topic Re: Tips for a Discover APR Reduction? in Credit Cards

Tips for a Discover APR Reduction?

Anonymous — Tue, 31 Jan 2017 17:18:41 GMT

My one year with Discover is coming up a week from today. Whats the best way to go about getting an APR reduction from Discover? Chat? Call? Any tips to make it have a better chance of happening?

Re: Tips for a Discover APR Reduction?

Onthe27thday — Tue, 31 Jan 2017 19:36:53 GMT

I ask for one via chat about every 6 months. It's super casual so don't be nervous. I say something like, " I was wondering if my account was eligible for an apr reduction at this time?" and thats it.

Good luck.

Re: Tips for a Discover APR Reduction?

Anonymous — Tue, 31 Jan 2017 19:40:42 GMT

Does it usually work out pretty well every 6 months?

Re: Tips for a Discover APR Reduction?

Onthe27thday — Tue, 31 Jan 2017 19:45:57 GMT

ive never gotten a no. I will admit though that I didn't know to ask about this until about 1 1/2-2yrs ago. it cant hurt to try though!

Re: Tips for a Discover APR Reduction?

kdm31091 — Tue, 31 Jan 2017 20:25:30 GMT

@Anonymous wrote:
My one year with Discover is coming up a week from today. Whats the best way to go about getting an APR reduction from Discover? Chat? Call? Any tips to make it have a better chance of happening?

I don't think there's any way to make it have a better chance. The offer is either on your account or it is not. Just ask every 6 months and see what happens. Because it's either on your account or it's not, I don't think calling vs chatting matters. Do what you are comfortable with.

Re: Tips for a Discover APR Reduction?

Anonymous — Tue, 31 Jan 2017 20:26:50 GMT

what do you guys usually get each time you get a reduction?

Re: Tips for a Discover APR Reduction?

Onthe27thday — Tue, 31 Jan 2017 21:16:50 GMT

i honestly don't know. my APR was high so i take whatever they offer. the last time they could reduce my rate permanently or they could give me 0% for 18 months. i took the 18months. ive never had that offer before.

Re: Tips for a Discover APR Reduction?

grizindabox — Tue, 31 Jan 2017 21:21:49 GMT

I just did this and they dropped my APR from 23.49% to 18.74%. I never really worry about it since I PIF, but just decided to give it a whirl.

Re: Tips for a Discover APR Reduction?

Anonymous — Tue, 31 Jan 2017 21:30:23 GMT

This is good to know. I don't like to carry a balance either, but I think it's good to have the best terms possible. And if the offer is just sitting there, we all may as well take advantage of them when we have them. I'm still on my introductory 0%, but I'll definitely be asking when it's over! ☺

Re: Tips for a Discover APR Reduction?

austinguy907 — Tue, 31 Jan 2017 23:54:27 GMT

It really varies by account just like your opening limit or a CLI. I had my card for a little over a year when I decided to harpoon an APR reduction with scores in the 830's across the board. I got a denial on the permanent reduction and they went ahead and put another 12 mo's at 0% instead. They're odd but, 0% is better for a year than 2-3% off permanently. I PIF every month which might have something to do with it or just having that 1 account at 0% as a backup in case of a large purchase is nice to have hanging around as well.

Re: Tips for a Discover APR Reduction?

UncleB — Wed, 01 Feb 2017 02:03:58 GMT

Here's my Discover APR reduction thread: http://ficoforums.myfico.com/t5/Credit-Cards/Discover-Rate-Reduction/td-p/4753000

TL;DR... they lowered my rate from 20.24% to 16.49% (16.74% after most recent Fed increase). Note that in my thread my first post mentions thinking it would be a year before I could ask again... further down the thread it was clarified for me that they only make you wait six months.

Although I don't intend to carry a balance I still plan to see if they will lower it again in March/April once my six months is up. It's truly painless; I chose to 'chat' rather than call and even had they not been able to give me a reduction I wouldn't have complained - the CSR was reallly good.

I must say that honestly I 'like' all of my issuers (so far no issues with any of them, knock-on-wood...) but I'm especially fond of Discover... they are just so darn easy to get along with, at least for me.

Re: Tips for a Discover APR Reduction?

K-in-Boston — Wed, 01 Feb 2017 03:23:29 GMT

I love this forum! Used chat earlier for my wife, who has never asked Discover for an APR reduction in 22 years. Quick and painless... they offered her 13.49% or 0% for 12 months. Since they recently changed her old Cashback to an "it" and gave her matching cashback, we'll pay our hefty tax bill this year, net 0.13% cash back, and get a year to pay it off at 0%! I would never have thought to do this by chat before finding this forum.