topic Re: Discover IT APR reduction denied in Credit Cards

Discover IT APR reduction denied

trinigal30 — Wed, 23 Jul 2014 18:36:42 GMT

Just got off the phone with a Discover representative who denied my request for a reduction in APR because my account is less than a year old. I have never missed a payment, I've been paying a little more than the minimum and my utilization is less than 50%. Anyone had any luck with APR reductions on cards less than a year old. I've had this card for 7 months.

Re: Discover IT APR reduction denied

heyarrnold — Wed, 23 Jul 2014 18:40:38 GMT

Start a chat with them! You'll get much more favorable results.

Re: Discover IT APR reduction denied

hizzaah — Wed, 23 Jul 2014 18:42:15 GMT

Tried to chat for a reduction on mine the other day. My 6m 0% peeiod just ended. They told me that my account was not authorized for a lower rate at this time. I found out my rate was 17.99% though. I thought it was a few points higher, so that was kind of like a reduction...!

Re: Discover IT APR reduction denied

trinigal30 — Wed, 23 Jul 2014 18:43:58 GMT

HeyArnold - Do you mean online chat or being friendly....lol...I was very friendly and asked how he was doing...but he denied my request once he got done verifying my account information.

Re: Discover IT APR reduction denied

heyarrnold — Wed, 23 Jul 2014 18:46:16 GMT

@trinigal30 wrote:
HeyArnold - Do you mean online chat or being friendly....lol...I was very friendly and asked how he was doing...but he denied my request once he got done verifying my account information.

Online chat.

Is your promo APR done?

Re: Discover IT APR reduction denied

trinigal30 — Wed, 23 Jul 2014 18:48:12 GMT

I didn't have a promo APR.

Re: Discover IT APR reduction denied

heyarrnold — Wed, 23 Jul 2014 18:49:37 GMT

@trinigal30 wrote:
I didn't have a promo APR.

Ahh okay. Definitely try the online chat. Hopefully the outcome is to your benefit. Let me know how it goes.

Re: Discover IT APR reduction denied

trinigal30 — Wed, 23 Jul 2014 19:36:31 GMT

They would not budge...The online chat representative said it's standard policy....they would not be able to reduce my APR until i've had the card for a year. I will have to wait until the beginning of December.

Re: Discover IT APR reduction denied

Anonymous — Wed, 23 Jul 2014 19:53:07 GMT

Just closed my IT via email today. paltry limit and no increases after 2 years. Buh Bye as I have much better reward cards anyway

Re: Discover IT APR reduction denied

hizzaah — Wed, 23 Jul 2014 20:12:46 GMT

Interesting, I hadn't heard about having to wait a year. I heard you could ask for it every six months. No guarantee that you're qualified, but that's when you can ask.

Re: Discover IT APR reduction denied

trinigal30 — Wed, 23 Jul 2014 20:15:32 GMT

Good for you rudy.....I have never closed a card but if i'm in good standing and doing what i'm supposed to do...and there are no benefits....I would do the same.

Re: Discover IT APR reduction denied

trinigal30 — Wed, 23 Jul 2014 20:17:45 GMT

I told the online representative that and he said "It is standard policy...I can't give you an APR reduction...Please contact us November 30th". I actually feel cheated because this is not what I was told when I accepted the card.

Re: Discover IT APR reduction denied

heyarrnold — Wed, 23 Jul 2014 20:38:04 GMT

@trinigal30 wrote:
I told the online representative that and he said "It is standard policy...I can't give you an APR reduction...Please contact us November 30th". I actually feel cheated because this is not what I was told when I accepted the card.

That's unfortunate. Give it time, and keep trying. Are you in need for a lower APR?

Re: Discover IT APR reduction denied

trinigal30 — Wed, 23 Jul 2014 20:51:00 GMT

I am not in need of an APR reduction...I just remember being told that I could check back in 6 months for a review and possibly have my APR reduced. The ONLY reason they are giving me is that I need to wait until i've had the card for a year....which is not what I was told upon accepting the card. I have not asked for a credit line increase...only an APR reduction. Why do I have to wait a year?

Re: Discover IT APR reduction denied

heyarrnold — Wed, 23 Jul 2014 20:56:49 GMT

@trinigal30 wrote:
I am not in need of an APR reduction...I just remember being told that I could check back in 6 months for a review and possibly have my APR reduced. The ONLY reason they are giving me is that I need to wait until i've had the card for a year....which is not what I was told upon accepting the card. I have not asked for a credit line increase...only an APR reduction. Why do I have to wait a year?

Don't sweat it then. Try back in year. I am not sure. I was not able to reduce the APR on my Amex until the 13th statement cut.

Re: Discover IT APR reduction denied

trinigal30 — Wed, 23 Jul 2014 20:59:44 GMT

I got my AMEX APR reduced today from 27.24% to 11.24%...I've been with AMEX since 2006. I was also unable to reduce my BOA APR even though I've not had missed payments in at least 2 years and I pretty much do all my banking with them...they only to upgrade my card to the Better Balance CC.

Re: Discover IT APR reduction denied

heyarrnold — Wed, 23 Jul 2014 21:02:01 GMT

@trinigal30 wrote:
I got my AMEX APR reduced today from 27.24% to 11.24%...I've been with AMEX since 2006. I was also unable to reduce my BOA APR even though I've not had missed payments in at least 2 years and I pretty much do all my banking with them...they only to upgrade my card to the Better Balance CC.

That's awesome. Congrats on the big reduction.

I suppose it depends on who you talk to. Prior to my 13th statement cutting, I had one CR tell me that it was their policy to not reduce APR's. I politely ended the chat, and tried again and it was reduced lol.

Try once a month hahaha. You're bound to get it reduced.

Re: Discover IT APR reduction denied

trinigal30 — Wed, 23 Jul 2014 21:04:14 GMT

LOL....I guess it depends...I rarely get the urge to mess with my credit cards other than make the monthly payment. However, I will keep trying with BOA.

Re: Discover IT APR reduction denied

heyarrnold — Wed, 23 Jul 2014 21:10:43 GMT

@trinigal30 wrote:
LOL....I guess it depends...I rarely get the urge to mess with my credit cards other than make the monthly payment. However, I will keep trying with BOA.

Definitely. I always request for my APR's to be reduced. Although I pay in full, it's just nice to know that a low APR is there if I ever need it.

Hopefully BOA budges once of these days ^_^

Re: Discover IT APR reduction denied

lg8302ch — Thu, 24 Jul 2014 08:45:46 GMT

Try back later. You can ask every 6 months I believe. I did try within the 1 yr period but since I had 0% for 14 months I could only try after the promo period expired...then forgot about it and tried again at the 18 months mark and lowered 3%...now I will try again in December and see if I can get closer to that 10,99%.

Until then just PIF the card and APR does not matter.