Discover gave me 0% then took it away

[jason0618]

So I've got a secured discover card. I hit my 7th statement today, so we will soon know if it's going to unsecure. Over the weekend, I was on a chat and asked about the process. She told me how it works and said everything looks good. I asked if it's possible to get a better interest rate on the card. Even though I PIF every month, it'd be a nice thing to have. She had me hold a few minutes and came back that she could offer me 0% from April 30 until April 29, 2018 which would continue until June 2, and would I like to accept. I said yes and she got everything set up and said I'd get written confirmation. Well, I got written confirmation last night saying basically "thanks for asking, but no because your account has been open less than a year". Again, not a big deal, but I thought I was getting somewhere.

[austinguy907]

Yeah, most CCC's won't be able to do much in the first 12 months due to changing terms of the account are not inline with the CARD act.  Just wait for your anniversary and try again.  They tend to throw around the 0% for 12 months pretty freely.  You're more likely to get that option than a permanent reduction.

[Anonymous]

I went in that chat less than 6 months in asking for CLI. Did not get the CLI at the time, but they counter-offered the 0% APR you are talking about. I got it and I have had no issues.

[Anonymous]

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@austinguy907 wrote:

Yeah, most CCC's won't be able to do much in the first 12 months due to changing terms of the account are not inline with the CARD act.  Just wait for your anniversary and try again.  They tend to throw around the 0% for 12 months pretty freely.  You're more likely to get that option than a permanent reduction.

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Nothing in the CARD act prevents a creditor from lowering an APR during the first year.  It happens all the time so not sure what you're basing your statement on.

[Anonymous]

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@austinguy907 wrote:

Yeah, most CCC's won't be able to do much in the first 12 months due to changing terms of the account are not inline with the CARD act.  Just wait for your anniversary and try again.  They tend to throw around the 0% for 12 months pretty freely.  You're more likely to get that option than a permanent reduction.

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I work in lending and that simply is not true.

[jason0618]

Weird. After getting the letter last night denying the 0%, I got another one tonight telling me that I do have 0% now for the next year.