topic Discover--CLI and APR in Credit Cards

Discover--CLI and APR

Anonymous — Fri, 28 Dec 2018 23:10:38 GMT

Is a credit limit increase from Discover independent of APR rates? I just got my credit limit increased from $4,500 to $20,000 (much to my surprise when I logged in today). I can't find my APR anywhere other than my most recent statement. The APR is high but it had a 0% balance transfer, so after the balance transfer was paid off I only used the card to get my 5% cash back on Amazon for Christmas shopping this quarter and paid in full. I've finally reached a point in my life where I can pay for about 97% of my life with cash, so I'm finally able to tackle my CC debt and see my balances go down every month. (yay!) I'm only curious about my APR because if I can get it dropped significanty, I would like to do a balance transfer from another high-interest CC now that my limit is higher.

I'm assuming I got a CLI for a combination of the following reasons:

-overall debt decreased (I paid off my student loans in August after an interitance) by $53,500

-credit scores s l o w l y rising

-CC debt finally decreasing at a consistent amount/month

-balance transfer was paid off

-account has been paid in full

-age of account--it was opened in August, 2017

Again, I wasn't sure if a CLI and APR reduction are "tied together." If my APR stays the same (currently 24.99%), I have some questions:

-Should I call Discover and request a APR reduction?

---Does this request trigger a Hard Pull?

-Should I wait for my credit report to reflect the new limit before doing anything?

-Do I need to use this card every month (and PIF) to stay in good standing? (for cards with a 0 balance, I tend to use them only a few times a year, rather than every month.)

-Should I just pretend this didn't happen and carry on with life?

Thanks!

Re: Discover--CLI and APR

Anonymous — Fri, 28 Dec 2018 23:18:38 GMT

Congrats on the CLi !!! First, CLI and APR is not related to one another. Everytime I get a CLI, APR stays the same. Since you just got your CLI, I suggest chat them like I did the other day and ask if they can lower your APR. Mine was about 24% and I got an offer of 0% for the next 12 months or 20%. Since I know I can request again after a year I chose the 0% for 12 months. Requesting to lower APR is a SP.

Let us know what you do!

Re: Discover--CLI and APR

gdale6 — Fri, 28 Dec 2018 23:17:32 GMT

You can call them and request an APR reduction once a year, there is no HP. As far as a BT you can check to see what they are willing to offer you online in the user interface. Just be advised if you use a BT and dont have a 0 percent on purchases you will be charged interest on any purchases you may make with the card.

Re: Discover--CLI and APR

CreditInspired — Fri, 28 Dec 2018 23:50:22 GMT

Wow OP that’s a splendid CLI. A huge congratulations to you!!!

The APR is the same as before you got the CLI but give them a call and ask for another 12 months at 0% APR. That’s what I did last month.