topic Re: Discover APR decrease in Credit Cards

Discover APR decrease

Anonymous — Fri, 29 Apr 2016 23:04:46 GMT

Well, I'm proof that if ya ask, sometimes you will receive.

Got the the chat with Discover card to see if I was eligible for a decrease in my APR. ( I was sitting at 23.24% ) The lady told me I had two offers on my account. A) 0% for 12 months, then a return to "normal".... or B) A perm reduction to 18.24%, effective within two days.

Of course i chose the perm reduction.... Although i seldom carry a balance on this card, it's nice to know i'm finally below 20%.

Re: Discover APR decrease

Anonymous — Fri, 29 Apr 2016 23:12:43 GMT

Congrats, hopefully ill get my deduction soon as well

Re: Discover APR decrease

UncleB — Fri, 29 Apr 2016 23:49:04 GMT

This is a fantastic data point... thanks for sharing!

Oh, and congrats on a fantastic rate reduction!

Re: Discover APR decrease

Themanwhocan — Fri, 29 Apr 2016 23:50:56 GMT

I chated earler today. They said you have to wait 6 months between APR reduction requests. Thats ok, I can wait another 2 months

Just FYI

Re: Discover APR decrease

Anonymous — Sat, 30 Apr 2016 00:04:36 GMT

That's awesome to know. As my credit continues to improve, hopefully I'll be able to get it reduced again in the future.

Re: Discover APR decrease

Kevin86475391 — Sat, 30 Apr 2016 00:26:28 GMT

Nice, congrats!

Discover is awesome about this type of thing!

If people are interested in more data points a couple of years I called them and was given a similar offer: 0% for 12 months then back to my original or a permanent reduction of about 0.5%-1% (it's been awhile so I don't remember how much exactly). I too took the permanent offer. Then last month I called and asked again. This time I was offered a temporary 3% APR for a year or a permanent reduction of 3%. Once again I took the permanent offer. I thought it was odd my other choice was 3% temp this time instead of 0% temp - not as good obviously - yet my permanent reduction rate offer was much higher this time.

For reference I've never paid any interest at all to Discover. I've always PIFed. I just want the lowest APR possible just in case. I'm at a permanent rate of 14.49% now.

Re: Discover APR decrease

Anonymous — Sat, 30 Apr 2016 00:51:02 GMT

so it's really possible with discover to have another 0% apr on PURCHASES after your 0% intro apr lapses???

Re: Discover APR decrease

JSS3 — Sat, 30 Apr 2016 00:55:28 GMT

Yes. Discover will at times give another 0% APR period after intro is up. They offer that or lower APR.

Re: Discover APR decrease

UncleB — Sat, 30 Apr 2016 01:19:10 GMT

@JSS3 wrote:
Yes. Discover will at times give another 0% APR period after intro is up. They offer that or lower APR.

I admit when my times comes if I'm offered either/or, I'll have to look long and hard at having another 0% for 12 months. While I don't usually carry a balance, it sure is nice to be able to let a small balance "slide" for a month or two before PIF and not having to worry about interest charges.

Decisions, decisions... LOL

(I'll also add that having a 0% promo is the perfect time to do a 0% balance transfer, since you can still use your card for new purchases at the same time as paying down the BT without having to worry about interest on the new purchases, which without a 0% purchase promo can't be avoided...)

Re: Discover APR decrease

Anonymous — Sat, 30 Apr 2016 02:12:31 GMT

I too recently got the same reduction you did. However I had no idea there might have been an additional offer of 0% interest. I can always get the interest reduced later, I think I would have gone with the 12 mos of 0%. Maybe next round they'll present that offer (my goal is to get to 11.99% eventually which is their lowest). Congrats on the reduction!

Re: Discover APR decrease

Imperfectfuture — Sat, 30 Apr 2016 16:16:52 GMT

@Anonymous wrote:
Congrats, hopefully ill get my deduction soon as well

Unsure when my 0% runs out, but will be checking for offers when it does.

Re: Discover APR decrease

Imperfectfuture — Sat, 30 Apr 2016 16:20:06 GMT

@UncleB wrote:
@JSS3 wrote:
Yes. Discover will at times give another 0% APR period after intro is up. They offer that or lower APR.
+1

I admit when my times comes if I'm offered either/or, I'll have to look long and hard at having another 0% for 12 months. While I don't usually carry a balance, it sure is nice to be able to let a small balance "slide" for a month or two before PIF and not having to worry about interest charges.

Decisions, decisions... LOL

(I'll also add that having a 0% promo is the perfect time to do a 0% balance transfer, since you can still use your card for new purchases at the same time as paying down the BT without having to worry about interest on the new purchases, which without a 0% purchase promo can't be avoided...)

Yes, that is a consideration as well. I presume after another 12 months, the regular reduction would be there. More opportunities to stay in garden mode.

Re: Discover APR decrease

kdm31091 — Sat, 30 Apr 2016 16:20:11 GMT

They've always been flexible with APR in my experience. Mine is down to 14% or so at this point.

Re: Discover APR decrease

Closingracer99 — Sat, 30 Apr 2016 16:29:51 GMT

Honestly I couldn't care less about 0% APR on purchases since I get 0% APR on BT's all the time... If I need it I am fine paying a 3% Fee and just BT it to a card. I would always take a perm % decrease.

Re: Discover APR decrease

UncleB — Sat, 30 Apr 2016 16:36:57 GMT

@Closingracer99 wrote:
Honestly I couldn't care less about 0% APR on purchases since I get 0% APR on BT's all the time... If I need it I am fine paying a 3% Fee and just BT it to a card. I would always take a perm % decrease.

