cancel
Showing results for 
Search instead for 
Did you mean: 

Lowest Discover APR you all have?

Highlighted
Valued Contributor

Re: Lowest Discover APR you all have?


@Aim_High wrote:

@BrutalBodyShots wrote:

@CardNut wrote:


I don't press for my APRs to be low, because like you, I PIF. You might be giving up something by pressing them down, such as a 0% promo, or some other promo they might offer down the road.


I think this is a fair assessment and one that I agree with.  While there may be examples out there of people having their cake and eating it too, I don't think it's unreasonable to believe that getting more in one area could result in getting less elsewhere.  It's like a compensation package offered by a potential employer.  The salary may leave a little to be desired, but that can be made up for with other perks like stellar family insurance coverage, extra time off, top-notch retirement plan etc.  Go super hard for the extra salary though and a perk or two could be lost along the way.  I'd let Discover raise my APR to 99.99% if it meant I could get 6% back on rotating categories instead of 5%.


That would be awesome if you could negotiate with lenders like that to put together the "package" you could both agree on!  However, for only an additional 1% with the current cap that works out to only $60 per year ... and that's IF you max out each quarter.  I don't think I would take that deal because the risk of ever having to pay that high rate isn't worth the low reward.   I've often said it, but life happens even for those who "always" PIF before due date.  Recently @Loquat posted about a situation where he appreciated minimum autopay when he had a car accident. 

(See: https://ficoforums.myfico.com/t5/Credit-Cards/Citi-Double-Cash-closed/m-p/6145731#M1746916

 

But back to the "compensation package" analogy.  I've been with some of my lenders for decades and these aren't cards I just opened last year.  Things change.  My four oldest cards (over 20 years each) have all been product-changed in some manner as the lender's offerings have changed.  They didn't have to do that, but allowing me to evolve with them is just part of maintaining a good customer relationship.  So even in employment compensation, those benefits and conditions get renegotiated regularly.   Employers just don't shower most employees with high pay and benefits without a discussion.   And a lender is happy to leave you with a higher APR, a lower credit limit, or an inferior rewards card just like an employer is happy to leave you with a low salary and crappy benefits relative to your peers unless you negotiate for more.


Some people can get more than others, just like the employer example,  depending on what you offer back to them. As for Discover, I got 10.99% and I still get the rotating categories (of course). Some cardholders have a permanent 6.99%, with the rest of the standard card perks. I can't get that. Maybe their profile is better than mine, they spend more than me on the card, or maybe they are liked better than me lol (like employers sometimes give less qualified employees a higher salary). 

Scores, HPs/24 mos. (updated 11/20/20):
    Experian FICO Score 8 = 828, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 815, 1/24
    Equifax = 818, 0/24

Total 2019 rewards, incl. offers/deals = $1,709.07
Avg. rewards rate, incl. offers/deals = 3.92%

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 41 of 53
Highlighted
Valued Member

Re: Lowest Discover APR you all have?

Never thought much about APR's since I don't carry balances, but...17.99%. Tadow, how you like me now?





Message 42 of 53
Highlighted
Community Leader
Mega Contributor

Re: Lowest Discover APR you all have?


@LP007 wrote:

Never thought much about APR's since I don't carry balances, but...17.99%. Tadow, how you like me now?


SPRINTSmiley Wink

Message 43 of 53
Highlighted
Moderator

Re: Lowest Discover APR you all have?

I actually 'poked' Discover back in August, fishing around for a reset of the 0% for 12 month deal. 

 

Long story short, I initiated the chat on my laptop instead of my phone, and I got confused about how I was supposed to follow-up on the CSR's reply (there's an initial delay to get a rep).  By the time I figured things out a couple of days had passed, so I went ahead and took the offer that was showing in the chat transcript (thankully it was still available), which was a reduction from 16.24% to 13.24%. 

 

This is my second reduction since I got the card back in 2015 (original rate was 20%+).  I probably would have an even lower rate by now had I been persistent, but I just didn't bother. ¯\_(ツ)_/¯

Message 44 of 53
Highlighted
Frequent Contributor

Re: Lowest Discover APR you all have?

I only have 1 Discover card (DiscoverIt) that I got during my rebuilding phase. Started at 24.99% back in 2017

I called once and had it lowered to 22.99% and I just called again to further reduce it now that my Ficoo8 scores are at the 800 range.

The rep offered to lower it another couple of points or I could have 0% APR for 12 months. I never carry balances unless it's 0% anyways so I opted for the 0% promo...

Chapter-13 filed 11/13 discharged 06/16
Starting MyFico Scores 09/16 - (EQ 630 | TU 581 | EX 592)
Current Scores 9/2020 - (EQ 809| TU 786 | EX 788)

Total CL 140+k

| | | | | | | | | | |
Message 45 of 53
Highlighted
Moderator

Re: Lowest Discover APR you all have?

I just had it reduced earlier this week from 13.24% to 11.24% (Prime+7.99%), they also gave me option of 0% for 12 mos on purchases but I already have a card that is running for a year at 0% so the permanent reduction was a better bet for me.

Message 46 of 53
Highlighted
Epic Contributor

Re: Lowest Discover APR you all have?


@gdale6 wrote:

I just had it reduced earlier this week from 13.24% to 11.24% (Prime+7.99%), they also gave me option of 0% for 12 mos on purchases but I already have a card that is running for a year at 0% so the permanent reduction was a better bet for me.


@gdale6, Congrats on your permanent APR reductionSmiley Happy

 

 

popcorn eating emoticon.gif

Message 47 of 53
Highlighted
Valued Contributor

Re: Lowest Discover APR you all have?

Current rate on my Discover IT (formerly Discover More) card:  9.99% V.

 

Lowest rate my Discover card has ever had historically:  5.24% V (before being rate jacked during CARD Act).

Message 48 of 53
Highlighted
Contributor

Re: Lowest Discover APR you all have?

My latest Discover More statement shows a purchase APR of 11.99%V.  I have not carried a balance in over 20 years.

December 2020 Snapshot -

FICO8:
VantageScore3:
Inquiries:
New Accounts: 2/24, 2/12, 1/6 (newest account is not yet reporting)
AAoA: 10+ years
AoOA=AoORA: 33+ years
AoYA=AoYRA: brand new and not yet reporting



Total Credit Card Limits: $375k (includes $42k AU and $32k business)
Utilization: less than 1%

Installment Loans: none open
(all mortgages, auto loans, and student loans FINALLY paid off, though 5 closed tradelines are still reporting)
Message 49 of 53
Highlighted
Community Leader
Mega Contributor

Re: Lowest Discover APR you all have?


@NoHardLimits wrote:

My latest Discover More statement shows a purchase APR of 11.99%V.  I have not carried a balance in over 20 years.


I like how you put in a bank card score to make it look  like  you broke the 850 mark for fico8 Smiley Wink NoiceSmiley Happy

Message 50 of 53
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.