Robocallers Cannot Magically Lower Your Credit Card Interest Rate

The Better Business Bureau and Senator Charles Schumer are warning the public to be skeptical of any calls promising to lower your credit card interest rate. While nowhere near at the public annoyance level of the recent car warranty robocaller scourge, they’re still out there, automatically dialing people and promising to lower your rate for a hefty up-front fee. The only problem is, they can’t do anything you can’t do on your own, and unless you’re crazy you’re probably not going to charge yourself a thousand bucks for the service.

As you may expect from phone spam, the techniques used are intentionally misleading:

[The credit card] robocalls generally begin with recorded messages that include statements like: “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 6 point 9 per cent.” or, “This is our final attempt to reach you since you’ve not responded to our other calls to discuss your credit card debt.” The automated message invariably does not include the name of the company, but may claim to be with Card Services or Card Holder Services. Complainants note to BBB that they now believe the calls were designed to deceive them into thinking their credit card company was contacting them.

After the initial recorded message, consumers must dial another number to be connected to a live person. The live “operator” usually starts the sales pitch by asking for the consumer’s credit card number and whether the consumer is interested in lowering their interest rates. From there, callers begin closing the sale, asking if the consumer is willing to pay ñ usually from $700 to $1,000 – to have their firm contact the credit card company and negotiate lower rates.

If you want your interest rate reduced, you can do the same thing the robocallers do: call the number on your card and ask to speak to a CSR, then ask about lowering your rate.

“BBB, Schumer Warn Consumers of Robocalls Promising to Lower Their Credit Card Interest Rate” [BBB]

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“Meet Leverage Connections, King Of The Robocallers”
“Meet The People Behind The Car Warranty Robocallers”
(Photo: atp_tyreseus)

Comments

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  1. GRPeng says:

    “While nowhere near at the public annoyance level of the recent car warranty robocaller scourge…”

    ZOMG! These bastiges call me about every two weeks on average. I hate them with a passion. I have not gotten a car warranty call since they really hit the news for calling the Congress critters, and their phone numbers got published in several forums.

  2. Anonymous says:

    Today, I received a call, even though I have signed up for the DNC list, from one of these companies. I quickly asked them for their website, which was debtfree4u, based in Missouri I then contacted the Missouri Attorney at consumer@ago.mo.gov. If you have received a call from this company you may want to contact the Missouri Attorney General.

  3. jdmba says:

    I got a call about my “Mastercard, Visa, Discover, or American Express”. I don’t think 1 bank issues all four of those, so I was amused by the fact they were trying to sweep all four into a phone call, while trying to make it sound official.

    My AmEx is currently a regular card, so it doesn’t bear interest. To lower it would be a negative rate of return, which would be return of money, or cash back. Perhaps the robocaller was offering me a cash back amex?

  4. Eyebrows McGee (now with double the baby!) says:

    Spectacular photo!

    That is all.

  5. shockwaver says:

    I got this call. My wife thought it was legit for half a second, then we both realized that the prime+.9% card we’ve got can’t really go lower.

    I love my credit card.

  6. Skin Art Squared says:

    I never get calls like this… wait…. i never answer the phone.

    If Caller ID doesn’t specifically tell me you are someone I know, have a place in my contact list, and wish to speak to, your calls are falling on deaf ears here. Blocked calls? LOL…. never. Anyone stupid enough to call me on a blocked number will never reach me. 1-800 numbers…. no thanks. I already have everything I need so go sell your crap to someone who actually will answer your calls.

  7. gStein_*|bringing starpipe back|* says:

    i got a call from a (real, live, native english speaking) person last month (from some unknown company, something like Victrex) asking me if i wanted to lower my credit card interest rate, or lower my CC debt (can’t remember which)
    i politely told the woman (it’s impossible to be rude to someone with a british accent – try it some time) that i was perfectly happy with my boatloads of credit card debt, and my high interest rates, and to please double-check their DO NOT CALL list (since my number is on the national DNC registry) thanked her and hung up

    haven’t heard anything since (and for the record, i don’t have any cc debt, because i know half of the readers here are secretly credit card company robocallers)

  8. SlappyWhite says:

    This should be pretty easy to spot as a scam. I mean, what bank do you know that pro-actively calls you offering lower rates? Banks are in the business of making money, and by them doing that they wouldnt be achieving their goal.

  9. Michael Ortega says:

    I keep getting a robo-fax calling me and leaving 56k sound voice mails.I called the number back and it says it removed my number but after many trys it still calls. besides changing my number and ideas what to do?

    • Cocoa Vanilla says:

      @Michael Ortega: Any way you can hook up a fax machine to your phone (assuming it’s a landline)? If it’s a cell phone, forward it to a K7.net number. The goal is to receive their fax so you know what they’re trying to offer – and most importantly, WHO THEY ARE.

