topic Re: Discover APR reduction? in Credit Cards

Discover APR reduction?

MACFRME — Sat, 29 Mar 2014 05:11:11 GMT

My fiancee opened a Discover card that we use, and the intro APR is set to run out in in June of 2014. We sometimes carry a balance on the card, and they said that the ongoing rate will be 22.9% (Ouch!). Has anyone had success getting them to reduce their rate?

Re: Discover APR reduction?

09Lexie — Sat, 29 Mar 2014 05:12:35 GMT

@MACFRME wrote:
My fiancee opened a Discover card that we use, and the intro APR is set to run out in in June of 2014. We sometimes carry a balance on the card, and they said that the ongoing rate will be 22.9% (Ouch!). Has anyone had success getting them to reduce their rate?

Yes, you can request an APR reduction every 6 mos

Re: Discover APR reduction?

azguy13 — Sat, 29 Mar 2014 05:14:07 GMT

@09Lexie wrote:
@MACFRME wrote:
My fiancee opened a Discover card that we use, and the intro APR is set to run out in in June of 2014. We sometimes carry a balance on the card, and they said that the ongoing rate will be 22.9% (Ouch!). Has anyone had success getting them to reduce their rate?
Yes, you can request an APR reduction every 6 mos

That does not take the place of asking for a CLI, does it? I would assume not, but you never know.

Re: Discover APR reduction?

MACFRME — Sat, 29 Mar 2014 05:17:58 GMT

Thanks 09Lexie!

Re: Discover APR reduction?

09Lexie — Sat, 29 Mar 2014 05:18:42 GMT

@azguy13 wrote:
@09Lexie wrote:
@MACFRME wrote:
My fiancee opened a Discover card that we use, and the intro APR is set to run out in in June of 2014. We sometimes carry a balance on the card, and they said that the ongoing rate will be 22.9% (Ouch!). Has anyone had success getting them to reduce their rate?
Yes, you can request an APR reduction every 6 mos
That does not take the place of asking for a CLI, does it? I would assume not, but you never know.

No, it will not take the place of a CLICLI

Re: Discover APR reduction?

lg8302ch — Sat, 29 Mar 2014 11:30:47 GMT

@09Lexie wrote:
@MACFRME wrote:
My fiancee opened a Discover card that we use, and the intro APR is set to run out in in June of 2014. We sometimes carry a balance on the card, and they said that the ongoing rate will be 22.9% (Ouch!). Has anyone had success getting them to reduce their rate?
Yes, you can request an APR reduction every 6 mos

great...that is good to know. I tried it at the end of my 14months 0% promo and it of course got declined ..expected as CLI was also declined at that stage...so will try again in 6 months and keep on doing so every 6 months until it moves from 17,99% to the targeted 10,99%.. ha ha... Good luck OP

Re: Discover APR reduction?

Kenny — Sat, 29 Mar 2014 11:41:00 GMT

I also want to put it out there that they sometimes have offers for you to have a 0% for 6 months as well if anyone already has the lowest APR offered.

Re: Discover APR reduction?

TrueGeminiNC — Sat, 29 Mar 2014 12:43:55 GMT

When I first opened my account, I did not qualify for the advertised 6 month 0% interest rate promo.

Discover countered with a 1K limit, 3 month teaser 0% intro rate and a rate of upwards of 20% therafter. The first few months I ran thousands of dollars in charges through the card and paid it off before the billing cycle closed. I was able to utilize this as leverage to score a 5K credit limit increase at 90 days.

Unfortunately, they have not been so forgiving with the intrest rate. I have requested a lower interest rate on several occassions. The last representative suggested that I try again when my account is 1 year old. In the interim, every other month I use the card for a big purchase and then pay the balance in full. I refuse to pay a +20% intrerest rate.

Re: Discover APR reduction?

WillTeasle — Sat, 29 Mar 2014 12:57:29 GMT

@JAY305 wrote:
When I first opened my account, I did not qualify for the advertised 6 month 0% interest rate promo.

Discover countered with a 1K limit, 3 month teaser 0% intro rate and a rate of upwards of 20% therafter. The first few months I ran thousands of dollars in charges through the card and paid it off before the billing cycle closed. I was able to utilize this as leverage to score a 5K credit limit increase at 90 days.

Unfortunately, they have not been so forgiving with the intrest rate. I have requested a lower interest rate on several occassions. The last representative suggested that I try again when my account is 1 year old. In the interim, every other month I use the card for a big purchase and then pay the balance in full. I refuse to pay a +20% intrerest rate.

I just received my IT card the other day and called immediately when I saw 22.99% APR after the intor 0%. CSR also told me to try back in a year or so or pehaps right as the 0% expires. I may try every six months.

