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Discover APR reduction 20.24% --> 17.49%

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Super Contributor

Discover APR reduction 20.24% --> 17.49%

Contacted Discover today for S&Gs after reading some posts on here about APR reductions being granted with a quick phone call.  First of all, I didn't even know what my current APR was, which I found out to be 20.24%.  After a 10 second check on the account, the rep said that it would be lowered to 17.49%.  Easiest phone call ever.

 

For those with experience with Discover APR reductions, can you request additional ones and if so, how quickly?  With Citi I was able to get multiple APR reductions every day or two for a period of several days, so I'm curious what the "rules" are with Discover for those that may know.   

Message 1 of 12
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Moderator

Re: Discover APR reduction 20.24% --> 17.94%

Congrats... Would of thought of got a bit better than you did with an 850 score.. Something is better than nothing though for sure.

Message 2 of 12
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Super Contributor

Re: Discover APR reduction 20.24% --> 17.94%

Congrats!

 

You can ask for an APR reduction every 6 months. 

Current rotation:

01/2019:
05/2020:

Goal card: Cash+

P.S. I’m a dude, yo!
Message 3 of 12
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Super Contributor

Re: Discover APR reduction 20.24% --> 17.94%


@CreditCuriosity wrote:

Congrats... Would of thought of got a bit better than you did with an 850 score.. Something is better than nothing though for sure.


The CSR kept trying to push a 0% offer on me for 12 months.  I told him I wasn't interested in that, just lowering the regular every day APR.  It is what it is.  I don't plan on paying a penny of interest to them ever, so the APR overall is quite irrelevant as evidenced by the fact that I didn't even know what it was prior to calling, but better terms are better terms.

Message 4 of 12
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Super Contributor

Re: Discover APR reduction 20.24% --> 17.94%


@Saeren wrote:

 

You can ask for an APR reduction every 6 months. 


Good info, thanks.  I probably should have started asking every 6 months a few years ago.

 

What is the lowest reported APR that we've seen on this forum from Discover?

Message 5 of 12
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Moderator

Re: Discover APR reduction 20.24% --> 17.94%

14.24 is lowest published apr on card currently although sure some have very old cards that are lower.  

 

edit actually might be .25 lower than 14.24 and they just havent updated to reflect it due to rate cut, but not sure... 

Message 6 of 12
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Super Contributor

Re: Discover APR reduction 20.24% --> 17.94%


@BrutalBodyShots wrote:

@CreditCuriosity wrote:

Congrats... Would of thought of got a bit better than you did with an 850 score.. Something is better than nothing though for sure.


The CSR kept trying to push a 0% offer on me for 12 months.  I told him I wasn't interested in that, just lowering the regular every day APR.  It is what it is.  I don't plan on paying a penny of interest to them ever, so the APR overall is quite irrelevant as evidenced by the fact that I didn't even know what it was prior to calling, but better terms are better terms.


I see both sides. For many consumers who aren't paying in full the 0% is probably better because they will not have to pay any interest. If you are never carrying a balance on the card it doesn't really matter either way, at almost 18% vs 20% you are not going to want to use it to borrow money regardless.

 

My Discover is somewhere around 14% from reductions over the years (since 2012). Started off around 20% or something like that.

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Super Contributor

Re: Discover APR reduction 20.24% --> 17.94%


@kdm31091 wrote:


I see both sides. For many consumers who aren't paying in full the 0% is probably better because they will not have to pay any interest. If you are never carrying a balance on the card it doesn't really matter either way, at almost 18% vs 20% you are not going to want to use it to borrow money regardless.

 


I guess one factor that needs to be considered is how the card is being used.  If someone is only using it for 5% categories and is putting (say) $100-$300/mo on the card, a 0% offer doesn't really seem to mean much.  I mean, they could rack up a balance of maybe $3k-$5k over the course of a year and then pay it off in one lump sum I suppose.  If someone is looking to make a major purchase and plans to carry that balance for an extended period of time, certainly 0% for 12 months makes more sense than letting that balance ride at 17%-20% or whatever. 

Message 8 of 12
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Moderator

Re: Discover APR reduction 20.24% --> 17.94%


@BrutalBodyShots wrote:

@kdm31091 wrote:


I see both sides. For many consumers who aren't paying in full the 0% is probably better because they will not have to pay any interest. If you are never carrying a balance on the card it doesn't really matter either way, at almost 18% vs 20% you are not going to want to use it to borrow money regardless.

 


I guess one factor that needs to be considered is how the card is being used.  If someone is only using it for 5% categories and is putting (say) $100-$300/mo on the card, a 0% offer doesn't really seem to mean much.  I mean, they could rack up a balance of maybe $3k-$5k over the course of a year and then pay it off in one lump sum I suppose.  If someone is looking to make a major purchase and plans to carry that balance for an extended period of time, certainly 0% for 12 months makes more sense than letting that balance ride at 17%-20% or whatever. 


0% for 12 months is also handy if you want to use the card for a BT, since it would allow you to continue using the card for purchases during a 0% BT promo without accruing interest on the new charges.

 

This is actually the reason I haven't asked them for an APR reduction, since once you take the reduction you aren't eligible to request a 12 month/0% promo until six months have passed. 

 

I know I'll never carry a balance on the card, but I can imagine a situation where I might need to make an impromptu BT and I like knowing there's a good chance I'll be able to keep using the card for the 5% categories if I do so.

Message 9 of 12
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Regular Contributor

Re: Discover APR reduction 20.24% --> 17.94%


@BrutalBodyShots wrote:

@Saeren wrote:

 

You can ask for an APR reduction every 6 months. 


Good info, thanks.  I probably should have started asking every 6 months a few years ago.

 

What is the lowest reported APR that we've seen on this forum from Discover?


Called a few days ago and got it lowered to 15.49%, for a student card I think the lowest you can get is 15.24% APR



Starting Score:EX: 713 EQ: 698
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