Credit card interest rate reduction scams could occur when a caller implies its company has special relationships with card issuers that can help secure lower interest rates. The Federal Trade Commission (FTC) advises consumers who receive a call like this to approach the caller with extreme uncertainty and get on the “Do Not Call” list by filling out the form at This is a free national registry designed to prevent telemarketers from contacting you. You could still receive calls from charities, debt collectors, or political groups since the registry does not apply to them.

Finding ways to help lower your interest rate on your credit card may save you money. While there are no guarantees or shortcuts, the FTC shares the first step to lower your interest rate is to call the customer service number on the back of your credit card to ask the company for a lower rate.

These misleading debt relief companies could tell you almost anything to get your money. Scammers claim they can help seniors lower their interest rates to as low as zero percent. They suggest you need to act now to rush you into making a rapid decision. They use this information to apply for unauthorized credit cards in the consumer’s name. The new credit card with lower interest rate issued to consumers often have low promotional rates for a limited time and will eventually increase.

By law, companies that sell debt relief services on the phone cannot charge you a fee before they settle or lower your debt. Anything these companies say they can do for you, you can just do for yourself – at no cost. You have just as much advantage with your bank or credit union as these companies.

If you are interested in learning more about credit card scams, speak with a Community Resource Specialist: (408) 350-3200, option 1.