Low Interest Credit Card Scammers Foiled - Legal News


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Legal » Low Interest Credit Card Scammers Foiled

Low Interest Credit Card Scammers Foiled

Low Interest Credit Card Scammers Foiled
The content is accurate at the time of publication and is subject to change.

The Federal Trade Commission (FTC) has forever banned Arizona-based National Card Monitor LLC from marketing or selling any credit related products or services. The company, which is responsible for $2,329,409 in consumer damages, was shut down at the end of last year. They have been ordered to turn over their funds to settle FTC charges.

National Card Monitor cold-called consumers starting in early 2011 offering them low rate credit cards and balance transfers for an up-front fee of $499 to $599.  They told customers their money would be fully refunded if they did not receive the card. Refunds were not made.

National Do Not Call Registry violated

They also violated the National Do Not Call Registry, which was set up to prevent telemarketers from contacting people on the list.

The FTC settlement bans National Card Monitor from offering credit related products and debt relief services and from making misrepresentations in the marketing or sale of any financial products.

The company’s funds have been frozen and will be put toward the two-million-plus restitution. If the defendants are later found to have misrepresented their situation at any point, the judgment must be paid in full.

The FTC vote was unanimous at 4-0 and was filed in Arizona U.S. District Court. The order was signed earlier this week.

Protect yourself from fraud

Legitimate offers for low interest credit cards, 0% APR credit cards, and balance transfers never include an advance fee paid over the phone. Customers should always comparison shop and make sure they are applying for credit offers from well-known and established credit issuers. There are many free low-interest credit products available, as well as authentic balance transfer offers.

More information on credit card interest rate reduction scams is available on the FTC’s website. Consumers can register with the National Do Not Call Registry and report violations at DoNotCall.gov or by calling 1-888-382-1222.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

MasterCard Steps Up Fraud and ID Theft Prevention
MasterCard Steps Up Fraud and ID Theft Prevention

Posted: June 17, 2014

In the face of several recent major data breaches and increasing consumer concern about payment security, MasterCard is putting in place new measures to protect cardholders. Continue reading

American Express Fighting Fraud With  Small Merchants
American Express Fighting Fraud With Small Merchants

Posted: March 13, 2015

Cyber security is on everyone’s mind these days, and to ramp up for the launch of the new EMV technology designed to help make using credit and debit cards safer for consumers and businesses, American Express has rolled out its Small… Continue reading

Credit Cards Are Actually the Best Way to Protect Yourself Against Fraud
Credit Cards Are Actually the Best Way to Protect Yourself Against Fraud

Posted: February 19, 2016

When it comes to fraud there is a lot that consumers can do to protect themselves. But there is also a lot that credit card issuers can do to help them out including offering services like credit monitoring. Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!