is illegal in Michigan, in addition to making other false or misleading representations. Additional rules can be found in Michigan’s Credit Services Protection Act. Up-front fees for rate reductions and debt relief are also illegal under the Federal Trade Commission’s Telemarketing Sales Rules.

Be skeptical of any unsolicited robocalls, including seemingly legitimate sales calls, especially if your phone number is on the Do Not Call Registry.  Never give your personal or financial information over the phone unless you initiate the call to a trusted and verified phone number. Consider it a best practice to hang up and ignore these robocalls.

If you’ve received this kind of robocall or have fallen for a credit card interest rate reduction scam, file a complaint with our office; the Federal Trade Commission; or call toll-free, 877-FTC-HELP (877-382-4357).

Additional tips for robocalls can be found here.