Discover IT APR reduction

[Petraeus]

Hey mxp what is your AAoA?

[SnackTrader]

Keep us updated, mxp!

And good luck!

[Petraeus]

Snack is the cc already at the lowest APR available? That could explain what's w.going on.

[SSA_2013]

I believe Discover is a crazy bank. I had the card since January 2012 and was given a 17-18% APR. My account wasn't eligible for an Increase for the initial 9 months...(I have no idea why) In any event I called in November and asked for an increase. I got denied (was abled to recon the denial and only got a $500 increase with a hard pull) It brought my limit to $1,000. I also asked for an APR reduction. Denied. They stated to send in/fax a form they mailed me. They manually reviewed my account and gave me a 2-3 point reduction to 15-16% (can't remember the exact numbers) A few months ago I figured let me apply for the "IT" since it was new and wanted a higher limit. Denied. Recon...Denied (offered to close the More and keep the $1,000 limit) I declined that offer. I called the executive office and they said that was all they could do. A few weeks ago I decided to push the CLI on the site...unavailable. (Didn't bother calling in to know why) I chatted with a Rep and said to lower APR. Congratulations your new APR will be (8 something + prime) so 11.9%.

Ultimately, they are strange. I continue to push thousands through the account and always PIF, PIF before Statement, PIF after statement, etc. I even even kept a balance a few months just to see if they would give in. They never give me a CLI but give me the lowest APR for the More (I could continue with manual reviews to get it lower)...even though I never need to worry about the APR. Throughout this time I was approved for good cards and increases. I think I might just show this card my shredder.

[SnackTrader]

Petraeus - I don't know what the lowest APR is - I always assume an issuer can lower the APR if pressed hard enough. The account is currently at 15.69%.

SSA - was it a Hard pull when you mailed/faxed that form in to them?

[SSA_2013]

@ Snack: No hard pull for the APR reduction. The only thing that form does is request that they manually review the account. 

[SnackTrader]

Great!

That sounds like the obvious first step. Too bad it will take a few days.

Thanks for the help, all! This loved one needs to get these balances paid down. The money floating out the window in interest makes me cringe.

[indiolatino61]

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@CS800 wrote:

I figured since I had to call them on something, I'd ask for an APR reduction. Went from 20.99 to 14.99 %

Now if I can get USAA to do the same with a SP

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That's pretty good...congrats!

[mxp114]

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@Petraeus wrote:
Hey mxp what is your AAoA?

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4.5 years but I think EQ shows 4.2 years since it doesn't have two older closed TL's.

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@SnackTrader wrote:
Keep us updated, mxp!

And good luck!

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Thanks but no luck. They replied and said my account is at the absolute best APR available and nothing could be done. I wonder if that user with a 5.99% standard purchase APR was perhaps confused.

[liz2011]

SSA, what is the number for the executive office?  I have been calling Discover and asking for an APR reduction and have been denied.  They did offer me a promotional APR on new purchases, but not on my balance.  The last rep I spoke to told me that Discover currently has a company wide policy not to lower APRs on consumer credit card balances, which went into effect after the credit card laws were passed in 2009.  Surprise, surprise--my APR was increased just before that law went into effect.  Shady!!  I asked her why they raised my APR in the first place and she said "it's nothing you did wrong, it's just something that happens."  I have been their customer for 6 years, never a late payment, never above my limit (or even close).  Original APR was 9.74% and my current APR is 16%. I wrote a letter to corporate asking for the reduction but would like to speak to someone higher up on the phone.  I asked the CSR for the phone number for the executive office but was told they didn't accept direct calls from consumers.  Something is not right here, but I am going to keep trying.  I can't stand to think about how much of my payment goes towards interest each month.  If I could get that number, it would help a lot!  Thanks in advance!!