Applied for Discover, odd APR and limit results

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
17 posts
User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3746
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Tue Apr 07, 2015 6:19 pm

CarefulBuilder14 wrote:Maybe the OP forgot to mention some existing balances? The OP could have high utilization and a clean payment history. Discover could be hoping to earn the OP's loyalty, as well as to generate BT fees and interest.

The lack of an intro 0% period is definitely unusual - assuming the OP didn't just forget to mention it.


I was right! Do I win a prize? :ppp
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when


kdm31091
Centurion Member
Centurion Member
 
Posts: 1009
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Postby kdm31091 » Tue Apr 07, 2015 7:45 pm

I think the APR seems pretty fair for this situation. The Slate that you have has a slightly lower APR because it offers no rewards. As for the credit union card you listed, I don't know if it has rewards or not, but regardless, credit unions are almost always lower APRs across the board. All the other cards you listed are in 0% periods and I don't see you listing the actual APR after that so that's apples to oranges.

I would simply use the Discover for 6 months - 1 year, and then ask about an APR reduction. If you have been a responsible cardholder there is a good chance they'll lower it. 705 isn't going to get you the best APRs available generally.

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Apr 13, 2015 9:13 pm

When I applied for Discover in December, I was carrying a balance on my Lowes card. It occurred to me at the time, that's probably why they gave me 5500 for a starting limit vs the 3k or less I was expecting.


My scores are (and were) 780s and I have a number of cards that are 10k or higher. They gave me 5500 as a starting limit, but 10.99% APR, which is the lowest they were offering at the time.


Frankly I would have HAPPILY allowed them to double the APR if they had given me 15k as a limit, but oh well it's not like that's an option. As it is, if I ever needed to carry a balance, Discover is my lowest APR card (Amex is close with 12.99% and Barclay's is 14.99%). I don't pay much attention to APR because I still haven't paid a penny in interest and don't plan to, but it's good to know just in case.


So what's the data point here? Probably we can agree that Discover wants to be THE card, and if you have a lot of high limit cards already they figure that probably isn't going to happen and thus they often times don't give you a big limit to start out with. Sevenfeet had like 7 cards with 20k limits or higher but got 2.5k from Discover to start. Seems kind of nonsensical but it's true. It also seems kind of nonsensical that someone with a 680 score and a few toy limit cards gets 8 or 10k to start. I'm sure there is a method to the apparent madness and the most logical explanation is what's been suggested above I think.

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3746
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Tue Apr 14, 2015 12:02 am

kdm31091 wrote:I would simply use the Discover for 6 months - 1 year, and then ask about an APR reduction. If you have been a responsible cardholder there is a good chance they'll lower it. 705 isn't going to get you the best APRs available generally.


When I called asking for some extra rewards, I got an offer from the CSR for an APR reduction that the website had never mentioned. The account had been open for about a year.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Tue Apr 14, 2015 1:19 am

They said my account is now a year old. Asked for an APR reduction and nothing. Current APR is 18.99%. I'll try again next month or after this next statement generates.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Wed Apr 15, 2015 8:56 am

Interestingly, last night they emailed me a Starbucks gift card (5 dollars). I thought it was a nice gesture of them.

JamesMS
Centurion Member
Centurion Member
 
Posts: 151
Joined: Mon Apr 13, 2015 6:17 pm
Location: Fort Worth, TX

Postby JamesMS » Wed Apr 15, 2015 10:36 pm

I agree with what flan stated on the reply.
Main Cards:
Amex BCE
Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)



Return to “Discover, Diners Club”

Who is online

Users browsing this forum: No registered users and 0 guests