topic Re: Discover is confusing me on APR in Credit Cards

Discover is confusing me on APR

Anonymous — Tue, 20 Oct 2015 15:47:00 GMT

Currently, my Discover is at 10.99% Purchase APR. I am looking to get 0% PROMO APR which they provide for a limited time period of 6 or 12 months. So whenever I ask (probably 4 time now), Discover to offer me this 0% PROMO APR, they always come back with "At this time, because you already have the lowest APR that your account is eligible for, we are unable to lower your rate further" - I am not asking them to reduce my APR permanently; but I am asking to offer me 0% APR as a Promotion for limited time. My understanding is that Promotion are offered irrespective of your current APR rate. I am confused why are they telling me that they cannot lower my rate further?

Re: Discover is confusing me on APR

yfan — Tue, 20 Oct 2015 16:04:59 GMT

And they are not saying you are asking them to lower it permanently. They just won't lower it at all, even temporarily, since you already have the lowest available non-promotional APR. In other words, because you already have a great non-promo APR, they are not going to give you a 0% promo.

It makes sense from their perspective. You have 10.99% APR because your credit is good and they figure the only reason you are asking for a temp 0% is so you can carry a balance for that period and then pay it off. In other words, they know you are not likely to step in it and actually pay them interest later, which is what 0% promo rates are meant to do, so they are not willing to let you earn interest on your bank balance at their expense.

Re: Discover is confusing me on APR

OmarGB9 — Tue, 20 Oct 2015 17:06:53 GMT

Yfan pretty much summed it up. It wouldn't be convenient or a good business decision for them to give you a promotional 0% APR because you have their lowest rate and good credit. They know how us MyFICOers work. Haha.

Re: Discover is confusing me on APR

Anonymous — Tue, 20 Oct 2015 18:24:59 GMT

Thank you for clarifying yfan. With the holiday season coming up, I was expecting Discover would be more than willing to extend their 0% APR offers; which would give them the benefit of doubt that I might carry a balance after the Promo period ends.

Re: Discover is confusing me on APR

kevinjjc — Wed, 21 Oct 2015 00:03:48 GMT

I have a 9.99% purchase APR and was able to get a 0% for 12 months promo after a couple of attempts.