  10. Anonymous says:

    The robocallers referred to in the article, at least the one that calls me repeatedly at work, originate from:
    Accelerated Savings, Inc.
    8333 W. McNab Rd.
    Ft. Lauderdale FL
    (888) 351-2551

    I told the sales schmuck, Kevin Brown, that I wasn’t comfortable giving him that kind of information when he originated the call. I asked him to give me his number so I could call him back. The poor guy sounded desperate, as he repeated his name clearly three times… it almost makes me hesitate to put this information on the interwebz. Then I remember that he’s calling me at work and desperate to scam me.

    In related news, the phone number he called used to belong to an elderly woman. I wonder if her family had to change it because she fell for scams like this?

  11. AgentTuttle says:

    They’re totally just as annoying and hopefully the next to go down.

  12. bagumpity says:

    The business model these guys work under is that it’s cheap to robo-call because they only have to pay wages when a “touch” presses the 9 (or whatever) button to speak to a sales rep. The first tier rep only goes through the script “do you have over $3000 in credit card debt that you only make monthly payments on?” and then pass you to a second tier rep who gives you the sales pitch and THEN passes you on to a closer. Closers are EXTREMELY good at getting you to do what they want. Each tier gets paid more than the next.

    To really really HURT these robo-callers, we can’t hang up on them. It sounds counter-intuitive, but what we should all do is dial the number and then try to spend as much time on the phone with the human sales reps as possible (without purchasing anything, obviously). Why? Robo-calls are essentially free, but human beings have to be paid (or make commission). When you keep ‘em hanging on the line, you burn valuable resources. You keep the guy you’re talking to from making money, and you keep the company from making money. Best of all, if you’re talking to a sales rep, he’s not available to sucker some other poor guy who doesn’t know that Rachel from Card Services is really some fat dude in a greasy t-shirt sitting in a cubicle.

    Here’s a few ideas on how to keep them talking as long as possible:
    1. Tier 1 reps have a script and HATE to deviate from it. The easiest thing to do with them is as for “rewinds.” Say things like “I lost you there. Can we start over from the beginning?”

    2. Pretend to be hearing impaired so you can ask them to repeat just about everything they say. It can be hilarious fun if you do it right. I tell them “I was wounded in Iraq. Brain was messed up by an roadside IED. I can hear and speak just fine, but I don’t process language very well so you should say each syllable word slowly and separately and pause between each one.” It’s hilarious to get a guy to say “Do. … You. … Have. … Over. … Three. … Thou. … Zand. … Doll. … Lars. … In. … Cred. … Dit. … Card. … Debt. … And. … On. … Lee. … Pay. … Min. … Ih. … Mum. … Bal. … Ance. … Each. … Month?” You can stretch the conversation out by a factor of ten doing this.

    3. Tell irrelevant stories about yourself. Again, the Iraq vet angle works wonders. Nobody wants to interrupt a hero. Talk about the guys who didn’t make it home. How great would it be if they could have been helped out by nice people like the sales rep? Don’t get melodramatic, or they’ll figure out that you’re screwing with them. Keeping it on topic helps. I usually chuckle and mention that I got my first credit card back in 1965. It was a Sears charge account, only they didn’t have cards those days. You just told them your account number and they put it on your tab. And when they came out with the cards, there was none of this “electronic” junk. They put them in a big sliding thing and ran them over with carbon paper. Remember carbon paper? Etc. etc. Being old helps.

    4. Eventually, get through the script (without buying anything, which can be tricky) and get yourself bumped up to second and third tier reps. These guys are tougher to scam, but you can still draw out the conversation. I like to say things like “I was about to use the bathroom when you called originally- can I put you on hold for like 2 minutes?” and then bring the phone with me into the can and make fake elimination sounds for about five minutes. Don’t overdo it or try to get campy, or they’ll just hang up.

    5. NEVER EVER UNDERSTAND A QUESTION THE FIRST TIME IT’S ASKED. I put that one in all-caps because your best weapon is confusion. Be confused about everything. Ask them to repeat themselves over and over and over.

    6. When they start applying the pressure, get scared. “Why are you talking to me that way? I’m scared. That other man was nice to me. I want to talk to that other nice man.” etc. etc. etc. They love this because to them it means the pressure is working and they’re about to get you to buy something just to get away from big bad them. And so they’ll keep you on the line and keep applying pressure.

    7. Whatever you do, don’t hang up and don’t end the conversation. Make THEM hang up on you. They’re severely dinged on their “cut rate” which is the percentage of calls they drop before the “touch” is willing to let go.

    Remember, time is your only weapon. Use yours to waste theirs. If we can get everyone we know to do this, we can make outbound telemarketing an unprofitable industry.

    Keep ‘em Hanging!

    • bbb_alison says:

      @bagumpity: Probably the easiest way to get them to hang up on you is to ask them what company they’re with (since no one wants to fess up to violating telemarketing laws). Of course, that doesn’t mean they won’t call you again…and again…and again…

    • SlappyWhite says:

      @bagumpity:

      Pretending to be a war veteran? Real classy.

