Confused by my APR? Anyone else had this?

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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Postby jeffysdad01 » Sun Nov 23, 2014 8:30 pm

I've carried balances before so I know what it's like. When I did, I would frequently call and request rate reductions. If it's worth bothering about, it should apply to the entire outstanding balance. To apply it only to new charges is ridiculous. If you are at the point where you are carrying a balance and anticipate doing so long enough to be worried about rate reductions, you shouldn't be making any new charges anyway. If it were me, I would look for a balance transfer that makes sense. Remember to mind the BT fee.

Brad Bishop
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Postby Brad Bishop » Mon Nov 24, 2014 6:09 am

My thoughts are:

Keep it. Use it. NEVER CARRY A BALANCE ON IT at that interest rate. Just treat it like a charge card.

Sometime down the road, if they haven't lowered it already, call them up and see if you can get it lowered.

If it were a Visa or MasterCard then I'd say dump it and look for a better card with a better interest rate. It being Discover means that you're going going to get one from them (much how Amex used to be) so it's likely easier to keep/use it (no balance) and ask for a lower interest rate later than to dump it and reapply later.

Of course, you don't have to have a Discover card so you could always dump it and never bother with them again.

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Postby rockyrock » Wed Nov 26, 2014 8:29 am

I noticed a few months ago that the rate on my Discover is at 19.99%. It used to be 15.99% and I have no idea when it went up. Sounds bad but I rarely pay attention to APRs. I admit this is perplexing as my FICO is >50 pts higher now than when I first got the card. I don't carry a balance so it isn't an issue but I am curious... Maybe I'll start looking through old statements to see if I can pinpoint the increase. If I'm not mistaking, that makes it the card with the highest APR.
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