Does anyone know how Discover works?

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iVillage Member
Registered: 03-25-2003
Does anyone know how Discover works?
1
Tue, 04-14-2009 - 7:04pm

I'm getting annoyed because last fall, both of our CCs (a Citibank and Discover) were at 28.99%. It was horrible. In January, DH called Citibank and they lowered our rate to 14.24%. In February he called again and they lowered it to 13.24%. In March he called again and they lowered it to 12.99. Citibank is the card we're focusing on now because it has the lower balance and we get more actual principal paid off every month. Besides they have this deal now where if we we pay at least $150 more than our minimum payment for 4 months, they'll credit us 10% of the extra after 4 months. We're on month 3 of that. DH started calling Discover every month and has only managed to get it lowered to 20.99%

Both cards started at the same rate. We've paid both on time every month and our last late payment on both was around the same time. I don't know if they still do it, but I know at one time they would automatically lower your rate after 6 months of on-time payments. When DH got it lowered to 20.99% it was right before our 6th on-time payment. Since then we've had two more on-time payments, but they won't budge on the rate. I know with some CCs (and Citibank seems to be one of them), it depends on who you talk to. Does anyone know if Discover is the same or do they have some formula for calculating when you're eligible for a rate decrease? Are they being tougher on the rates with the economy? Are they just a bunch of jerks? Is there anything else we can do to get them to lower our rate? We're paying on time and paying a little over the minimum for now. Once Citibank is paid off we'll be throwing all of that on Discover.

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iVillage Member
Registered: 04-13-2009
Tue, 04-14-2009 - 9:47pm

I don't know about the way they do rates because mine is still at 0% (think this was just a one year deal, up this July)...


BUT when I have dealt with Discover Card to see if they would allow a balance transfer (I am always on time with payments) they weren't very nice to me about it. The guy FLAT OUT said, "The economy is not good, you are not going to get anything else on your card." But then I called Chase, and they were fine with it (and I have a higher balance on the Chase). Chase and Wellsfargo willingly lower rates and I get automatic card limit increases every 6 months, too. Discover Card just reminds me of when I had a Capital One (they were rude, too!) So I don't know, but if the way he talked to me was any indication of how they are on other matters... GOOD LUCK!


 

-Kels