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Some scammy debt relief companies promise to get you a lower credit card interest rate, claiming they can save you thousands of dollars. But they don't have special connections to do that. These companies can’t do anything for you that you can’t do for yourself for free. 

Why Your Interest Rate Matters

Having a high interest rate on your credit card means you’ll end up paying more for things you buy, unless you pay your credit card bill off every month. It also might take you longer to pay off your credit card balance.

While there are no guarantees, you might be able to lower your interest rate by calling the customer service number on the back of your credit card and asking the company for a lower rate. There aren’t any shortcuts or special tricks to getting a lower rate.

How Scams To Lower Your Interest Rate Work

You’ve probably gotten calls or messages from companies guaranteeing — for a fee — to get you a lower credit card interest rate and promising to save you thousands of dollars. These scammy debt relief companies will tell you just about anything to get your money — and do little or nothing to actually help you:

  • Scammers say they have special relationships with banks and credit unions. They don’t.
  • Scammers might say the lower interest rates they’re promising are only available for a limited time. They say you need to act now. But they’re just trying to rush you into a quick decision.
  • Scammers guarantee you’ll get your money back if they can’t get you a lower rate. It’s not true. Instead, you’re likely to end up paying their fee, plus extra balance transfer and other fees they didn’t tell you about.

These companies can’t do anything for you that you can’t do yourself for free.

Also, by law, companies that sell debt relief services on the phone can’t charge a fee before they settle or lower your debt.

How To Protect Yourself from Credit Card Debt Relief Scams

Dishonest debt relief companies promise special tricks or shortcuts that don't really exist. Skip the scams and reach out to your credit card company directly for help. Here are ways to avoid a scam:

Don’t share your credit card, bank account, or Social Security numbers — or any other personal information — with anyone who calls you unexpectedly. Once a scammer has your information, they might use it to commit other fraud against you.

Never pay up front. It’s illegal for a debt relief company to charge you before they help you. That includes money for services to lower your credit card’s interest rate.

Hang up on robocalls. If you answer the phone and hear a recorded message from someone trying to sell you something, it’s almost always an illegal robocall. It’s also probably a scam. Hang up. Pressing numbers to speak to someone or remove you from the list will probably only lead to more robocalls. Learn more at

What To Do if You Paid A Scammer

Scammers often ask you to pay in ways that make it tough to get your money back. No matter how you paid a scammer, the sooner you act, the better. Learn more about what to do if you paid a scammer.

Report Fraud

If you spot a scam to lower your credit card interest rate or have information about a company or scammer who called you, report it at

If you didn’t lose money and just want to report a call, report it at