2nd Discover APR Reduction

[Credit_hawk]

Hey guys,

Just thought I'd share my experience in hopes that it may help someone. I just successfully asked for my second APR reduction in 6 months. My 1 year 0% ran out in 7/16. I called around October 2016 and got my first reduction from 20%-16%. They offered me an option at that time of either permanently reducing my APR from 20-16% or taking 3% for a year. As stated I chose a permanent reduction.

Six months later, today, I called back asking again and they again offered me two options: 0% for 1 year or a permanent reduction to 13%. I chose the permanent reduction to 13%. So in 6 months I went from 20% APR to 13%. Not too bad.

Of course the Fed keeps chipping away at all of our reduction gains but that's life. Hope this helps!

[ChargedUp]

Sweet! Congrats OP and thanks for the data points!

[Anonymous]

Good job!! Enjoy it.

[AverageJoesCredit]

CH, fantastic work:

[Anonymous]

Right on!!! I think that is going to be my next big focus with Disco. It is very rare that I have incurred interest on my card, but the rate is truly an eyesore when I see it.

[Anonymous]

Awesome!  I was just reading the site on APR reductions.  I was waiting until either my balances were paid down to 1% or my credit got above 750-800.  This gives me hope! Cheers. 

[Credit_hawk]

Thanks guys! I don't carry a balance either but you never know if you might need to and it doesn't hurt to get it down for free and 3 minutes of time. 

If I had planned to buy a big ticket item in the near future, that 0% APR for another year is a great deal. I have no plans for that plus I still have a few 0% APR promo's running on other cards. I've found that if you're 6 months off from a big purchase like a new TV or something, it's best to go with the permanent reduction then call back a few months later and they'll offer you the 0% option again. In a way it's like double dipping. Discover is a really cool company. 

[creditgambler2018]

Was the conversation something like this what I do to my cable company:

"i am calling to cancel my services because it is too expensive and I cannot pay that much, cancel all services today please"

next thing rep was like

"woooow wooow woooow, lets cool off a little, I will credit your account 30 bucks and will give you this rate for a whole year because youre an awesome customer blah blah blah"

then I say:

"THANKS VERY MUCH YOU GUYS ARE AWESOME BS, BLAH BLAH BLAH..."

DID YOU THREATEN TO close the disco account? I know when the 0 percent disco promo is over I will call to close the account. If they offer me an apr reduction I might might consider it maybe a slim tiny maybe if it gets in to 10 - 16 percent range.... I got 23 percent rate after promo rate.

[Credit_hawk]

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@elcocaino2010 wrote:

Was the conversation something like this what I do to my cable company:

"i am calling to cancel my services because it is too expensive and I cannot pay that much, cancel all services today please"

next thing rep was like

"woooow wooow woooow, lets cool off a little, I will credit your account 30 bucks and will give you this rate for a whole year because youre an awesome customer blah blah blah"

then I say:

"THANKS VERY MUCH YOU GUYS ARE AWESOME BS, BLAH BLAH BLAH..."

DID YOU THREATEN TO close the disco account? I know when the 0 percent disco promo is over I will call to close the account. If they offer me an apr reduction I might might consider it maybe a slim tiny maybe if it gets in to 10 - 16 percent range.... I got 23 percent rate after promo rate.

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Haha I like your script. Actually they were very cool and accommodating. I think you'll be pleased when you call how helpful and to the point they are. I don't think you'll find yourself in the adversarial situation many of us find ourselves in with banks. I think if you call in you won't even need to threaten to close. I just said: I'd like a reduction in my APR as discover is among my highest rate cards. They said "absolutely. Let's see. We can do option A 0% for a year or option B a permanent reduction."

Either way you can get a reduction every 6 months. Def consider hanging onto the card. I think you will be pleased long term. The biggest knock on Discover is they're not as widely accepted as Visa or MC. I actually read they're accepted more places than AMEX. Don't know if that's true though. 

[Anonymous]

That is awesome, Credit_hawk! I think low APRs are the best, even if you don't carry a balance. I am waiting for my 0% intro APR to end in July. I think I'll use your data points and wait until October, then call in to ask for an APR reduction. Congratulations, and thanks for sharing!