I agree in principle (I'm carrying a BT right now) however I'm going to have to move the balance somewhere else when the first year 0% APR is over since I like to use my Discover card for the 5% categories, and using it without a 0% promo while carrying a BT causes interest to accrue on the new purchases.

Re: Discover APR decrease

pipeguy — Sat, 30 Apr 2016 16:37:29 GMT

@UncleB wrote:
@JSS3 wrote:
Yes. Discover will at times give another 0% APR period after intro is up. They offer that or lower APR.
+1

I admit when my times comes if I'm offered either/or, I'll have to look long and hard at having another 0% for 12 months. While I don't usually carry a balance, it sure is nice to be able to let a small balance "slide" for a month or two before PIF and not having to worry about interest charges.

Decisions, decisions... LOL

(I'll also add that having a 0% promo is the perfect time to do a 0% balance transfer, since you can still use your card for new purchases at the same time as paying down the BT without having to worry about interest on the new purchases, which without a 0% purchase promo can't be avoided...)

Exactly !!

(B, do you have access to my file?)

I did exactly this a few months ago (January) - asked for a APR decrease, Discover offered the same two choices and I took the 0% APR for 12 months (always was a sucker for zero percent interest) I also figured when I come back in 12 months they'll either offer another 12 months 00% or a reduction in my standard APR, so it's not one or the other forever. In March I balance transferred a bunch other account balances to Discover through one of their offers - that number has been paid off about 50% already, but the bottom line is I have a balance on exactly 2 accounts, Lowes promotional 84 month financing for a special project and Discover BT.

I pay next to nothing on my revolving credit every year - you need to pay attention, but using 0% intro promotions, 0% special financing such as Amazon and Blispay and low or 0% balance transfers through Discover and others such as DCU promotions, but especially Discover and of course PIF whenever possible, you don't have to spend your hard earned money making lenders richer.

@Anonymous the last Discover deal was 18 months @ 4.99% or 12 months at 00% with a 3% fee - I took the 4.99% this time so it'll account for a little interest paid in 2016 - note too that new actual purchases ar 00% through the end of 2016.

Re: Discover APR decrease

UncleB — Sat, 30 Apr 2016 16:54:26 GMT

@pipeguy wrote:
@UncleB wrote:
@JSS3 wrote:
Yes. Discover will at times give another 0% APR period after intro is up. They offer that or lower APR.
+1

I admit when my times comes if I'm offered either/or, I'll have to look long and hard at having another 0% for 12 months. While I don't usually carry a balance, it sure is nice to be able to let a small balance "slide" for a month or two before PIF and not having to worry about interest charges.

Decisions, decisions... LOL

(I'll also add that having a 0% promo is the perfect time to do a 0% balance transfer, since you can still use your card for new purchases at the same time as paying down the BT without having to worry about interest on the new purchases, which without a 0% purchase promo can't be avoided...)
Exactly !!

(B, do you have access to my file?)

I did exactly this a few months ago (January) - asked for a APR decrease, Discover offered the same two choices and I took the 0% APR for 12 months (always was a sucker for zero percent interest) I also figured when I come back in 12 months they'll either offer another 12 months 00% or a reduction in my standard APR, so it's not one or the other forever. In March I balance transferred a bunch other account balances to Discover through one of their offers - that number has been paid off about 50% already, but the bottom line is I have a balance on exactly 2 accounts, Lowes promotional 84 month financing for a special project and Discover BT.

I pay next to nothing on my revolving credit every year - you need to pay attention, but using 0% intro promotions, 0% special financing such as Amazon and Blispay and low or 0% balance transfers through Discover and others such as DCU promotions, but especially Discover and of course PIF whenever possible, you don't have to spend your hard earned money making lenders richer.

@Anonymous the last Discover deal was 18 months @ 4.99% or 12 months at 00% with a 3% fee - I took the 4.99% this time so it'll account for a little interest paid in 2016 - note too that new actual purchases ar 00% through the end of 2016.

Great minds think alike!

My own 0% period expires the end of July (or first of August... I'll have to check to make sure) but my BT 0% rate doesn't expire until October.

I'm not quite as far along in paying it off as I expected to be, so I'll either move the balance to a Quicksilver when it expires in October, or to "keep things simple" I might go ahead and move it in July just to be done with it. That being said, once everything is 'settled' (and my rate expires) I plan on calling Discover to see what they have to offer... my rate will be a very mediocre 20.24%, and having another year at 0% would be wonderful.

The balance is due to one-time dental expenses, so it's not as if I'm building up a pile of debt or anything, and once it's gone I'll be in decent shape. I have a Care Credit balance that I am on schedule to have PIF by the end of the year (a month before the deferred interest kicks in) and once that's taken care of I'll be able to double-up on the Discover balance and get it knocked out.

(Hopefully no more major dental work for a while... LOL)

Re: Discover APR decrease

gh17 — Sat, 30 Apr 2016 17:52:04 GMT

I just got a decrease from 13.24% to 12.24%. I don't ever carry a balance, but nice to get a decrease anyway.

I should look into those occassional 0% offers - that would be nice and I would make use of it.

Re: Discover APR decrease

UncleB — Sat, 30 Apr 2016 17:58:58 GMT

@gh17 wrote:
I just got a decrease from 13.24% to 12.24%. I don't ever carry a balance, but nice to get a decrease anyway.

I should look into those occassional 0% offers - that would be nice and I would make use of it.

That's an awesome rate! Congrats on the rate reduction!

Re: Discover APR decrease

ttleigh — Sat, 30 Apr 2016 18:57:00 GMT

Is there a minimum time the card needs to be open for before asking for a decrease