Credit Cards

Receiving call from credit card company

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  • Jan 14th, 2018 1:00 pm
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[OP]
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Aug 15, 2015
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Markham, ON

Receiving call from credit card company

I don't understand why credit card company will try to contact customers or potential customers by outgoing calls.

I just received one and it's an automated message. After browsing this forum, I don't know if it was calling about lowering my credit limit or lowering the interest rate of my current credit card.

If it was about lowering my interest rate, feel free to do it and notify me of this "nice" thing you did for me in my next credit card statement. I pay my bill in full every month, I don't really care about the credit interest rate. If it is about lowering my credit limit, I don't understand why it would do that because my spending is pretty consistent and I will never go over my limit.

There are also lots of "scary" story about scammers. If I need a new credit card, I will shop around and be careful. It's sorta annoying to have to keep track of a bunch of financial products that I don't use.
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Dec 3, 2017
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Did the call specify what credit card they we're calling about? Because if they didn't that's an obvious scam. I'd be a bit skeptical of automated calls from credit card companies as I have only had real people call from the credit card company while the automated ones have been scams
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[OP]
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They did not. According to the automated message, they have tried to contact me or us many times to either lower my interest rate or lower my credit limit. I could only hear it once because I answered the phone. I was supposed to press a number on my phone to be directed to one of their people and that is when I hung up. After that, I wanted to check the number but I don't know how to use my phone with caller display to look at the call history. You see, it is a home phone and not a cell phone and I am not familiar with all the buttons on my home phone. I didn't want to create more headaches for myself and faint as I try to find this number which is stored in my phone.

Sometimes, I wonder if there was actually a person at the other side and upon hearing my voice, know that I cannot be easily tricked and so that person pretended to be an automated message waiting for me to hang up and to prevent me from questioning him or her!
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Poppwl wrote:
Jan 13th, 2018 6:17 pm
They did not. According to the automated message, they have tried to contact me or us many times to either lower my interest rate or lower my credit limit. I could only hear it once because I answered the phone. I was supposed to press a number on my phone to be directed to one of their people and that is when I hung up. After that, I wanted to check the number but I don't know how to use my phone with caller display to look at the call history. You see, it is a home phone and not a cell phone and I am not familiar with all the buttons on my home phone. I didn't want to create more headaches for myself and faint as I try to find this number which is stored in my phone.

Sometimes, I wonder if there was actually a person at the other side and upon hearing my voice, know that I cannot be easily tricked and so that person pretended to be an automated message waiting for me to hang up and to prevent me from questioning him or her!
It's a scam.
A "real" credit card company would not proactively call anyone to lower the interest rate on what they are charging you.They want to make MORE money from you,not less.
[OP]
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@fadetogrey credit card companies also make money by charging merchant per transaction. If someone doesn't pay their credit card bill it might mean they cannot pay it so how can anyone make money from interest when the person owing the money with interest cannot return the money with interest in the first place
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May 16, 2017
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Poppwl wrote:
Jan 14th, 2018 6:45 am
@fadetogrey credit card companies also make money by charging merchant per transaction. If someone doesn't pay their credit card bill it might mean they cannot pay it so how can anyone make money from interest when the person owing the money with interest cannot return the money with interest in the first place
Interesting point - but back to your OP, this call did NOT come from an existing credit card issuer that you have a relationship with. It is either an outright scam trying to get your identity or some shady 3rd-party credit issuer trying to provide costly credit to people that shouldn't be looking for any more credit.

Now for your latest point - this is why credit card interest rates are high. People that actually carry a balance and pay interest on a credit card (except for very short term and infrequent instances) are people that can't get loans or lines-of-credit on better terms, which means they are carrying high-risk, unsecured debt. That high-risk of default is met with high interest rates. Whether those rates are justified is another question but when the typical client either can't get or is too financially incompetent to go out and seek better credit terms the lender can charge whatever that market will bear.
[OP]
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robsaw wrote:
Jan 14th, 2018 10:11 am
Interesting point - but back to your OP, this call did NOT come from an existing credit card issuer that you have a relationship with. It is either an outright scam trying to get your identity or some shady 3rd-party credit issuer trying to provide costly credit to people that shouldn't be looking for any more credit.

Now for your latest point - this is why credit card interest rates are high. People that actually carry a balance and pay interest on a credit card (except for very short term and infrequent instances) are people that can't get loans or lines-of-credit on better terms, which means they are carrying high-risk, unsecured debt. That high-risk of default is met with high interest rates. Whether those rates are justified is another question but when the typical client either can't get or is too financially incompetent to go out and seek better credit terms the lender can charge whatever that market will bear.
and whatever the government allows. Hopefully, no one is smart enough to pay interest that is too high to be legal.
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Credit card companies have outbound sales reps to call you with the following promo's:
  • add unemployment protection to your card (rip-off)
  • increase your limit to allow you to spend more (rare that they'd call you for that)
  • promo's on balance transfers
I told the credit card company to call me with their promo's any time. Once I told the outbound sales rep that his unemployment protection deal is a rip-off, they never called back again.
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Poppwl wrote:
Jan 14th, 2018 6:45 am
@fadetogrey credit card companies also make money by charging merchant per transaction. If someone doesn't pay their credit card bill it might mean they cannot pay it so how can anyone make money from interest when the person owing the money with interest cannot return the money with interest in the first place
Banks are not credit card companies....they are issuers.Believe me,they are delighted to charge approx 20% interest vs,the few % they make if the merchant uses a credit card processor owned by them. Banks do have credit cards with lower interest rates....they just don't proactively market them.

If you qualify,it's far better to takeout a line of credit ,or loan, to pay off your credit card debt and then pay off your credit card in full monthly to avoid credit card interest.

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