A company that charged consumers $599 up-front to supposedly get them new low interest rate credit cards was shut down by a federal court in Arizona at the request of the Federal Trade Commission. The FTC says, “National Card Monitor allegedly tricked consumers into paying hundreds of dollars based on bogus promises of lower credit card interest rates.”

According to the FTC, telemarketers working for National cold-called consumers and told them the company could reduce their credit card interest rates to as low as zero,and get them a new card to which they could transfer existing balances. Consumers who said, “Yes,” paid an advance fee from $499 to $599. This company claimed it had a 100 percent money-back guarantee, and that consumers who did not get the promised cards would receive a full refund. Guess what?

The FTC says most found that, “National failed to deliver on its promise to secure a new credit card…and… getting a “guaranteed” refund of their payment was very difficult.”