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How can I reduce my Discover Card cash advance interest rate?

5+ years ago I took out some cash advances on Discover Card. Since then, I have been paying off other debt, and closed out a couple of other cards.

Currently just have the Discover card an one visa card open, plus a debit card. Lately I’ve noticed my interest rate on my old cash advances is 28%, while my purchase interest rate is like 17-18% I asked several managers if they could lower my rate, and they only will for the purchases rate.

They always say they can’t do anything for the cash advance rate. So, I’m stuck with over $10,000 balance on the cash advance. I’d like to close out and maybe pay off, but It might hurt with two many closed accounts?? Is there anyway I can reduce interest rate? or should I close out the account and move on?


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This is information that was submitted by a third party and not generated by or Steve Rhode.
  • Sean

    It is also important to remember that the more you can pay towards the Discover will lower the Cash Advanced amount as that is paid out first.  I would try to get ride of the cash advance balance before any other balance, as they are unlikely to reduce your interest rate.

  • steven

    If you threaten to take your business some where esle they would be more inclined to cut you a break

  • Daniel Teitz

    I am not sure how beneficial it is to close and account if you havn’t paid it off. It hurts your credit twice; as a newly closed account and one with a high balance. I understand you are frustrated with the fact that they won’t help you but closing it doesn’t do you any favors either.

    If you are concerned about using it then cut it up like to other person said. But closing it on principle won’t get you to where you want to get to. 

  • Msullivan


    Good work on getting the other debt paid off! I’m a little confused about your question. You really can’t “close the account and move on” unless you have the means to pay it off. And  it probably would not be a good move to close down that account anyway since you only have one other card.

    If you have talked with two managers at Discover who have refused to lower your rate you can be pretty sure you are not on their list of favorite customers. Obtain another card with a better rate, transfer your balance from Discover and cut up the Discover card so you will not be tempted to use it. You can go to or to explore other card options.

    If you can’t get credit on better terms you need to just hang in there until the card is paid off.

    Good Luck!

    • Djcharliepeters

      Thanks for the response.  Well, by closing it, I would mean close it out and then pay it off making monthly payments until whenever.  That way at least I wouldn’t keep making them any additional money.  

      So, because I only have one active Visa & Discover (plus a Debit MC) and two other cards that are closed, and nearly paid off, I should get a new one, pay off balance transfer, before closing out Discover?  Better to have two or three active than only one and three closed and paying on?

      What is a good length of time to wait after opening a new one, and closing discover?

      Thanks again.  Just got to wait it out I guess.

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