topic Re: Discover APR Reduction from 23.49 to 18.74! in Credit Cards

Discover APR Reduction from 23.49 to 18.74!

Anonymous — Wed, 08 Feb 2017 17:00:18 GMT

So exactly one year ago today I opened my Discover secured card with $400, unsecured in October to a 1750 CL. I requested two CLIs to where I am now of $9700. Figured since today was my one year mark with Discover, Id try my luck at an APR reduction and sure enough I went from 23.49 to 18.74! A huge decrease! Discover never ceases to amaze me.

Re: Discover APR Reduction from 23.49 to 18.74!

UncleB — Wed, 08 Feb 2017 17:24:48 GMT

@Anonymous wrote:
So exactly one year ago today I opened my Discover secured card with $400, unsecured in October to a 1750 CL. I requested two CLIs to where I am now of $9700. Figured since today was my one year mark with Discover, Id try my luck at an APR reduction and sure enough I went from 23.49 to 18.74! A huge decrease! Discover never ceases to amaze me.

Fantastic! The Discover awesomeness continues!

Re: Discover APR Reduction from 23.49 to 18.74!

JustBPatient — Wed, 08 Feb 2017 17:42:55 GMT

Excellent, Congrats!!

Re: Discover APR Reduction from 23.49 to 18.74!

Anonymous — Wed, 08 Feb 2017 22:54:13 GMT

Congrats on the APR reduction.

If you are carrying balances, this will certainly be a good thing.

One thing I always recommend to people though is to position yourself so that APR is irrelevant. What I mean is that if you are displaying the credit behavior of a Transactor and paying in full each month, you'll never pay interest so APR won't ever be a worry. Just something to keep in mind.

Re: Discover APR Reduction from 23.49 to 18.74!

AverageJoesCredit — Wed, 08 Feb 2017 23:16:49 GMT

Good point Brutal but to lower ones Apr is always a credit worty goal. Well done Op. Gotta remind myself to try this in November after my first year

Re: Discover APR Reduction from 23.49 to 18.74!

Anonymous — Thu, 09 Feb 2017 00:16:20 GMT

I haven't paid a cent in interest since I started rebuilding in late 2014. This is just something to bide the time while I wait for my profile to mature. And in the extremely unfortunate and hopefully never to happen circumstances that I do have to carry a balance, at least it will be with a lower APR!

Re: Discover APR Reduction from 23.49 to 18.74!

Anonymous — Thu, 09 Feb 2017 00:29:22 GMT

Congrats! While PIF is ideal, it is great to have a lower APR. Just in case your car needs $2k in repairs 2 days before your statement cuts and 13 days before your next pay day.

Re: Discover APR Reduction from 23.49 to 18.74!

galahad15 — Thu, 09 Feb 2017 12:32:16 GMT

Congratulations on the excellent lower APR!

Re: Discover APR Reduction from 23.49 to 18.74!

Anonymous — Thu, 09 Feb 2017 12:40:28 GMT

No offense intended in anyway, but so everyone understands how it really works, that scenario of Just in case your car needs $2k in repairs 2 days before your statement cuts and 13 days before your next pay day. doesn't really work that way.

If you were already carrying a balance, your average daily balance would go up the day the charge posts and it wouldn't matter when your statement cuts. Your paying interest on that purchase until the entire balance is paid in full plus residual interest.

If you are PIF, then it wouldn't matter either because your grace period would get you past pay day in that hypothetical situation. If you purchase on day T = 0 and then statement cuts on day T+2, payday is T+13 it won't matter because the grace period will get you to about T+23-27 (21 - 25 day grace period + the 2 days until statement cuts). The grace period depends on the card of course.

Re: Discover APR Reduction from 23.49 to 18.74!

Anonymous — Thu, 09 Feb 2017 13:32:07 GMT

Congrats on the APR reductions!!!! Hopefully you never have to pay interest but sometimes you might have to carry a balance for a couple of months Lower APR is better!!! Love my Discover!

Re: Discover APR Reduction from 23.49 to 18.74!

MissMoni223 — Thu, 09 Feb 2017 17:19:08 GMT

Way to go! That's my current APR with them as well.

Re: Discover APR Reduction from 23.49 to 18.74!

Anonymous — Thu, 09 Feb 2017 17:29:16 GMT

Thanks everyone! How long until I can request and be approved for another APR reduction? Six months from now? A year?

Re: Discover APR Reduction from 23.49 to 18.74!

joltdude — Thu, 09 Feb 2017 19:10:11 GMT

So was this APR reduction right after your first year? As in.. after the double cashback/0 apr year?

Im coming up on the end of my first year and I didn't get a great starting APR...

-J

Re: Discover APR Reduction from 23.49 to 18.74!

Anonymous — Thu, 09 Feb 2017 19:45:18 GMT

My one year (exactly 365 days) was on 2/8/17. I asked on chat when double cash back ends and they told me that at the end of my 12th cycle, which is 2/28/17, is when double cash back ends. and then i will get the double part of it on the next billing cycle on 3/28/17