When I called Discover Card about the rate hike of my Cash Advance APR from 18.99% to 23.99% the woman told me that she could not process such a request over the phone. She informed me that a certain department handles the requests and that they only handle such requests through a form they will mail upon request. There is no way to request a lower APR over the phone or through a request on the Discover Card website. I was instructed to complete the form and mail it back. How inconvenient! I received the form in the mail and was outraged to see that the form they sent was only a request to lower *purchase* APRs and it mentioned nothing of cash advance APRs.in response I am sending Discover Card the formal letter below. I am posting this so others can draft their own letters in response. The address below pertains to the department that handles APR requests.
*The Letter*
February 2
Attention: Discover Card Financial Services LLC
Po Box 15068
Wilmington, DE 19850-5068
Re: Annual Percentage Rate (APR) Request Form, Account ending in: XXXX
To: Whom It May Concern
Thank you for sending me the Annual Percentage Rate (APR) Request Form (The Form). However, The Form I received only asks that Discover Card Financial Services LLC (You or Your) consider my Account for a lower purchase APR. I specifically requested for a lower cash advance APR form when I called You and was informed that I would receive a form by mail.
I am highly dissatisfied that I have received the incorrect form. I am even more highly dissatisfied that my cash advance APR has climbed from 18.99% to 23.99% with in the last year. And, I am dissatisfied to the point of outrage that requests for lower APRs must be processed through The Form as opposed to a verbal or web initiated request.
Here are several reasons You should immediately consider my Account for a lower cash advance APR:
-I have had my Account since the year 2000.
-I have only been delinquent once in an eight year history and that delinquency was due to a mis-delivered payment. The fees and penalties were all reversed and I made a double payment as soon as the error was discovered.
-The only time my Account was over the limit was due to the error above.
-I have not received or requested a lower APR of any kind in the past eight years.
-This Account nor any Discover Card Account has been closed, revoked, or suspended.
My Discover Card Account has been a great asset over the last eight years. For example, it has helped me buy text books and groceries while I went to college. My Account also helped fund an academic trip to Italy. Also, thanks to Discover Card I was able to purchase plane tickets for my business colleagues who needed to travel to California for a highly important business convention. I have had nothing but praise for Discover Card.
With the recent raise in the cash advance interest rate and the unfathomable penalty interest rates You applied to my Account after the erroneous delinquency above I can only request that You graciously lower the cash advance interest rate before I transfer the balances off the card and close my Discover Card permanently. I will not fail communicate my experience, whether it is positive or negative, to consumers and on public review boards.
If my request is not approved within the next 30 days, I have other creditors with competitive offers who are more than eager to attract a good consumer such as myself and assist with transferring the balance on my Account. Also, I will note that the reason for closing my Account is due to the denial of my sole request for a lower APR during my eight years of satisfactory service with Discover Card. So please consider Your decision carefully and in a timely manner. I thank You in advance for your time and I greatly appreciated Your services.
By signing this letter, I (XXXXXXXX) am formally requesting that You review my Account for a lower cash advance annual percentage rate (APR) for which this Account qualifies.
Account:
XXXXXXXXXXXXXXXXXX
Louisville, KY 402xx
Phone: xxx-xxx-xxx
Account Number: xxxx xxxx xxxx xxxx
Email Address: [email protected]
Signature:%
CC: www.Usa Consumer Complaints.com, www.my3cents.com
CC: Federal Deposit Insurance Corporation, Consumer Response Center, 2345 Grand Boulevard, Suite 100, Kansas City, MO 64108
*
Kevin Asbury
Louisville, Kentucky
U.S.A.
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