How to lower my interest rate on Discover Card?

If you have another card where you can do a balance transfer, consider doing that. Many of them will charge you a 5% fee and give you about 14 months interest free. 5% would be $245, but that is well worth it in this case. That way the $100 monthly payments would go to the actual balance for the next 14 months or so.

Discover Card Interest Rate

Discover Interest Rate

13.49 is a pretty good interest rate. Most cards are 17-19%. If you have been making regular payments on the card, more than the minimum payment an you have good credit, phone them up and say you are thinking about getting a Visa/MasterCard because the rate is too high and is there anything they can do. Destroy the card , and finish the payments. Ask your bank for a loan of $5000, and then pay the credit card off. Your bank interest should be lower than 13%. Next credit card, look for "emerald card" or similar. $25 annual fee , 6% interest.

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RE :How to lower my interest rate on Discover Card?

I have a son who has a Discover card balance with 13.49% interest. We would really like to lower the rate. I know he pays $100 a month on the account with a balance right now of $4900. About $60 goes to interest. The card is under my name. I called them to see if they would lower it. They told me they are sending me an application for a manual review of my account. This is the only way they would help me out. I tried 4 times. When this comes in the mail and I fill it out is it better be make it look good on the application or better if I show a hardship.

Update: I have NO plans on lying on this application................................ I just wonder about it...if you want your interest lower do you have to be having a hard time with money. If you are doing good, do they see this and figure that you don't need the help?????

Follow 7 answers

If he pays the balance, there would be no add'l interest owed. As stated 13.49% is a good rate. I have a credit score over 810 and on one of my credit cards, the rate is 25.99!

You are not entitled to a lower rate.....period. If you request one and they deny you, that is the end of it. Whatever you do, don't LIE. They have access to your credit report and can prosecute you for fraud.

It's best to be honest. Figure that they will verify whatever you put down, so being deceitful will hurt your cause.

Yes, it might be true but it depends