Well, first off, not all creditors even allow/offer APR reductions. Very few actually do. Discover is one, yes, though it's more common to see them offer a temporary 0% APR than a permanent APR reduction. Also, just because they're offering you a lower rate on the new one, doesn't mean they'd give you the same rate on the old one. Why, I don't know.
As for the answer to your topic title, it'll go as low as whatever the creditor's margin is + the prime rate. So it varies by lender.
To migitage and control inflation rate, the APR is generally expected to get increased. So, do not count on it too much while occacionally, you may check or you may receive APR~0% offers (also BT offers).
Discover is a good bank with excellent customer service. If you need some helps at some points (large purchase, relocation, renovation, etc), you may chat or call them to see whether they have any available offer for your card. When I purchased my home, I asked them about any offer and they gave a 0% APR offer for a year.
Fico8: EX~EQ~TU~840 (12 month goal~850).
Good luck with that, especially in the current economy and with the Prime rising causing banks and CU's to increase their rates.
@James3 wrote:I'm interested in getting all of my credit card purchase APRs lowered. They currently range from 8.65 - 18.49%. I've had excellent credit for years, so it seems like it will be cinch to get the 18.49 card knocked down a few points, especially when Discover is pre approving me for a card at 13.9%, but is it possible to get the 8.65% rate lowered? Also, I never carry a balance, but I like to be prepared.
I try to keep my APRs as low as possible. That's more out of principle and not because I plan to roll balances. The ability to modify your APR varies widely by lender policies. Some will automatically lower your rate. Some will do it with a hard pull only. Some will do it by a soft pull with a phone call to customer service or secure message. And then, some will not do it at all. If you have some cards/lenders in mind, let us know and we can tell you what we know about their policies, or you can just call customer service and ask.
How low your APR can go with a card depends on the specific card and lender. Rewards cards or cards from large national banks tend to have a higher "range" than basic non-rewards cards or credit union cards. A good place to start is the applications page for the card in-question, and treating it as what rates are currently available based on the prime+lender additive. That will give you a pretty good idea of the lender's baseline. If your credit situation has improved substantially since you were approved, you may have a chance of lowering your rate regardless of whether the overall economic conditions with the rising prime rate have rate rising as a whole.
I have much higher rates on some premium cards like my Chase Sapphire Reserve, even with exceptional credit. My purchase APR is 18.24% but that is typical for premium rewards cards from large banks. They are loaded with perks and rewards, and really aren't meant for carrying a balance. And my rate has always been at the "best available" for the card since it was approved in 2018. This is a good example of how the card type as well as the lender matters significantly. But my credit profile still qualifies me for a current 7.49% variable rate on my NFCU Platinum Visa and 7.49% fixed rate on my AOD FCU Visa.
In today's market conditions, 8.65% is a pretty decent rate. Navy Federal CU's Platinum card is typically one of the best low-APR cards available. While rates were down to 5.99% for a long time, they have increased with adjustments in the prime rate recently to 7.49% for the best credit rating profiles. Especially if that 8.65% card has any rewards or perks associated with it, I would imagine you're already at your best rate. Regardless, it still beats the best "low rate cards" available at many national lenders. For examples, PenFed's GOLD card which is their "low APR" card is currently at 10.49%. Langley FCU's Platinum Select Visa is as-low-as 9.25% APR. Lake Michigan Credit Union offers a Prime Platinum Visa (Prime+3%) which is currently at 8.50% APR. Even that is an exceptional rate. USAA's "Rate Advantage" Visa which is also historically one of the lower APR cards is currently at no lower than 8.40% APR. Very few cards offer prime rate or lower than 3% additives to it and they require exceptional credit. One that I do know about is the Keesler AFB CU (limited membership) that offers a 2% rewards rate; 0% APR for 12 months purchases and balance transfers, and then a fixed rate as low as prime (Their Website says 4.75% but the prime was recently raised to 5.50%). A card like that is a unicorn.
@Anonymous wrote:
@Aim_High wrote:
One that I do know about is the Keesler AFB CU (limited membership) that offers a 2% rewards rate; 0% APR for 12 months purchases and balance transfers, and then a fixed rate as low as prime (Their Website says 4.75% but the prime was recently raised to 5.50%). A card like that is a unicorn.On that site, they say: "If you’re not sure you’re eligible, contact us and we’ll help you with additional options for qualifying for membership." Has anyone tried that (or similar with another credit union). I assume it's not "Give us $2000 and you are in"!
I did not try that, @Anonymous, but I've considered an application for this card. It's really a pretty aweome card. However, I already have multiple 2% or better cards and I don't really need another low APR card. That and the membership criteria without contacting them made me decide not to push it. I'm an Air Force veteran and have considered applying to some of these military-affiliated CUs even if I don't appear to be eligible. I've never tried it, though.
By the way, another restricted-membership card I've considered pushing for is the Aerospace FCU Platinum Cash Back Visa. The current APR is as-low-as 5.90% and it offers 5% on gas; 4% on dining+entertainment; 3% on travel; 2% on grocery and all other purchases. (*Spending caps on 3% or higher categories are $7K for gas; $9K for dining/entertainment; $12K for travel.)
I'll also note that any card that offers a very exceptional APR combined with rewards is extremely rare. Most cards give you rewards or low APR but not both. It costs the financial institution too much to offer both. Credit unions which are non-profit are the only ones who can afford cards like these and even most of them will not be that generous.
A bunch of credit unions still offer cards starting at under 10%. NFCU's been mentioned. There are a few others on my radar, but since they're all credit union cards, you might be in for some emotional rollercoasters 
1. SRI FCU's Platinum card is Prime Rate + 1% with no B/T fees. I personally wasn't able to get it and got a $500 Gold2 Visa instead which is 9.9% fixed.
2. Dover FCU had a 5.99% card with no B/T fees. It disappeared after the CU got mobbed by this forum's readers.
3. Dow Chemical Employees CU has 6.9%, 8.9%, and 9.9% cards, no B/T fees.
4. There used to be a bunch of others in the 7-8% range with no B/T fees, but they're mostly 9-11% now with the rate hikes. Some that I have on my list are Chartway, Evansville Teachers, Hiway, Pen Air, Mid Illini, Southeast Financial, Boeing Employees, Abound, Achieva, Apple, Sandia Laboratory, Patelco, Garden Savings...
Starting Scores: No Scores (03/2018)
@Cookiegrabber wrote:A bunch of credit unions still offer cards starting at under 10%. NFCU's been mentioned. There are a few others on my radar, but since they're all credit union cards, you might be in for some emotional rollercoasters
1. SRI FCU's Platinum card is Prime Rate + 1% with no B/T fees. I personally wasn't able to get it and got a $500 Gold2 Visa instead which is 9.9% fixed.
2. Dover FCU had a 5.99% card with no B/T fees. It disappeared after the CU got mobbed by this forum's readers.
3. Dow Chemical Employees CU has 6.9%, 8.9%, and 9.9% cards, no B/T fees.
4. There used to be a bunch of others in the 7-8% range with no B/T fees, but they're mostly 9-11% now with the rate hikes. Some that I have on my list are Chartway, Evansville Teachers, Hiway, Pen Air, Mid Illini, Southeast Financial, Boeing Employees, Abound, Achieva, Apple, Sandia Laboratory, Patelco, Garden Savings...
I don't think that's why it went away. 🤔 I'm pretty sure it was more due to the rate hikes. Because that card was 5.99% fixed.