Similar to others here, I'm not too concerned about the rate as this card will always be PIF. I just don't like the idea of one card in my wallet having a rate nearly 10 points higher than every other card.

Re: Discover APR reduction?

Anonymous — Sat, 29 Mar 2014 14:33:59 GMT

@WillTeasle wrote:
@JAY305 wrote:
When I first opened my account, I did not qualify for the advertised 6 month 0% interest rate promo.

Discover countered with a 1K limit, 3 month teaser 0% intro rate and a rate of upwards of 20% therafter. The first few months I ran thousands of dollars in charges through the card and paid it off before the billing cycle closed. I was able to utilize this as leverage to score a 5K credit limit increase at 90 days.

Unfortunately, they have not been so forgiving with the intrest rate. I have requested a lower interest rate on several occassions. The last representative suggested that I try again when my account is 1 year old. In the interim, every other month I use the card for a big purchase and then pay the balance in full. I refuse to pay a +20% intrerest rate.

I just received my IT card the other day and called immediately when I saw 22.99% APR after the intor 0%. CSR also told me to try back in a year or so or pehaps right as the 0% expires. I may try every six months.

Similar to others here, I'm not too concerned about the rate as this card will always be PIF. I just don't like the idea of one card in my wallet having a rate nearly 10 points higher than every other card.

I don't think any card company can do APR reductions while any promotion is current. However, the day my promo ended Discover gave me a CLI and APR reduction in the same phone call.

Re: Discover APR reduction?

WillTeasle — Sat, 29 Mar 2014 14:39:16 GMT

@Anonymous wrote:
@WillTeasle wrote:
@JAY305 wrote:
When I first opened my account, I did not qualify for the advertised 6 month 0% interest rate promo.

Discover countered with a 1K limit, 3 month teaser 0% intro rate and a rate of upwards of 20% therafter. The first few months I ran thousands of dollars in charges through the card and paid it off before the billing cycle closed. I was able to utilize this as leverage to score a 5K credit limit increase at 90 days.

Unfortunately, they have not been so forgiving with the intrest rate. I have requested a lower interest rate on several occassions. The last representative suggested that I try again when my account is 1 year old. In the interim, every other month I use the card for a big purchase and then pay the balance in full. I refuse to pay a +20% intrerest rate.

I just received my IT card the other day and called immediately when I saw 22.99% APR after the intor 0%. CSR also told me to try back in a year or so or pehaps right as the 0% expires. I may try every six months.

Similar to others here, I'm not too concerned about the rate as this card will always be PIF. I just don't like the idea of one card in my wallet having a rate nearly 10 points higher than every other card.
I don't think any card company can do APR reductions while any promotion is current. However, the day my promo ended Discover gave me a CLI and APR reduction in the same phone call.

Thanks for the info. That's what I figured. I'll probably still call to check in every six as it can't really hurt. But good to know that I might have a decent shot at reducing APR and increasing CL once the promo period is over (assuming I don't receive a CLI prior to that).

Re: Discover APR reduction?

Anonymous — Sat, 29 Mar 2014 15:33:04 GMT

@WillTeasle wrote:
@Anonymous wrote:
@WillTeasle wrote:
@JAY305 wrote:
When I first opened my account, I did not qualify for the advertised 6 month 0% interest rate promo.

Discover countered with a 1K limit, 3 month teaser 0% intro rate and a rate of upwards of 20% therafter. The first few months I ran thousands of dollars in charges through the card and paid it off before the billing cycle closed. I was able to utilize this as leverage to score a 5K credit limit increase at 90 days.

Unfortunately, they have not been so forgiving with the intrest rate. I have requested a lower interest rate on several occassions. The last representative suggested that I try again when my account is 1 year old. In the interim, every other month I use the card for a big purchase and then pay the balance in full. I refuse to pay a +20% intrerest rate.

I just received my IT card the other day and called immediately when I saw 22.99% APR after the intor 0%. CSR also told me to try back in a year or so or pehaps right as the 0% expires. I may try every six months.

Similar to others here, I'm not too concerned about the rate as this card will always be PIF. I just don't like the idea of one card in my wallet having a rate nearly 10 points higher than every other card.
I don't think any card company can do APR reductions while any promotion is current. However, the day my promo ended Discover gave me a CLI and APR reduction in the same phone call.
Thanks for the info. That's what I figured. I'll probably still call to check in every six as it can't really hurt. But good to know that I might have a decent shot at reducing APR and increasing CL once the promo period is over (assuming I don't receive a CLI prior to that).

True true. The promo thing only applies to APR, not CLI's. I'd definitely try at every 6 months for an increase, especially with Discover. Like I said in a previous thread, last CLI I had I called and they said it would be a HP so I said no thanks. The next day there was an auto increase for more than I was asking. So I think you can even get the ball moving for one by just planting the idea there. Haha.