**ATTN: DISCOVER CREDIT CARDS USERS: Please Read this IMPORTANT post**

[MagickMuffin]

I called Discover about lowering my interest. I was told they have a "promotional program" of 3.9% interest rates it expires in Feb. 09 at which time it will increase again. But if you're paying a higher rate right now it will help in the meantime and save you from the higher interest rates you might be stuck with at the current time.

I just thought I would pass this along in case someone here could benefit from this "promotional program" before it expires. Also the credit card holder who issued the cards has to be the one to call and request the lower interest rate.

:hi:

[Canuckistanian]

1. What's the catch?

They don't do this stuff out of the goodness of their hearts.

Get a lawyer or accountant to go over the fine print.

[DJ13]

2. Discover Card Services has had an alarming rise in delinquencies and non payments

They are probably hoping to forestall any more write downs to their earnings for the rest of the year.

(Of course, if they would have just had lower rates all along they wouldnt have the problem in the first place.....)

[MagickMuffin]

7. Occasionally credit card companies will lower your rates if you call and request it

Back in the early nineties I wanted to restore my credit history and obtain a credit card. I was a member of my company's credit union. They instructed me to pay off my debt which I did I only had one outstanding debt. I then was allowed a credit card which everyone has to have at least one to function in our society.

The credit union office workers told me I could always call a credit card company and request a lower interest rate. I have done this over a period of years and I have never had a problem with them lowering it to some degree.

Of course if I'm late on paying it on time the interest will shoot back up to where it was originally.

When I called Discover I was told that I had over $300 from their cash back program. I asked them to apply it to my credit statement.

And yes you are correct about not doing it out of the goodness of their hearts, that's why I posted to let others be aware of this "promotion" otherwise no one WOULD know about it.

[zorahopkins]

3. Be VERY Careful About This

This sounds very tempting.

It sounds as though the good folks at Discover really, really understand your situation and that they really, really want to help.

IT IS NOT SO!

They will let you transfer your current balance to a low 3.9% rate that expires in February 2009 (only 6 months from now).

Meanwhile, though, if you use your Discover card at all, those new purchase will accrue interest at the normal rate -- sometimes as high as 29%.

And, when you make payment, guess which balance your payments are applied to?

That's right, the balance with the lower interest rate.

Which means, of course, that your higher-rate balances just sit there -- accumulating interest for those good, caring peoplel at Discover.

They are playing you for a sucker.

Don't fall for it!!

[Debi]

5. Unless of course you can pay down your balance in those six months

3.9% is a much better rate than 29% even if it is for only six months.

[MagickMuffin]

8. I didn't use the transfer offer.

All credit card companies will usually lower your rates IF you call and ask them. I've done this over a period of years now and never had a problem with them suckering me.

They want you to use their cards.

See my post above for more info.

[question everything]

4. You have to have a zero balance, first!

Unless a recent law changed it - not sure - every payment goes to the lower rate first. Thus, whatever balance you have will continue to accumulate interest at their - what, 19%? - until that promotional period ends.

Better check this out.

[MagickMuffin]

9. I didn't have a zero balance and I don't think they are screwing with me

I guess I'll have to wait until my next statement comes to find out for sure.

[Midlodemocrat]

6. I just called. I was told new accounts only.

:shrug:

I've had my account with them for over 10 years, but I don't carry a balance.

[MagickMuffin]

10. I've been a member since '94

I originally called to activate my new cards. After I was finished I asked the agent if I could get a lower rate. He transferred me to another agent that handles those requests.

Perhaps since you don't carry a balance they won't lower it. :shrug:

I used to be able to pay off the total bill when it came, however, that hasn't been the case lately.

My credit union are the ones who first informed me about calling credit card companies and requesting lower rates. It has always worked for me.

[Sherman A1]

11. Thanks!

I use Discover for just about every purchase that I can apply to the card and pay it off completely at the end of the month. I take advantage of their cash back program and use that for gift cards for nieces & nephews for Christmas and Birthdays which helps cut expenses. Also by applying reoccurring bills such as auto insurance and alike I build up the cash back bonus faster as well as cutting down on postage and checks. Also they have quarterly promotions that increase the cash back % in certain categories which helps.

I have found them very easy with which to work over the years. I just make sure the card is paid off monthly.

[sharesunited]

12. Need to cancel my Discover Card. I'm caught between Discover and

a merchant who won't stop placing new charges against my account.

Discover says it's between me and the merchant.

So I am saying to hell with you both.

[SoCalDem]

13. Call and say you "misplaced" your card, they'll issue you a new number

Then the merchant would not be able to charge the new card number:)

[sharesunited]

14. Thanks, I may do that!

I do reach for a Discover Card from time to time.

Am also interested in giving this new HSBC card a try.