topic Re: Temporary APR reduction from Discover - thank you bunnyrabbit! :) in Credit Cards

Temporary APR reduction from Discover - thank you bunnyrabbit! :)

BoSox617 — Fri, 06 May 2011 17:22:04 GMT

I read bunnyrabbit's experience on the subject in this thread: http://ficoforums.myfico.com/t5/Credit-Cards/Temporary-APR-and-additional-rewards-with-Discover/m-p/747616/highlight/true#M231022

So I called Discover, and just received a 6 month APR reduction down to 1.90% for 6 months - yay! I am planning on buying some furniture in the next month, and was thinking of app'ing for the AMEX Blue Cash Preferred card to take advantage of the 0% intro period (6-12 months), and 6% supermarket reward. But the more I read repeated remarks indicating that AMEX prefers those who PIF, the more I started getting concerned about my plan. So I figured I'd call Discover while I thought about things some more, and as usual, they were fantastic! I really enjoy dealing with them

If this helps others, Discover is my "go-to" card - I charge just about everything on it, except for gas at the pump (PenFed), and anything my other rewards cards don't beat. I generally PIF.

FYI, I also inquired about a CLI, and was informed that it would require a hard inquiry (I declined).

Re: Temporary APR reduction from Discover - thank you bunnyrabbit! :)

tsquad131 — Fri, 06 May 2011 17:32:53 GMT

does the store where you are purchashing the furniture from have a store card?

Re: Temporary APR reduction from Discover - thank you bunnyrabbit! :)

BoSox617 — Fri, 06 May 2011 17:47:01 GMT

Hi tsquad131,

Yes, they do - and I see that it is backed by HSBC. I have read that furniture financing can be reported as a CFL, and that sort of line is generally not seen very well. I'm doing some research now to see if that would be the case in this instance. But frankly, I plan on paying all of it off in 6 months anyway. But just in case I don't for some reason, I understand that many of those furniture cards can be risky - if you don't pay the full balance off by the due date, you get slammed for ALL interest. No thanks!

I'll also be taking advantage of cash back with BoA (5% off furniture store purchases up to $500) so that $25 saved right there. Then there is the $100 welcome bonus offered by AMEX Blue Cash Preferred if you spend $500 in eligible purchases during the first 60 days of membership. So that's $125 saved right off the bat. An additional inquiry to sign up for potentially risky furniture financing just doesn't seem to make sense for me.

I'd rather use the hard inquiry to actually get a line that would offer me both short and long term benefits if possible (like the AMEX Blue Cash Preferred that I am thinking about), or go for a CLI on Discover.

But thanks very much for suggesting it!

Re: Temporary APR reduction from Discover - thank you bunnyrabbit! :)

chan85 — Sun, 08 May 2011 17:08:30 GMT

What was your original APR if you don't mind me asking?

Re: Temporary APR reduction from Discover - thank you bunnyrabbit! :)

BoSox617 — Sun, 08 May 2011 22:54:10 GMT

Hi chan85,

My APR is 15.99%.

Re: Temporary APR reduction from Discover - thank you bunnyrabbit! :)

Anonymous — Mon, 09 May 2011 07:37:26 GMT

@BoSox617 wrote:
I read bunnyrabbit's experience on the subject in this thread: http://ficoforums.myfico.com/t5/Credit-Cards/Temporary-APR-and-additional-rewards-with-Discover/m-p/747616/highlight/true#M231022

So I called Discover, and just received a 6 month APR reduction down to 1.90% for 6 months - yay! I am planning on buying some furniture in the next month, and was thinking of app'ing for the AMEX Blue Cash Preferred card to take advantage of the 0% intro period (6-12 months), and 6% supermarket reward. But the more I read repeated remarks indicating that AMEX prefers those who PIF, the more I started getting concerned about my plan. So I figured I'd call Discover while I thought about things some more, and as usual, they were fantastic! I really enjoy dealing with them

If this helps others, Discover is my "go-to" card - I charge just about everything on it, except for gas at the pump (PenFed), and anything my other rewards cards don't beat. I generally PIF.

FYI, I also inquired about a CLI, and was informed that it would require a hard inquiry (I declined).

Oh ~ you are welcom! I'm glad that it helped you!! Also, another member just had same experience too. http://ficoforums.myfico.com/t5/Credit-Cards/Discover-APR-Reduction/td-p/914836

I did that same at first long time a go, and then, I gave them a "Go" sign for HP since there is zero inq on my CR. http://ficoforums.myfico.com/t5/Credit-Cards/Pulled-the-trigger-on-CLI-with-Discover/td-p/888470

Re: Temporary APR reduction from Discover - thank you bunnyrabbit! :)

chan85 — Mon, 09 May 2011 13:33:55 GMT

WOW!!! I thought you were going to say you were around a 5-6% rate, so the drop to such a new low rate wasn't that big, but from 15.99 to that is a significant drop! I am going to call them too, my rate is at the max (19.99%) so maybe I can get something lower!