Beware of Low Interest Rate Phone Calls

10/08/2018 Posted by admin

I had a call recently from a Consumerwho was convinced to givetheir credit card numbers to a personthey thought was connected withtheir credit card company or bank.

The Consumer hada phone callfrom someone using the name Canada Bank Services, claiming they could help lower the Consumer's credit card interest rates.

Then the Consumersays they were asked to verify their credit card numberswith the caller toreview their account balances and interest rates and then the Consumer was tolda conference call would bearrangedbetween the company,the credit card companies and the Consumer, to negotiate a lower interest rate.

However the Consumer claims they were never told there would be a fee of several hundred dollars would be charged to their credit card for this service and later discovered the company was actually in the United States.

The Truth is you can call your credit card company on your own and ask for a lower interest rate option.

In fact, credit card companies will not negotiate with anyone other than the card holder.

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So when theseconference calls are made,the credit card customer service agents will refuse to discuss the account with the third-party on the line.

However the fee charged for the service is not refunded.

There are several U.S. companies calling Canadian Consumersoffering this interest rate reduction service.

In addition to claiming they can negotiate lower interest rates they mayalso try to sell you some type of product that will teach you how tonegotiate lower rates on your own.

Be aware that banks and credit card companies do not call Consumers to discuss accounts, balances or interest rates.

If you want to learn more or report an incident go to this link for the Financial Consumer Agency of Canada



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