A phone call promising John McDonald a lower interest rate on his credit card got his attention.
“You're trying to save money like everybody else,” he said.
He'd had his interest rate reduced two years ago by another company to 11.4 per cent and had saved money. And it seemed like a no risk proposal. If he didn't get a lower rate John said he was told he wouldn’t be charged.
But what he got was a big charge on his credit card bill -- $1,191.63.
John complained and the company, DCPS Financial, promised him a refund, saying he'd been "charged in error".
The company has an ‘F’ rating with the Better Business Bureau in Florida.
Chris Olsen recommended he notify his credit card company immediately. They told him to get a refund verification number.
So John called DCPS Financial again.
A company representative said they would research his confirmation number for the cancellation and call him back shortly with the date the refund would be in his bank account.
After two days with no refund, John called his credit card company again. Within a few hours the company called with the refund number.
He says he’s learned his lesson about calls promising lower interest rates.
“I would never surrender my card again unless I had written material,” he said.
Lynda Pasacreta of the BBB says companies like DCPS often employ high-pressure sales tactics to get your personal information.
“They are trying to get you right at that point,” she said.
The BBB says you have two options if you get a call promising to lower your credit card interest rate.
“Hang up or ask for the information to be sent to you,” Pasacreta said.
If you are a good credit card customer with a history of paying on time you can probably get your interest rate reduced yourself. Look at what low interest cards your current credit card company provides and see if it will switch you over. If it says no, ask what you have to do to qualify.
With a report from CTV British Columbia’s Chris Olsen