    • econobiker says:

      @bagumpity: I worked my guy- (supposedly named Sean Michals at extention 103) over for about four different days of his calls. I played a not so smart guy who wanted to save interest rates on his 4 cards that totalled about $18k with rates of 10.99% to 27.99%.

      Sean actually gave funny answers when I said that my wife was worried about the company and that I should ask for their number. He said that people called up and abused them, got the FTC involved, said nasty things, etc while chuckling to himself. Of course, I played along and said “That is not nice.” and let it slide until a couple of days later when I finally worked the phone number out of him.

  13. funkfrost says:

    I seem to get a call from them every couple of days when at work. Sometimes multiple times a day. Gets annoying.

  14. rochec says:

    You can also fix your car yourself, but there a lot of people who can do it better.

    I agree there are a lot of shady people trying to take advantage of people who are in debt, but the tired line “you can do it yourself’ is so stupid. I could pull my teeth myself too, but that wouldn’t be too smart.

  15. econobiker says:

    Company information:
    Dynamic Consulting Solutions
    Orlando, Florida
    United States
    Phone: 407-409-7024
    dynamicconsultingsolutions.com

    05-28-09 I received a call from 804-234-9010. They said (a recording) they were calling on behalf of VIsa and Master Card and lowering my rates. So I played the “Press 1 game ” and stayed on the line until a person got on the line. Quickly they said they were calling to lower my interest rates, if I qualify.

    I asked what company are they calling from and they said Account Services. So, I asked for their company website so I can look them up at my leisure. The guy on the line said he would not give it out since they are a call center and he could take my qualifying information over the phone. He gave me a bunch of garbage about people reporting them to the FTC, making harassing phone calls to them etc.

    I worked the guy over and and over for several days of him calling me back. I finally got their toll free number: 866-606-2069 which links to a credit consultation agency stationed in Orlando, FL. http://www.dynamicconsultingsolutions.com is their website with contact number of 407-409-7024.

    I eventually bailed on the guy after he thought that he had a live one so he was not happy.

    Report this company to the FTC as robo-calling for credit card interest reductions.

    Here is another report on them by another person:
    [800notes.com]
    wooley – 13 May 2009
    BEWARD!!! The positive comments listed on this website about DCPS, LLC. (Dynamic Consulting Premier Services) are coming from the lousy pieces of s**t that work, Dan Adams, Michael Reed, Kristin Moore to name a few. They are trying to scam you out of money.

    DCPS have told people they are a governement entity, under some new Obama program, and they are not. They say they charge a one time fee of $995.00 for life, no matter how many credit cards you have, yet they charged someone I know almost $2, 000 regarding two credit cards and have done nothing for her. That person had to close their accounts and is now in the dispute process with their card/bank companies.

    They told me they lowered someone else I know interest rate. Really? They spoke to and suckered that person into joining only a day earlier.

    According to DCPS, Michael Reed, Dan Adams, Kristin Moore (all con artists-liars) they lowered that person’s interest rate already. That is a lie, they had not. They themselves state you have to wait for their paper work to arrive, list all your credit card numbers, send it back to them and THEN they can start negotiating your rates. Based on what they state they can not lower your rates until they get back their own paper work from you, so how can they claim they already lowered someone’s rate in one day?

    They are not licensed with Florida as a business, they have no FEI/EIN number and they do not honor the three business day consumer right to cancel law. They have refused to offer me a refund and eventually surcomed to referring me to the refund department. Kristin Moore told me they would call me back the same day in the afternoon. That day came and went. Instead, the next day I received two phone calls from some a** named Jean (or Gene), claiming to be a financial specialist and wants to talk to me to start saving me money on my credit cards. Can you say bu***hit?

    DCPS claims they have a refund policy but they do not, they have a refund guarantee; two very different things.

    They are rude, use bullying tactics, they are unprofessional (big surprise, no real business would hire street people to do financial work)and are proficient at swindling and oh, lying too!

    They have an an “F” rating with the Better Business Bureau, which the State of Florida recognizes and lists them as a link on their own website, under Florida Consumer Affairs. DCPS has at least four complaints against them, all which have been ignored wen brought to DCPS’ attention, according to the BBB.

    I strongly encourage EVERYONE to FILE A COMPLAINT with the Florida State Department with this Limited Liability Company and with sunbiz.org. They also list their registered agent to be Law Office of Maureen K. Gour, PA
    3562 South Seacrest Blvd., Boynton Beach, FL 33435. Ms. Gour practices in divorce, will, trust, bankruptcy, probate, alimony, and marriage contracts. Odd that she is not a business or tax attorney or something that would make sense for a company that supposedly is licensed and bonded to negotiate your interest rates.

    They are also being investigated with the attorney general’s office…my parting words…Good luck b****s.

  16. Anonymous says:

    I cannot find out who or where these people are called creditcard services. They call me 3 or 4 times a week even though I am on a do not call list. I would like to strangle them all. They are getting on my nerves badly!