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Discover 25.25% to 20.49%

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Established Contributor

Re: Discover 25.25% to 20.49%


@BrutalBodyShots wrote:

@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.


Sure, you don't pay interest, I don't pay interest, but not everyone earns enough or doesn't miss income for month or two and they're quickly in a hole that can't dig out of. I'm not saying hand out free money, I'm simply stating the obvious, the current rates they charge are disproportionate to today's prime rates. I can remember when credit card rates were prime +3 or +5. Now they're +20. We're living in times of historical low prime and historical high credit card interest. The major US banks all made record earnings last year. They've jumped the shark.

Message 11 of 19
Contributor

Re: Discover 25.25% to 20.49%

Just a thought but it could be because of the Great Recession and the bailouts that they’re charging so much interest. Maybe they’re being careful.

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 12 of 19
Valued Contributor

Re: Discover 25.25% to 20.49%


@NYC85 wrote:
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.

, are the 12 month 0% promos you mentioned for BTs or Purchases?

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 13 of 19
Frequent Contributor

Re: Discover 25.25% to 20.49%

Purchases

I usually just say something along the lines of

“ hi I was wondering if you have any promotions for my account that would give me zero APR. I am planning a large purchase and would like to know if that’s possible “ etc etc
Message 14 of 19
Valued Contributor

Re: Discover 25.25% to 20.49%


@NYC85 wrote:
Purchases

I usually just say something along the lines of

“ hi I was wondering if you have any promotions for my account that would give me zero APR. I am planning a large purchase and would like to know if that’s possible “ etc etc

Thanks for the tip , I am definitely going to use it!

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 15 of 19
Super Contributor

Re: Discover 25.25% to 20.49%


@Turbobuick wrote:


Sure, you don't pay interest, I don't pay interest, but not everyone earns enough or doesn't miss income for month or two and they're quickly in a hole that can't dig out of.


Then they aren't handling credit responsibly.  If someone doesn't have the discipline to not spend money that they don't have, honestly they shouldn't be using credit.  If they choose to that's fine (it is their choice), but the tradeoff is being at the mercy of whatever [high] interest rates are out there.  Interest rates are disclosed upon anyone entering into an [CC] agreement; They know well up front what the interest rate is and are accepting that by entering into the contract.  I see no room for anyone to be able to complain since everything is clearly disclosed.  

Message 16 of 19
Moderator

Re: Discover 25.25% to 20.49%


@BrutalBodyShots wrote:

@Turbobuick wrote:


Sure, you don't pay interest, I don't pay interest, but not everyone earns enough or doesn't miss income for month or two and they're quickly in a hole that can't dig out of.


Then they aren't handling credit responsibly.  If someone doesn't have the discipline to not spend money that they don't have, honestly they shouldn't be using credit.  If they choose to that's fine (it is their choice), but the tradeoff is being at the mercy of whatever [high] interest rates are out there.  Interest rates are disclosed upon anyone entering into an [CC] agreement; They know well up front what the interest rate is and are accepting that by entering into the contract.  I see no room for anyone to be able to complain since everything is clearly disclosed.  


I agree that there's no room to complain since the terms are laid out, but I strongly disagree with your comment about discipline.

 

While ideally everyone should have enough saved to take care of life emergencies the reality is that not everybody does (for whatever reason), and having a credit card/LOC to use in an emergency can be the difference between temporarily paying interest on a balance and genuine hardship.

 

There's nothing wrong with seeking a lower interest rate even if one hopes (and plans) to never have to use it, which is what @frencheese has done here (and what this thread is about).

 

That said, we're starting to get off-topic... if anyone wants to continue the discussion on pros/cons of using credit in an emergency it will need to be done in a different thread.

Message 17 of 19
Super Contributor

Re: Discover 25.25% to 20.49%


@NYC85 wrote:
Purchases

I usually just say something along the lines of

“ hi I was wondering if you have any promotions for my account that would give me zero APR. I am planning a large purchase and would like to know if that’s possible “ etc etc

That’s interesting. The DPs I have seen seemed to suggest you need to have 6 months at regular APR before they’ll toss you another 12 at 0%. 

Maybe I’ll try your verbiage on Friday, which will be 2 days past my 14 month intro. 



01/2019:
1/2020:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 18 of 19
Super Contributor

Re: Discover 25.25% to 20.49%


@UncleB wrote:


I agree that there's no room to complain since the terms are laid out, but I strongly disagree with your comment about discipline.

 


I think you missed the part that I quoted to which I made the comment about discipline.  An emergency situation is far different than the quote that I was commenting on, where the poster said some people "...dont earn enough..." [to PIF].  Not earning enough is not the problem, it's spending more than you earn or can afford to pay off.  That is what the discipline comment that I made was based on, nothing more.

Message 19 of 19
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