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.
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. 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.
You could always apply for a new Discover card to get 0% on purchases for over a year. Both the Discover it® Cash Back and the Discover it® chrome fall into that category, offering 0% APRs both on purchases and balance transfers for a period of 15 months. Or you could transfer your balance to a card from another issuer to get a lower rate that way.
Hi! Yes! It is definitely worth calling and asking them. You may need to make more than one call until you get a person who has the authority to make that change, but it can't hurt to call and ask. I'd do a bit of research first to see what the interest ranges are that the credit card company operates in so that you know where you might fall. You could also send an email or letter to ask.… read full answer
You also might want to see if there is a format or form provided online by your credit card company to request a lowered interest rate – that site will provide specific information to help you succeed in your request.
I feel as if it never hurts to ask for discounts and good deals. Many of us shy about doing this - I often am - but if you can get your courage up and try, you may be successful. Good luck to you!
A hard inquiry will typically drop your credit score by a few points, and it can only affect your score for up to 12 months. So, the potential negative impact is minimal. That said, … read full answerreceiving a lower interest rate may indirectly help raise your credit score if the new rate allows you to pay off your balance faster.
It’s worth noting that interest rates aren’t reported to credit bureaus and have no direct impact on your credit score. A hard inquiry is the only reason your credit score would drop after requesting a lower rate, and asking your card issuer for a lower rate won’t always trigger a hard inquiry. A hard inquiry only happens if they need more detailed information about your credit history to address your request. Card issuers seem to make this decision on a case-by-case basis.
If you are thinking about calling your card issuer to ask for a lower interest rate, and you’re concerned about the impact to your credit score, make sure to ask the rep about it along with your request.
Credit card interest rates are so high, averaging 18.32% for all new offers, because credit cards are unsecured and have no set timeframe for full repayment. Credit cards are riskier than other borrowing methods as a result, and issuers need to charge higher interest rates to compensate.
With mortgages and car loans, on the other hand, the house or car can be repossessed and resold by the lender when the balance is not paid off. But if a cardholder defaults on a credit card payment, there’s no guarantee that the lender will ever get their money back.… read full answer
Legal caps on interest rates – or the lack thereof – also affect credit card APRs. In 1978, the Supreme Court ruled that card issuers could set their credit card interest rates based on the usury laws in the state they’re headquartered in. Usury laws put a legal cap on the interest rates that can be charged on a line of credit, but not all states have them. This means that banks can avoid usury laws by strategically choosing the location of their headquarters. They can then export high interest rates to states that normally wouldn’t allow them.
Finally, credit card interest rates are so high in part because people agree to pay them. Card issuers will continue offering these terms as long as consumers continue accepting them.
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