My discover IT card just arrived today in the mail. I was stunned that my APR is 23.99 % even though my equifax fico score is 712. My average age is 2.8 years and I have never missed a payment since I first started bulding my credit. However, I have sometimes carried a balance and I paid off my balance by the time I applied for this. Plus my introductory 0% last only 12 months, not 14 months like what they advertise when I got prequalified for this card. Does anyone know what the reason is?Should I call them right away and ask to lower it? Thank you.
Thank you everybody for your responses. I will probably call and ask them why that high APR and to lower it if possibly. If not then I just work it out over time. Im not planning to carry a balance with this card so this should not be an issue.
Once you can start requesting APR reductions, Discover will allow you to request one every 6 months.
APR is usually based on FICO scores. If you don't have any other credit other than credit cards, you might try the Alliant Share Secured loan trick. Also, make sure you use the credit card utilization trick when necessary.