Discover 0% APR on new purchases for 12 months for existing customers

[winb83]

Discover just game me 0% APR on new purchases for 12 months as an existing customer. All I did was go into the online chat and ask if they could lower my APR.
Discover Promotional 0% APR 12 months for Current Card Holders! YMMV.

 

[Rawtid]

So how does 0% on purchases going forward help your current APR?

 

[Will Ross]

So how does 0% on purchases going forward help your current APR?

Most of the time the old apr stays the same. Only deal if you don't have any blance

 

[Rawtid]

Most of the time the old apr stays the same. Only deal if you don't have any blance

I know. That's why I'm trying to figure out if dude thought this was good news or not. It doesn't seem like it

 

[winb83]

So how does 0% on purchases going forward help your current APR?

It doesn't help my current APR. What it means is for the next 12 months I can carry a balance with no interest as long as I make the minimum payments to stay current.

Say I buy a $2000 item tomorrow. If I pay $167 a month I pay it off in 12 months with no interest instead of having to pay that $2000 in full at my next due date.

 

[ORDER_66]

Someone explain what APR is??? Like credit or something?

 

[Rawtid]

It doesn't help my current APR. What it means is for the next 12 months I can carry a balance with no interest as long as I make the minimum payments to stay current.

Say I buy a $2000 item tomorrow. If I pay $167 a month I pay it off in 12 months with no interest instead of having to pay that $2000 in full at my next due date.

I understand. I just assumed the reason you may have called to lower your APR is because you currently had a balance and wanted to save my lowering it.

 

[Rawtid]

Someone explain what APR is??? Like credit or something?

In short, it's the percentage the bank charges to borrow money. In the OP's case,discover is charging him 0% when he uses his credit card.

 

[winb83]

I understand. I just assumed the reason you may have called to lower your APR is because you currently had a balance and wanted to save my lowering it.

I don't carry balances on my credit cards. I get cash back on all of them and carrying a balance defeats the point because cash back is maybe 5% or 6% tops and interest is at least in the low to mid teens.

Someone explain what APR is??? Like credit or something?

It's interest on the money borrowed. 0% APR means no interest for 12 months on the things you charge. It lets you borrow money for free for a year.