Link'd Learning

APR/Interest

100

How much is a minimum interest charge amount on a customer's statement?

$0.50

200

If we go over the interest charged summary with a customer, what letter should we send out?

Interest Charge Calculation letter (#100587)

300

What is a way that we can explain residual interest on a customer's statement?

• Example One:  The interest charges on the statement are residual interest charges.  After your billing statement closed on [insert cycle date from previous statement], interest accrued from the start of the new billing period [insert date after cycle date] until the payment in full was received on [payment posted date]. 
• Example Two:  Interest is accrued on a daily basis.  The residual interest charges on the  account were accrued from the beginning of the billing period for the LAST statement we sent until the day it was paid in full.
• Example Three:  When a balance is carried forward month to month, the account accrues interest on a daily basis.  The account last cycled on XX/XX and the statement balance was $XX.XX.   Starting the day after that cycle date, the balance accrued interest for XX days (count how many days from that date until the statement balance was paid).  Moving forward, if the statement balance is paid in full each month the account will no longer receive interest.

400

What is an exception to the 3 interest adjustments in 12 months rule?

Discover card error, Disputes, or Disaster Benefits

500

What is a definition for the "balance subject to interest rate"?

The average daily balance within the billing period.

Credit Line Increase

100

How often can a customer request a credit line increase?

• If a customer asks how often can they apply for a credit line increase, explain they are welcome to apply at any time.    
• Do not discourage customers from applying for a credit line increase; we cannot stop a customer from applying e.g. customer asks for your advice in applying.

200

Can we resend LIR decision letters?

No.  Letters are sent from the Focus system so they will not display in Orion. 

300

How do we process a credit line decrease in Orion at the customer's request?

The option to decrease credit lines is no longer available (effective 12/16/22).

400

What option can we provide to a customer if an LIR is declined and the customer has an urgent need?

Forced authorization

500

What accounts are not eligible to combine credit lines (provide 2 of 4 options)?

 

• Closed (whether by Discover or customer) account; both accounts must be open
• Joint Accounts with one Cardmember <21 years old
• Secured card accounts
• Business card accounts

Secured Cards

100

When do we automatically start reviewing for an account to move to unsecured status?

On the seventh month (7th billing cycle) the account was opened.

200

What is the cash credit line for secured cards?

All secured cards are set up with a $50 cash credit line, no matter the account credit limit.

300

If a secured account is closed with a zero balance, how can it take for the customer to receive their security deposit?

Up to 2 full statement cycles, plus 10 calendar days

400

What 3 requirements need to be met for a Secured Card ACH to be sent?

1. If an original check was sent (due to graduation, closure, etc.)

2. Secured Card Reissue Team has reissued at least one additional check

3. The last check was sent at least 30 days ago 

500

If the customer wants to know what they can do to graduate to an unsecured account, what steps can we advise?

We start reviewing accounts on the seventh month the account was opened and once we see six consecutive on-time payments and six months of good status on all their credit accounts.

• The reviews consider status for all their credit cards and loans, including Discover and others, such as car loans. So customers should be sure to pay on time and avoid delinquencies on all their loans.
• If the cardmember misses a payment or does not maintain good status with all creditors, the counter will reset, and they will need to start again with the 6 consecutive months of on time payments.
• Customers do not have to carry/have a balance to be eligible for graduation.

Payments

100

In general, how is payment allocation typically applied?

Generally, minimum payments are applied to balances with lower APRs first.  Any amount paid above the minimum payment will generally be applied to balances with higher APRs first.  

200

How many days will a Kitenet/EWS remain on an account?

Up to 8 business days

300

What types of payment(s) reduce the minimum payment due?

Payment and/or reward redemption for a statement credit.

400

When a returned payment occurs, we will only resubmit up to this dollar amount and only for these specific reasons?

$2500 ; NSF and/or Uncollectible Funds

500

For payment allocation, if we have 2 balances with the same interest rate and same expiration date, where will the payments be applied?

The payment is applied first to the balance with the lowest go-to rate, once that category is paid off, the remainder of the payment is then paid to the balance with the next lowest go-to rate, etc. 

• If the go-to rate is the same, e.g., two promo Balance Transfers (BTs) with same rate, same expiration date and same go-to, the payment is applied from lowest balance to highest balance.

MISC.

100

What movie is the phrase "you had me at hello" from?

Jerry Maguire

200

Why do we wear green on St. Patrick's Day?

Ireland's nickname is the Emerald Isle and the Irish flag has a green stripe.

300

Who was the first woman ever inducted into the Rock and Role Hall of Fame?

Aretha Franklin

400

Which singer's real name is Robyn Fenty?

Rihanna

500

Which country gives students the longest summer holiday?

Italy