Disco APR Reduction Question

[Anonymous]

So after seeing many people post about successful APR reduction I thought I'd go chat with them and ask for one. My account has been open 8 months and I have a 23.49% APR.

They said since it's been under a year since my account was opened they can't do an apr reduction. Just wondering if anyone has gotten one before 1 year or that's just something they won't consider until a year is up?

[Anonymous]

---

@Anonymous wrote:
So after seeing many people post about successful APR reduction I thought I'd go chat with them and ask for one. My account has been open 8 months and I have a 23.49% APR.

They said since it's been under a year since my account was opened they can't do an apr reduction. Just wondering if anyone has gotten one before 1 year or that's just something they won't consider until a year is up?

---

Is your account stil in the 0% introductory period? If yes, that's probably why they can't reduce your APR.

[Anonymous]

No I didn't get one.

[Anonymous]

---

@Anonymous wrote:
No I didn't get one.

---

Was this originally a secured card?

[Anonymous]

Yes

[Anonymous]

---

@Anonymous wrote:
Yes

---

This may be why you have to wait a year before requesting an APR reduction. I'm not familiar with Discover's secured card/upgrade policy. Hopefully, someone will be able to chime in with more insights.

On the bright side, your card is almost a year old so a reduction is on the horizon. Good luck!

[austinguy907]

Can't change the terms of an account in the 1st year due to CARD Act.

[Anonymous]

I don't think you can do it the first year of you having the card, even with an unsecured one (that is what I remember a CSR telling me via secure chat). However, once it is year old, they are very flexible with lowering the APR in my experience. Just had mine reduced from 17.5% to 16% after 14 months of having the card. They also gave me the option of a 12 month 0% period, but I chose the permanent reduction.

[CreditInspired]

I don't know about Card Act. I opened my CitiDC in Dec 2016 @ a ridiculous 23.49% interest. I am still in the 0% promo period. Thanks to other MyFICOers, I reduced this APR through chat 4 different times and my new rate is 14.74%.

[CreditCuriosity]

---

@austinguy907 wrote:

Can't change the terms of an account in the 1st year due to CARD Act.

---

Don't believe card act has anything to do with APR being lowering it.. Where-as it stops lenders from putting an AF on or charging higher feeds within the first year when what was signed up for among other things... Such as you can't PC from a 0 AF card to a 95$ card, but APR reductions I believe are fair game.  With that said Discover I believe has a internal policy nothing to do with the card act that you can't ask for a lower APR prior to a year where-as Amex and other cards I have got my APR lower before a year time frame.