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Discover 25.25% to 20.49%

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Discover 25.25% to 20.49%

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%.
FICO 8 Scores 4/1/2018: 694 EX 714 EQ 740 TU FICO 8 Scores 6/16/2019 770 EX 798 EQ 791 TU

WF Cash Wise $18,800 [] PenFed Power Cash $20,000 [] BOA $4,900 [] HSBC Cash Rewards $2,750 [] Discover It $4,600 [] Maurice’s $5,000 [] CO Savor $15,000 [] NFCU Flagship $10,000 [] Amex Rose Gold [] Walmart $800
Message 1 of 19
18 REPLIES 18
Valued Contributor

Re: Discover 25.25% to 20.49%

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.

500K+ TCL / 800+ FCOs
Message 2 of 19
Regular Contributor

Re: Discover 25.25% to 20.49%

How long has your account been open and how often are you requesting an APR reduction?


Gardening since 06/01/2019
FILED CH7 BK 02/25/13 -- DISCHARGED 06/10/13
Starting Scores 06/10/13 EQ474 EX538 TU503
Message 3 of 19
Contributor

Re: Discover 25.25% to 20.49%

Sorry, can’t figure out how to quote on mobile.

I’ve had the card for a year and three months approximately (my open date is 4/1/2017) and this is the first time I’ve asked for an apr reduction. They just gave me a $3000 CLI a few days ago so I figured they must have liked my last SP CR and now was a good time to ask before they see all my inquiries and new accounts.

I don’t pay much attention to apr usually but what if I have an emergency and need to carry a balance in the future? I figure it’s best to be prepared.
FICO 8 Scores 4/1/2018: 694 EX 714 EQ 740 TU FICO 8 Scores 6/16/2019 770 EX 798 EQ 791 TU

WF Cash Wise $18,800 [] PenFed Power Cash $20,000 [] BOA $4,900 [] HSBC Cash Rewards $2,750 [] Discover It $4,600 [] Maurice’s $5,000 [] CO Savor $15,000 [] NFCU Flagship $10,000 [] Amex Rose Gold [] Walmart $800
Message 4 of 19
Regular Contributor

Re: Discover 25.25% to 20.49%

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.

Message 5 of 19
Established Contributor

Re: Discover 25.25% to 20.49%

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.

Message 6 of 19
Frequent Contributor

Re: Discover 25.25% to 20.49%

I’ve had discover 4 years and have had zero apr each year. They always give 12 month promos, and then when it’s over I ask again. Have yet to be denied. Always on the chat option though. You should try that.
Message 7 of 19
Valued Contributor

Re: Discover 25.25% to 20.49%


@frencheese 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  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.

AMEX BCE $8K | AMEX Cash Magnet $15K | Citi DoubleCash WEMC $12.2K | Citi AAdvantage WEMC $14K | Citi Costco VS $12K
Discover IT $19K | OpenSky $300 | BB&T Cash Rewards $4.5K | Synchrony (PayPal Credit $4K, Care Credit $15K, & PayPal 2% MC $10K) |
BBVA Compass Rewards VS $10.5K | Apple Card WEMC $6K | NFCU cashRewards $3K | NFCU More Rewards AMEX $25K
Macy's AMEX $1K | PenFed Power Cash Rewards VS $7,500

TCL - $166.5K+ | Rebuilding since April 2018
Message 8 of 19
Contributor

Re: Discover 25.25% to 20.49%


@Marz2002 wrote:

@frencheese 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  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!

FICO 8 Scores 4/1/2018: 694 EX 714 EQ 740 TU FICO 8 Scores 6/16/2019 770 EX 798 EQ 791 TU

WF Cash Wise $18,800 [] PenFed Power Cash $20,000 [] BOA $4,900 [] HSBC Cash Rewards $2,750 [] Discover It $4,600 [] Maurice’s $5,000 [] CO Savor $15,000 [] NFCU Flagship $10,000 [] Amex Rose Gold [] Walmart $800
Message 9 of 19
Super Contributor

Re: Discover 25.25% to 20.49%


@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.

Message 10 of 19
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