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Discover Rate Reduction

Moderator

Discover Rate Reduction

Hello friends!

 

While I've had luck lately with CLIs, I'm to the point were I'm shifting my energy over to getting APR reductions where I can.

 

Today I chatted with Discover, and the chat CSR was extremely pleasant as expected (it is Discover, after all).  The rep was able to lower my rate from 20.24% to 16.49%.  I realize this still isn't a earth-moving low rate, but I figured it was a good first start in the right direction.

 

She indicated that I could check back again later to see about having it lowered further; I didn't ask about how long to wait... I assume that it's likely a year.  In any case I've never paid them any interest at all so it's not that big of a deal, but I still like to have my APRs as low as possible for those 'just in case' times when you need to carry a balance for a month or two.

 

I'll be checking with American Express to see about getting a lower rate on my BCP soon.  I don't have any other cards that are eligible for a lower rate right now; most either have static rates (Capital One) or are still on a promo rate. 

 

Hopefully this data point will be useful to somebody.  Smiley Happy

Message 1 of 27
26 REPLIES
Valued Contributor

Re: Discover Rate Reduction


UncleB wrote:

Hello friends!

 

While I've had luck lately with CLIs, I'm to the point were I'm shifting my energy over to getting APR reductions where I can.

 

Today I chatted with Discover, and the chat CSR was extremely pleasant as expected (it is Discover, after all).  The rep was able to lower my rate from 20.24% to 16.49%.  I realize this still isn't a earth-moving low rate, but I figured it was a good first start in the right direction.

 

She indicated that I could check back again later to see about having it lowered further; I didn't ask about how long to wait... I assume that it's likely a year.  In any case I've never paid them any interest at all so it's not that big of a deal, but I still like to have my APRs as low as possible for those 'just in case' times when you need to carry a balance for a month or two.

 

I'll be checking with American Express to see about getting a lower rate on my BCP soon.  I don't have any other cards that are eligible for a lower rate right now; most either have static rates (Capital One) or are still on a promo rate. 

 

Hopefully this data point will be useful to somebody.  Smiley Happy


That is great! I am also looking to get my BCP APR lowered soon since it's the max APR. You can only request a rate reduction if the intro APR expired? Mine expires in November.

Gardening until September 2019
Next app: Mortgage in September 2019
Message 2 of 27
Moderator

Re: Discover Rate Reduction


Discover2016 wrote:

UncleB wrote:

Hello friends!

 

While I've had luck lately with CLIs, I'm to the point were I'm shifting my energy over to getting APR reductions where I can.

 

Today I chatted with Discover, and the chat CSR was extremely pleasant as expected (it is Discover, after all).  The rep was able to lower my rate from 20.24% to 16.49%.  I realize this still isn't a earth-moving low rate, but I figured it was a good first start in the right direction.

 

She indicated that I could check back again later to see about having it lowered further; I didn't ask about how long to wait... I assume that it's likely a year.  In any case I've never paid them any interest at all so it's not that big of a deal, but I still like to have my APRs as low as possible for those 'just in case' times when you need to carry a balance for a month or two.

 

I'll be checking with American Express to see about getting a lower rate on my BCP soon.  I don't have any other cards that are eligible for a lower rate right now; most either have static rates (Capital One) or are still on a promo rate. 

 

Hopefully this data point will be useful to somebody.  Smiley Happy


That is great! I am also looking to get my BCP APR lowered soon since it's the max APR. You can only request a rate reduction if the intro APR expired? Mine expires in November.


Thanks!  Smiley Happy

 

My BCP is also at the highest APR, but when I got my Delta Gold back in May it was approved at the middle APR, so I think there's hope... LOL.  I do think that with Amex (and most issuers, with a couple of exceptions) you do have to wait until you're no longer on the promo to get a permanent reduction.

 

I figured one reduction per day is sufficient... in the event something goes 'wrong' with the Amex reduction I would prefer to enjoy the Discover reduction for a few days before hearing the possible bad news... LOL!  Smiley Surprised Smiley Wink

Message 3 of 27
Valued Contributor

Re: Discover Rate Reduction

That reminds me! I am also going to try to reduce APR on Discover, and that intro APR already expired.

Gardening until September 2019
Next app: Mortgage in September 2019
Message 4 of 27
Valued Contributor

Re: Discover Rate Reduction


UncleB wrote:

Hello friends!

 

While I've had luck lately with CLIs, I'm to the point were I'm shifting my energy over to getting APR reductions where I can.

 

Today I chatted with Discover, and the chat CSR was extremely pleasant as expected (it is Discover, after all).  The rep was able to lower my rate from 20.24% to 16.49%.  I realize this still isn't a earth-moving low rate, but I figured it was a good first start in the right direction.

