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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.
“Hi there. This is Vincent from cardholder services calling in reference to your current credit card. There are no problems currently with your 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.”
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).
Take These Steps to Protect Yourself from Robocalls
Michigan's Robocall Crackdown Team
As the Department continues to crack down on robocalls, consumers should take these steps to protect themselves:
- Hang up and call the company directly using a number listed on the company's website.
- Never give personal information to someone you do not know.
- Ignore calls for immediate action; scammers try to use a sense of urgency to get you to act before you can think about what is happening.
- Beware of requests to pay via wire transfer, prepaid debit card, gift card, or any type of payment app.