No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Persistence pays off with Disco APR reductions. I'm down to the lowest they offer currently at 14.24%. Just keep after them and they'll keep dropping the rate.
How long has your account been open and how often are you requesting an APR reduction?
The high Disco APR had been a sore subject with me for years. But I saw this thread and thought I'd try again especially my scores are the best in a long time. And lo and behold, they reduced me down from 23.24% to 18.49%. This is still 3% higher than my other like cash back cards (BofA, Fidelity) but it's a good start, especially since it's hard as hell for a CLI with these guys (I chose not to ask at this point since my last CLI was just a few months ago).
[EDIT] I just realized that I had another card that was also sitting at 23.24% and that was my US Bank Cash+ card. So I called them up and they lowered my rate to 19.99%...not as good as what Discover did but I'll take it. Strangely, this is a limited time offer meaning it's only good for six months. So I have a calendar item now to call them when it expires to see if we can make this lower again.
[EDIT #2] Decided to call Fidelity and ask for a APR reduction and a CLI, because what the hell. Like US Bank, they offered a reduction for six months saying they don't permanently lower rates (really guys?) but the rate decreased from 16.49% to 11.99% so I'll call them again in January when that expires, just like US Bank. The CLI was $5000 taking me to $25K for this card. This is a good day for card maintenance.
Interest rates on almost all credit cards are punitive rates and should be scrutinized. Whether it's 10% or 30%, it's too much. Sure if you're a proven poor risk you should have a higher rate, but they screw everyone to some degree. The same banks that are offering tiny fractions of 1% on savings are gouging those that can least afford it on the credit cards they generously supply. How do the same banks justify these bloated borrowing rates? We need oversight and laws need to be changed.
@Anonymous wrote:
I got a CLI recently on my Discover Card and so I thought I’d check with them and see if I could get any sort of interest rate reduction. It was a quick phone call and got my interest dropped from 25.24% to 20.49%. I think I’ll try them again in a month or two and see if I can get them closer to 16%.
CONGRATS @frencheese on the Disco APR reduction!
My Discover CB card was issued in April 2018 with a 22.25% APR and i called Disco yesterday for an APR reduction and they offered me 18.25% and I accepted!
I always PIF and will be looking to get another APR reduction from them later this year.
@Marz2002 wrote:
@Anonymous wrote:
I got a CLI recently on my Discover Card and so I thought I’d check with them and see if I could get any sort of interest rate reduction. It was a quick phone call and got my interest dropped from 25.24% to 20.49%. I think I’ll try them again in a month or two and see if I can get them closer to 16%.CONGRATS @frencheese on the Disco APR reduction!
My Discover CB card was issued in April 2018 with a 22.25% APR and i called Disco yesterday for an APR reduction and they offered me 18.25% and I accepted!
I always PIF and will be looking to get another APR reduction from them later this year.
Thanks! Congrats to you too!
@Turbobuick wrote:Interest rates on almost all credit cards are punitive rates and should be scrutinized. Whether it's 10% or 30%, it's too much. Sure if you're a proven poor risk you should have a higher rate, but they screw everyone to some degree. The same banks that are offering tiny fractions of 1% on savings are gouging those that can least afford it on the credit cards they generously supply. How do the same banks justify these bloated borrowing rates? We need oversight and laws need to be changed.
I can't say I agree with you. It's the cost of borrowing money and not paying it back quick enough. The fact that someone can float a purchase on almost any CC for 45-55 days and not pay a penny of interest on it if they pay it off is a nice perk that costs the CCCs but not us. Those that have a problem with high interest rates personally need to simply rethink their outlook on the use of credit. If one is a Transactor and always pays in full, they never pay a penny of interest and interest rates are irrelevant.