Why does discover card charge me 17% when my FICA score is 768?

Answer 1

It's called a FICO score and they charge a lot because you willing to pay it.

If you want to get a credit card with the lowest rates, do some research at bankrate.com.

Answer 2

Lots of answers with so recent a posting. Believe it or not, 17% isn't that bad by today's standards. If you must carry a balance, call Discover as they may have a promotional program. 768 is a great FICO score so you're not being punished with a poor APR for it.

If you are concerned about your score, don't use a credit card to float a loan. Buy only what you can already pay for and use the card to play the credit game. Current activity keeps the score higher as long as you have less than 49% of high used credit as the max you put on in a month.

If you pay in full every month, the APR = 0%, the published APR isn't accurate either. Here's the real formula:

Published APR / 12 * whatever balance they use = current month's finance charges.

Current finance charge / the payment you make = true interest %

Multiply THAT by 12 and you'll be in for a huge surprise!

Answer 3

When you sign up for a credit card, they check your score. But after you get the card, they don't check it anymore. The rate can change over the years you've had the card, but it mostly depends on how interest rates are fluctuating in general in the industry, plus your own customer history as a cardholder. If you've had delinquencies, that rate is going to rise. And it may not go back down for a while until you've paid them on time every month for a period of time.

If you want that rate lowered, try calling customer service and seeing if you can get it lowered. Also understand that your customer history includes how you pay your balance, in full or in partial.

Answer 4

I believe Discover Card changes the rate based on how much you've purchased and how often.

Call them up and tell them you're not happy with the rate. Chances are, they'll reduce it right away. However, the rate might still be high. You might want to shop for a different card then, but expect rates to be around 12%.

Answer 5

Speaking as a nationally know credit score and lending expert (book, rado shows, newspaper columns, etc.):

You should be eligible for their lowest rate. Call and ask for it. Really, that's all that may be necessary. You may wish to pay your balance down or transfer to another card (or threaten to) to show how serious you are about demanding the lower rate your credit deserves.

There are numerous lesser-known credit cards that offer rates around Prime Rate (currently 8.25%). One I recall is Pulaski Bank. There are others. I suggest doing a web search.

BTW, is is "FICo" score, named after Fair Isaac and Company who developed the software.

Answer 6

Best thing to do is call Discover and ask them to lower interest rate. They'll tell you why it's high. ie: you carry a high balance compared to your max limit, etc. I've had Visa and MasterCard both lower thier interest rate just because I asked and told them that I could qualify for other cards with a lower rate. They don't want to lose your business if you have good credit.

Answer 7

actually that is low my credit score is 800 and the my discovercard rate is 20%. Be careful of those teaser rates. We have zero balances on our credit cards and use them only for emergencies. They charge high rates because they can

Answer 8

You probably signed up for a card that has offers and freebies, and the card can afford to give u these things by charging u a high percentage. Or if u were late on a few payments your APR will go up immediatley.

Answer 9

Because they can and you carry a card balance! Pay them off; keep no balance.

Answer 10

Because the can.