10-29-2009 06:42 PM - edited 10-30-2009 04:03 AM
I was originally approved for my Discover More card last year with an 11.99%V APR, which I think was 1% higher than the lowest rate for a new account at the time. When my intro 0% rate ended the actual APR attached to my account was 9.99%V. I was very happy about that - it was 2% lower than the lowest rate for a new account. A little while ago I got the CIT notice which I think brings Discover into full compliance with The Credit CARD Act and in addition to the minimum payment bump (I could care less) it also contained a minor RJ to 14.24%V. I wasn't really too happy about that and had been meaning to call ever since. Well today was the day.
The front line CSR directed my call to an APR specialist. (Seriously!) I stated my case - said I had been perfect with them, that I do use their card, that I like dealing with them and that they had been good to me, but... I have two other cards at 9.99%V and 6.99%V so I would be most appreciative if they could do something about the APRI. I got an argument back that those cards had until February to RJ me. I countered that both had already passed me over in at least two rounds of general ratejacking (BofA and Citi respectively) and had indicated their strong interest in keeping me at a low APR. Resolution: Compromise that my APR would go to 11.99%V rather than 14.25%V on the same date, which is the lowest rate now offered for a new account. I issued my thanks and stated once again Discover was a pleasure to do business with. I might have been able to do better, but I am on a PIF program and did not want to be greedy on the APR and muck up my next CLI. The CLI will do me a lot more good than the APRD.
Moral of story: If your house is in order, don't be afraid to call and ask questions, or even ask for something. As long as you think in terms of questions and not demands no harm will come, and you might just get something good for your effort!
P.S. I really do like Discover, too. Once you learn how to work ShopDiscover it can be a pretty nice rewards card!
10-30-2009 03:41 AM
10-30-2009 07:43 AM
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