Has anybody had success lowering APR with Discover?

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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nismoZtuner
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Has anybody had success lowering APR with Discover?

Postby nismoZtuner » Thu Jul 31, 2014 4:12 pm

I just called Discover, I was curious when my 0% APR offer was going to end. After the representative told me when my offer was up I asked him if there was a way to lower my APR. He told me he was going to check if I was eligible for any offers- he placed me on hold, once he came back he told me that at the moment they did not have anything for me but that I can check with them later in the future. Well I guess not using Discover much gets me BS from them.. Guess Chase will have my business when it comes to getting something on credit WAY LOWER APR!

-hmm I will only use discover once a month to get my FICO..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22


notcool
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Postby notcool » Thu Jul 31, 2014 5:28 pm

nismoZtuner wrote:I just called Discover, I was curious when my 0% APR offer was going to end... Well I guess not using Discover much gets me BS from them.. Guess Chase will have my business when it comes to getting something on credit WAY LOWER APR!

-hmm I will only use discover once a month to get my FICO..

"

It sucks to be told "no" by a credit card company. I get annoyed when they turn me down for something I want. However, if your discover APR is currently zero, I'm not sure how Chase has a "WAY LOWER APR!" If you want a lower "go to" APR, I would recommend waiting until the intro period has expired. Even then it may take 6 months or more.

Citi refuses to lower my Thank You Preferred APR from 19% even though they more recently gave me a Simplicity at 12.99%. Apparently I am good enough for 13% on simplicity but only 19% on TYP. Lol. I pay in full anyhow so the "no" is really more a blow to my pride than my wallet. Not worth getting upset about.

Anyhow, Discover will lower APR for sure. But if you are still in the intro period, that might be a problem. If you rarely spend anything on the card, they also might not feel they have enough info about your ability / likelihood to pay back your debts to justify a lower APR.

Discover will lower APRs. Mine started at 20.% and stayed there for about three years. I've asked for reductions and it is now 10.24%. Last April I asked if it could be reduced further. They said "no," but gave me a temporary 0% deal from April to October. I took that.

My sense is that with discover, "love" is a two way street. If you use the card regularly and responsibly for some time you will get CLIs and APR reductions (and even some other offers). Though I've also found that I have to ask. Outside one small auto CLI, I've had to ask for everything. At least half the time they say "yes."

Also FWIW: I spent nearly 15 months with Barclay asking for a lower APR. Finally I got one in february after multiple, multiple rejections. Success can happen. But, again: I pay in full. At times I wonder if I spend too much time worrying about credit cards. Is there really much benefit to worrying about an APR when I PIF? Yet I still do...

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nismoZtuner
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Postby nismoZtuner » Thu Jul 31, 2014 6:06 pm

APR that I'm set at is 20.99% after August 4th. Always have paid in full before the statement closes and definitely haven't been late on any payments. . So yeah Chase is at low 14s.. i won't carry a balance if I'm at 20%+.

I use my amex cards 80% of the time- guess I'll ask to get my APR on my BCE reduced.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Jul 31, 2014 9:29 pm

nismoZtuner wrote:I just called Discover, I was curious when my 0% APR offer was going to end. After the representative told me when my offer was up I asked him if there was a way to lower my APR. He told me he was going to check if I was eligible for any offers- he placed me on hold, once he came back he told me that at the moment they did not have anything for me but that I can check with them later in the future. Well I guess not using Discover much gets me BS from them.. Guess Chase will have my business when it comes to getting something on credit WAY LOWER APR!

-hmm I will only use discover once a month to get my FICO..


From what I've read, Discover definitely likes to be the everyday card getting a lot of swipes. They also make a lot more money from interest than discount revenue, so they make the bulk of their money from people who have a balance.

According to their 2013 annual report, they made $6b in interest revenue, and $1.1b in discount revenue.

Compare that to Amex, which made about $7b in interest (though many are charge cards), $7b in card and travel fees, and $18.7b in discount revenue.
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432521
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Postby 432521 » Thu Jul 31, 2014 9:53 pm

I have gotten them to lower my apr once, but I have tried a couple of times since then about 6 months apart and they have said no.
March 2011- Wellsfargo Cash Back College Card
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