I called Discover Card customer services to request a lower interest rate on my card. I was told by the customer service representative that they could not lower my rate over the phone, but that they would mail me an application for a lower rate.
The application arrived in the mail. Almost all of the information that it requests is information that they already have (or likely have access to):
- Name
- Address
- Rate requested
- Account number
- Daytime phone number
- Evening phone number
- Social security number
- Date of birth
- Income
- Employer
The form states:
"You must requested a *specific* [emphasis theirs] rate on this application. If you make a request for a range of rates or a general request for a lower rate, your application will be considered incomplete and will be declined."
On the reverse they elaborate:
"This application is to be used only to request a lower standard Annual Percentage Rate (APR) for purchases. Please do not include requests regarding fees, terms or other APRs that apply to your Account, such as introductory APRs for purchases and balance transfers or APRs for cash advances. We will notify you regarding our decision within (30) days of our receipt of this completed application. If your APR request is approved, you will receive the APR you requested, provided it is a rate that we currently offer; otherwise you will receive an APR that is no more than. 50% higher than your requested rate. If your new APR is less than or equal to 19.99%, it will be a variable rate that will be determined by adding a specified number of percentage points to the Prime Rate. This rate will increase when the Prime Rate changes. If your new APR is greater than 19.99%, it will be fixed."
It seems to me that they have turned my request into a guessing game, where I have to guess what rate I qualify for within. 50%. If I don't guess within. 50% of "a rate that we currently offer, " my request will be declined.
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