No, there is no standard Discover Card interest rate; Discover card interest rate can be as low as 11.99% (V) or as high as 22.99% (V), depending on your credit. If you have excellent credit, you might get a rate at the low end of the range. But if your credit is just barely good, you’ll probably pay 20%+.
All of those rates, or APRs, are variable. That means they can change as the overall lending environment does. Some Discover cards’ regular interest rates don’t kick in right away either. In fact, most Discover cards offer 0% introductory APRs on purchases, balance transfers or both. It’s important to know a card’s rates before you apply.
Here are the Discover card interest rates:
Discover it® Cash Back: 11.99% - 22.99% Variable regular APR. Intro APRs of 0% for 14 months on purchases and 0% for 14 months on balance transfers. 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.
Discover it® chrome: 11.99% - 22.99% Variable regular APR. Intro APRs of 0% for 14 months on purchases and 0% for 14 months on balance transfers. 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.
Discover it® Miles: 11.99% - 22.99% Variable regular APR. Intro APRs of 0% for 14 months on purchases and 10.99% for 14 months on balance transfers. 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.
Discover it® Student Cash Back: 12.99% - 21.99% Variable regular APR. Intro APRs of 0% for 6 months on purchases and 10.99% for 6 months on balance transfers. 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.
Discover it® Student chrome: 12.99% - 21.99% Variable regular APR. Intro APRs of 0% for 6 months on purchases and 10.99% for 6 months on balance transfers. 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.
NHL® Discover it®: 11.99% - 22.99% (V) regular APR. Intro APRs of 0% for 14 months on purchases and 0% for 14 months on balance transfers. 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* (this offer is not currently available on WalletHub and may be out of date).
Discover it® Business Card: 12.99% - 20.99% (V) regular APR. Intro APR of 0% for 12 months on purchases and no intro APR on balance transfers (this offer is not currently available on WalletHub and may be out of date).
There’s one more Discover card APR to take note of, too. Discover’s cash advance APR is 24.99% Variable. If you use your card like a debit card to withdraw cash from an ATM, that APR will apply immediately and compound daily. So, try not to do that if possible.
To find the interest rate on your credit card, look at your cardmember agreement and your monthly credit card statements. Your interest rate will be there in the form of an annual percentage rate (APR). But as “annual” implies, an APR is the cumulative interest rate for a whole year, which isn’t all that helpful for calculating actual interest charges from day to day or month to month.… read full answer
You can figure your daily interest rate – or daily periodic rate – by dividing your APR by 365 (days in a year) because credit card interest compounds daily. (It’s worth noting that some card issuers may divide by 360 rather than 365). This calculation will give you the actual daily rate at which you accrue interest on a card. If your APR is 19.99%, your daily periodic rate would be 0.0547%.
The terms APR and interest rate are often used interchangeably. For general purposes, they express the same idea, though you’ll get a much better sense of your actual “interest rate” by using the daily periodic rate.
It’s worth noting that most credit card rates change (indicated in terms by a V next to your APR). So if the so-called prime rate that credit card APRs are tied to goes up, your rate will rise, too. A credit card agreement may note that the account’s APR is the prime rate plus a certain fixed percentage. Or, your rate might rise to a penalty APR (also found in credit card terms) if you miss a payment. Your card issuer must notify you of a rate change 45 days before it takes effect, unless you’re 60 days or more past-due on payment.
Though it’s good practice to keep an eye on your APR, interest rates don’t matter if you pay your credit card bill in full every month. If you aim to pay no interest, you won’t have to worry about crunching these numbers.
The best Discover balance transfer promotion right now is 0% intro for 14 months, with an introductory balance transfer fee of 3% (up to 5% after that) and a regular APR of 11.99% - 22.99% Variable. The Discover it Cash Back, Discover it chrome and NHL Discover it cards are the best Discover cards for balance transfers because all three offer this intro APR of 0% for 14 months to new applicants (followed by the standard variable rate). All three cards also have $0 annual fees and require good credit or better for approval, so rewards will have to be the tiebreaker in terms of choosing which Discover card to transfer a balance to.… read full answer
It is worth noting, though: what was once the clear choice for Discover balance transfers is not accepting applications at the moment. Previously, the Discover it Balance Transfer card offered a 0% introductory APR for as long as 18 months. But that offer went away during the coronavirus pandemic, and there’s no telling whether it will return. Some offers are not currently available on WalletHub and may be out of date.
You can get Discover to lower your interest rate by having your account details ready and calling Discover at (800) 347-2683 or contacting their customer service department through their chat function on their website. Knowing where you stand in terms of your credit score will definitely help negotiations as it's one of the main factors that determines the APR on a credit card.… read full answer
Here’s how to get Discover to lower your interest rate:
Make sure you have your account details ready: Before you reach out to Discover, you’ll need your account or card number, and a refresher on your history with Discover. Your odds for a rate reduction generally increase the longer you’ve had your Discover card, so make sure you have that information on hand. You should have some kind of reason why Discover should give you a lower APR, whether you’re trying to pay down your debt or you’re considering an expensive future purchase. And it’s good to decide whether or not you’re prepared to cancel your Discover card to push along a negotiation. It can help your case, in some instances.
Call the Discover customer service line at (800) 347-2683: listen through the service menu, and the automated voice will ask what you need. Just say, “I want to lower my APR,” and you’ll be directed to an account manager.
Reach out to Discover’s live customer service chat through their website: go to Discover's website and navigate to the Card Help Center through the “Help & Resources” link, found at the top right of the main page. Scroll down to the Customer Service panel on the left side, then click “Contact Us” and select “Message an Agent”. From there, simply say you’d like to lower your interest rate.
If your account is in good standing and you have a good, lengthy history with the company, Discover might offer you a permanently lower interest rate. They also reportedly give promotional 0% APR periods to customers who request a lower rate. If you think you’re qualified for a lower APR and they decline to offer you one in the beginning, state your case. If you’re willing to cancel your card over it, say so. Even if you haven’t had your Discover card for very long, you never know what you might qualify for unless you ask. There’s nothing to lose by trying, except for APR percentage points.
Your credit score is one of the main factors that determines your APR on a credit card. Improving it will definitely get you closer to getting approved for a card offering a 0% introductory deal, or successfully negotiating a lower rate for a card you already own. If you want to know where you stand, you can check your credit score for free, right here on WalletHub, while also getting custom insights that will help you improve it.
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