Discover card holders, check your bills. You may be one of 400,000 lucky members getting their interest rates significantly increased for no apparent reason.
We received a “Love Note” separately from our statement from Discover stating that our APR will be rising from 12.74% to 19.99% . While I do carry a small balance on the card sometimes, it has never been one that I use much because I have cards that are below 8% APR and still offer rewards. Now, my credit isn’t bad (744 FICO – just checked after getting off the phone with Discover). I have no past dues, never pay late, etc. I also noticed that the statement said “this decision to change your terms was NOT based upon information in your credit file”.