topic Re: Discover APR Reduction in Credit Cards

Discover APR Reduction

Anonymous — Sun, 05 Feb 2017 20:00:43 GMT

Yesterday was my 1 year mark with Discover yay!!!

I had the option of 0% for 12 months or a permanent reduction down to 18.74%. 14.99%+ Prime

I chose the 18.74% permanent reduction; I pay my Discover card in full monthly so the 0% was not really something I needed. Also thought it might tempt me to splurge on something.

Hard to believe I started with a $200 Secured Discover last February.

I graduated in November and my limit has now been bumped to $1,500

I have an immense love for Discovers customer service!

I hope to one-day app for the Discover Miles because it levels out to 1.5% cash back on everything----- How long should I wait before applying for the Miles?

I was thinking perhaps on my 2 year anniversary with Discover?

Thanks all!

Re: Discover APR Reduction

Chris679 — Sun, 05 Feb 2017 20:20:19 GMT

Why not just apply for it? Worst that happens is they say no.

Re: Discover APR Reduction

Anonymous — Sun, 05 Feb 2017 20:42:01 GMT

Thanks for the encouragement, was denied because I have not had my current Discover card long enough. In bright news I now know that my Equifax fico is 705

Re: Discover APR Reduction

Anonymous — Sun, 05 Feb 2017 20:59:13 GMT

It wasn't because of low score though I've checked and people get approved for Miles with 650+ scores

Re: Discover APR Reduction

joltdude — Sun, 05 Feb 2017 21:04:00 GMT

Discover likes at least a year or more between apps for other cards they issue or for a second card.... (not cobranded)...

The *minimum* is a year between apps....

They pretty much autodecline if sooner...

This is not a case of score, but account policy...

-J

Re: Discover APR Reduction

Anonymous — Sun, 05 Feb 2017 21:30:16 GMT

Thanks Jolt!

I was approved for it secured on 2/4/16

And my first statement cut on 3/11/16

Maybe in another couple months?

Re: Discover APR Reduction

Anonymous — Sun, 05 Feb 2017 21:32:18 GMT

I wonder if they reset the clock when I graduated?

If so it will be November-December of this year before I can apply an be approved

Re: Discover APR Reduction

Anonymous — Sun, 05 Feb 2017 22:40:15 GMT

No I've seen people graduate at the 12 month mark then 1 month later apply and get approved for another Discover Card.

Was it 366 days or more from the original approval date that you applied for the second card?

Re: Discover APR Reduction

Anonymous — Sun, 05 Feb 2017 23:13:04 GMT

@Anonymous wrote:
Yesterday was my 1 year mark with Discover yay!!!

I had the option of 0% for 12 months or a permanent reduction down to 18.74%. 14.99%+ Prime

I chose the 18.74% permanent reduction; I pay my Discover card in full monthly so the 0% was not really something I needed. Also thought it might tempt me to splurge on something.

Hard to believe I started with a $200 Secured Discover last February.

I graduated in November and my limit has now been bumped to $1,500

I have an immense love for Discovers customer service!

I hope to one-day app for the Discover Miles because it levels out to 1.5% cash back on everything----- How long should I wait before applying for the Miles?

I was thinking perhaps on my 2 year anniversary with Discover?

Thanks all!

Taking the permanent reduction is actually quite smart. You've locked it in, and there should be another 0% offer if you need to use that down the line. In a year, you can ask again (and probably get another few pts off the permanent rate), and keep working the lower APR.

Congrats.

Re: Discover APR Reduction

Anonymous — Mon, 06 Feb 2017 04:01:48 GMT

Matt 367 from my calculations Feb 4th was the day the first statement opened up.

Re: Discover APR Reduction

Anonymous — Mon, 06 Feb 2017 04:30:31 GMT

There was 366 days last year today would be the 367th day did you app today or yesterday just wondering.

Re: Discover APR Reduction

Anonymous — Mon, 06 Feb 2017 04:42:38 GMT

Today

Re: Discover APR Reduction

austinguy907 — Tue, 07 Feb 2017 09:22:36 GMT

Being a Disco advocate around here and all.....

Do you NEED another Disco? Or are you wanting it for the double rewards?

Considering you just converted to a regular account you're probably poking the bear with this app and denial. While Disco isn't known for AA it's possible they might start watching your account more closely with this activity. I would back off on the Miles until you breach 10K CL with them on your current account. This should provide sufficient experience in their eyes with monthly use and payments. It WILL grow as you've seen from your intial $200 to $1500 limit bump. Just hit the brakes and put it on cruise control for the time being. There's really no need to rush it with them at this point. Disco will look out for your best interest unlike some of the other banks around here that just issue cards and then when you're not looking pull them back or even cancel them.

Re: Discover APR Reduction

Anonymous — Tue, 07 Feb 2017 19:28:49 GMT

I don't was planning on waiting to app but went ahead and applied anyway.

Re: Discover APR Reduction

Anonymous — Wed, 08 Feb 2017 02:50:20 GMT

Same here. Last year I called to lower my Apr. They offered a lower my current Apr or 0% for a year. I took the lower Apr option. I called a couple of days ago and was offered the same deal. 16ish APR or 0% for the year. Took the 0% this time.