Discover lowers my APR.... to 17.99%

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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Postby DavidNY » Sat Oct 20, 2012 7:18 pm

Money card wrote:Hey David you have excellent credit why Does Discover have you at 18.99 Apr? you seem to have prime cards I'm shocked
that they have you at 18.99!

They did have me at 18.99% but are now pleased to tell me they lowered it to 17.99%.

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Postby DavidNY » Sat Oct 20, 2012 7:20 pm

BTW, this is not my highest APR. I am pleased to say that honor goes to the Priceline card at 21.99%. I guess the "negotiator" couldn't do any better.

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Postby djrez4 » Sun Oct 21, 2012 12:22 am

DavidNY wrote:That's great as long as the dealer didn't add a charge for doing it.

No charge added. If I had been at a Ford or Chevy dealer, maybe they would have. I'm guessing my dealer has substantial experience with people putting entire vehicles on cards.
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Postby exdoll » Sun Oct 21, 2012 1:54 am

I call them and ask to lower mine and they lower it to 11.3 and give me 0 interest for 15 months.

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They advertise rates from 10.99 to 20.99

Postby Iroquois » Sun Oct 21, 2012 5:05 am

The descriptive material I've seen advertise Discover's intro rate of 0% with ongoing regular rates between 10.99 and 20.99.

Discover paying under 1% to raise money from depositors on their website or in the markets and then lending the same money back out to you at 17.99% or 18.99% is a VERY good deal - for them.

I had my rate lowered by 2% a few months back but that took the completion of a paper based request ( they could not do it electronically or over the phone), one of the more cumbersome processes and needless wastes of time that a customer service orientated organization could burden a customer in good standing with ( the same process works quite well by phone everywhere else). No information was requested by Discover in my experience either that was not readily available at the hands of their customer service rep when I called. Even with my lowered rate Discover was still not close to being competitive with my Citi, Bank of America or Chase cards.

Over family dinners I've heard of rates being given by Discover from 12.24% to people just getting out of college with some big debts and modest incomes to 19.99% for grandparents or people in their 50's and 60's with 40 plus year unblemished credit histories who are rock solid financially. Discover seems much more inconsistent and non competitive on APR than most other card issuers. Capital One though sounds like they are the most inflexible on rates and credit lines. Citi appears to be the most aggressive and easiest to deal with on getting rates reduced from my experiences. Citi reduced the APR on my card to 5.9% a little while back with a very simple phone call. Discover still has me in double digits but that's one reason why Discover sits in the back of my wallet ( which would change quickly if they ever choose to compete onreal things rather than slogans and advertsing).

About all you can do is ask Discover and see if they will work with you, and then use the cards you have and award your business to the card that treats you the best (which can change over time). Discover's advertsing about helpful customer service seems at odds with almost anything other than cleaning up statement questions or cleaning up purchase or payment transactions that somehow have gone wrong from what I've experienced or have heard.

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Postby hematino » Wed Oct 31, 2012 2:55 am

I'm a little late here but it's funny- I just got the same exact letter from Discover, but they lowered mine a lot. It was 22.99% (My credit was only in the mid 600s when I got the card) and they were pleased to lower it to 14.99%. I don't now and have never carried a balance on my More card, and have never paid them even a cent of interest, but it was still kind of cool to have them lower it by 8% without me asking. It's still six higher than my lowest APR card, but nice to know they are at least trying to be competetive. As far as rewards go I love my Discover card.
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