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Discover lowered my apr to 19.99

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Anonymous
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Discover lowered my apr to 19.99

After my one year anniversary in May I accepted a 12-month 0 APR promo for purchases with my first Discover card(did this to Max out gas quarter, gift cards, and paid off in 45 days). I wish I lowered my APR then. My APR was I believe 23.99 so they lowered it today four points. In 6 months I will do it again. And next month I will try on my new one.
Have Dcu at 10.25, second lowest is Citi AAdvantage -@20%.
But the goal is to lower them all because u never know what can happen.
12 REPLIES 12
Anonymous
Not applicable

Re: Discover lowered my apr to 19.99

Nice! A reduction in APR is always nice!
Message 2 of 13
JNA1
Valued Contributor

Re: Discover lowered my apr to 19.99

Did you call and ask for this or did they do it automatically?
Our credit card journey started 3/2018

Hover over cards to see limits and usage. Total CL - $584,600. Cash Back and SUBs earned as of 9/1/22- $15292.65
CU Memberships

Goal Cards:

Message 3 of 13
Anonymous
Not applicable

Re: Discover lowered my apr to 19.99

Chat. U can ask every 6 months. They offered an extra 3 % cash back for a length of time... or lower apr
Message 4 of 13
Anonymous
Not applicable

Re: Discover lowered my apr to 19.99

increased cash back > “lower” APR
Message 5 of 13
Anonymous
Not applicable

Re: Discover lowered my apr to 19.99

how does the extra 3% work? i'm still on my promo period with the matching so i dont know if they'd let me do anything til thats ended.

Message 6 of 13
Anonymous
Not applicable

Re: Discover lowered my apr to 19.99

The 3 percent extra cashback would of been I believe 6 months and for Amazon it didn't interest me since it was for my older card. I am not sure if they offer that on cards still in double cash back year, but my new card hits six months in 20 days so I will see if they offer that when I ask for any promos/apr reduction s for my new account.
Message 7 of 13
Anonymous
Not applicable

Re: Discover lowered my apr to 19.99

@runnerlundge
Not in my case
Message 8 of 13
Anonymous
Not applicable

Re: Discover lowered my apr to 19.99

I have a theory kinda.... I wonder if anyone can prove or disprove it for me. May 2019 my first Discover card hit its 1-year anniversary I elected 2 get 0 APR promo rather than the permanent APR reduction. My permanent APR was 25%. fast forward six months to the other day when I requested the APR reduction they reduced it obviously by five Points. What I am thinking is even if I had accepted the last APR reduction they may have only reduced it a couple points, and this past 1 maybe they would have reduced it the other three points for a total of 5. What I am saying is is it possible when you ask for the APR reduction go by your credit score and reducing significantly if your credit score is much higher or not so much for lower scores.
Is 5% reduction in APR common? do you guys think if I had gotten an APR reduction 6 months ago they would have given me and even better APR then I have now? (Not like 19.99 is any good LOL). I'm thinking they would have reduced it maybe two or three point six months ago, and the same thing this month. Which would result in the same APR I have now. Obviously this is just a theory. Or more like a guess.
Message 9 of 13
Remedios
Credit Mentor

Re: Discover lowered my apr to 19.99

When you start with apr as high as yours was, you usually get a drastic reduction like that.

Most of us who started up  there, got that initial reduction pretty easily. 

 

Your next APR reduction will not be 5%-6%. Reduction rate slows down as your current APR normalizes. 

 

Another way to look at it is, it's not low now, it was too high before. May sound like semantics but it's not. 

 

 

 

Message 10 of 13
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