 

She indicated that I could check back again later to see about having it lowered further; I didn't ask about how long to wait... I assume that it's likely a year.  In any case I've never paid them any interest at all so it's not that big of a deal, but I still like to have my APRs as low as possible for those 'just in case' times when you need to carry a balance for a month or two.

 

I'll be checking with American Express to see about getting a lower rate on my BCP soon.  I don't have any other cards that are eligible for a lower rate right now; most either have static rates (Capital One) or are still on a promo rate. 

 

Hopefully this data point will be useful to somebody.  Smiley Happy


You can ask every 6 months, if you ask before that they will tell you to try later. I got mine from 22.99 to 20.99 to 16.49 to 13.49 in 2.5 years.

Message 5 of 27
Regular Contributor

Re: Discover Rate Reduction

Nice reduction, I do love Discover!

 

Just got mine reduced (from 23.24% to 18.49%) about 2 weeks ago, also via online chat, but on the day it was supposed to go into effect, I get two messages from them, within minutes.  One said they were declining my APR reduction request, and one said they were confirming my APR reduction.  I'm not sure which to believe, but like OP, interest isn't how they make money off me.  It's more just pruning I suppose, getting my cards in as tip-top shape as they can be.

 

Now if only Cap1 would work with me....

Starting score 3/31/15 CK 552/572. Current score 8/6/18 CK 763/762.
FICO TU (Discover, 7/5) 708; FICO EQ (Citi, 7/24) 702, FICO EX (Discover, 8/6) 703.
Message 6 of 27
Moderator

Re: Discover Rate Reduction


newhis wrote:

UncleB wrote:

Hello friends!

 

While I've had luck lately with CLIs, I'm to the point were I'm shifting my energy over to getting APR reductions where I can.

 

Today I chatted with Discover, and the chat CSR was extremely pleasant as expected (it is Discover, after all).  The rep was able to lower my rate from 20.24% to 16.49%.  I realize this still isn't a earth-moving low rate, but I figured it was a good first start in the right direction.

 

She indicated that I could check back again later to see about having it lowered further; I didn't ask about how long to wait... I assume that it's likely a year.  In any case I've never paid them any interest at all so it's not that big of a deal, but I still like to have my APRs as low as possible for those 'just in case' times when you need to carry a balance for a month or two.

 

I'll be checking with American Express to see about getting a lower rate on my BCP soon.  I don't have any other cards that are eligible for a lower rate right now; most either have static rates (Capital One) or are still on a promo rate. 

 

Hopefully this data point will be useful to somebody.  Smiley Happy


You can ask every 6 months, if you ask before that they will tell you to try later. I got mine from 22.99 to 20.99 to 16.49 to 13.49 in 2.5 years.


This is great to know... thanks so much for sharing and providing your own data points as well.  Smiley Happy

 

That gives me something to look forward to in March!  Smiley Very Happy

Message 7 of 27
Moderator

Re: Discover Rate Reduction


Turkeyb0y wrote:

Nice reduction, I do love Discover!

 

Just got mine reduced (from 23.24% to 18.49%) about 2 weeks ago, also via online chat, but on the day it was supposed to go into effect, I get two messages from them, within minutes.  One said they were declining my APR reduction request, and one said they were confirming my APR reduction.  I'm not sure which to believe, but like OP, interest isn't how they make money off me.  It's more just pruning I suppose, getting my cards in as tip-top shape as they can be.

 

Now if only Cap1 would work with me....


That's quite bizarre... I've never heard of them changing their mind about an APR reduction!  Smiley Surprised

 

In my case the CSR stated my reduction would go into effect in two days, so I guess there's a chance I could hear back from them as well.  Like you, I'm not really too worried either way, as this is really more as a just-in-case thing.

 

Hopefully you will find out your reduction is in effect! 

Message 8 of 27
Super Contributor

Re: Discover Rate Reduction

Great Apr reduction (4%) not to shabby! Usually you hear about 1 or 2% ...
Starting Score: 826 Fico TU08
Current Score: 850 Fico TU08
Goal Score: 850


Take the myFICO Fitness Challenge
Message 9 of 27
Moderator

Re: Discover Rate Reduction


Dinosaur wrote:
Great Apr reduction (4%) not to shabby! Usually you hear about 1 or 2% ...

Thanks!  Smiley Very Happy

 

It was just shy of 4% (3.75) but I'm still taking it... it's my first one with them, and I'm hoping there will be more to come!  Smiley Very Happy

Message 10 of 27