2Tall wrote:When you request and receive a lower interest rate on your existing Discover Card, Discover won't apply that lower rate to your existing balance AND subsequent payments are applied to the new balance at the lower rate first and any amount over the minimum payment amount is then applied to the old balance that continues to accrue at the higher interest rate. Consumer beware if you plan on keeping a revolving balance.
This is true. Of course, anyone who plans to keep a revolving balance should focus on getting a very low or 0% APR and only think secondarily about rewards. If you want a low APR, it's easy to get something lower than Discover (and most other rewards cards).