Discover it Balance Transfer Offer Review

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Updated on Friday, March 30, 2018

A balance transfer credit card can be a great way to finally dig yourself out of debt. The Discover it® Balance Transfer is a rare balance transfer card that not only gives you a substantial amount of time to pay off transferred balances, but also lets you earn rewards on new purchases.

Key features of the Discover it® Balance Transfer

  • Cashback program: You can earn 5% cash back on everyday purchases at
    different places each quarter like grocery stores, restaurants, gas stations, select rideshares and online shopping, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Cashback MatchTM: Discover will match ALL the cash back you’ve earned at the end of your first year, automatically. There’s no signing up. And no limit to how much is matched.
  • Freeze it®: Misplaced your card? Simply “freeze it” with the click of a button on the Discover app or online to prevent new purchases, cash advances or balance transfers. When you find your card, you can “unfreeze” your card.
  • Free FICO® credit score: You can check your FICO® credit score for free using Discover Credit Scorecard with the ability to see history for the past 12 months and important factors impacting your score like length of credit history and total number of accounts. You don’t have to be a cardmember to take advantage of this feature, however. It’s open for anyone to use.
  • 24/7 customer service: Discover has an entirely U.S.-based customer service team available to answer account-related questions 24/7.
  • Free fraud protection alerts: Discover will alert you if a new account appears on your Experian® credit report or your SSN appears on any of thousands of risky websites. This is a great added layer of fraud protection beyond what most credit card companies offer.

How do I qualify for the Discover it® Balance Transfer?

Balance transfer cards in general tend to favor people with good or excellent credit, and the Discover it® Balance Transfer is in line with that.

What to know before completing a balance transfer with the Discover it® Balance Transfer

While a balance transfer can be a great way to rid yourself of lingering debt, there are some things to keep in mind before transferring your balance:

  • Balance transfer window: With the Discover it® Balance Transfer, you need to make your transfer by a certain date to qualify for the balance transfer intro period. The date varies, so refer to your cardmember agreement. The sooner you transfer your balance, the better since you’ll minimize interest charges on your balance.
  • How long the balance transfer takes to process: Discover says balance transfers usually take seven days to process, while transfers made on new accounts typically take 14 days. That means you should continue to make payments on your old card until the transfer officially posts to your account. This prevents being charged late fees on your old card.

How to complete a balance transfer with Discover

We have a step-by-step guide on how to complete your balance transfer with Discover here, which includes screenshots for each step.

What other cards should I consider?

While the Discover it® Balance Transfer is a great choice for a balance transfer card, it’s always a good idea to shop around and see what other offers are available.

The Amex EveryDay® Credit Card from American Express is our top pick for a no-fee balance transfer card with a great $0 balance transfer fee. Transfers must be requested within 60 days of account opening to qualify for the intro period. In addition, this card has a good rewards program for grocery shoppers — 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases. Cardholders can also benefit from other American Express perks such as free two-day shipping with ShopRunner at select merchants and exclusive entertainment access.

If you have a large balance or are looking for a lengthy intro period, the Citi® Diamond Preferred® Card has you covered with the longest balance transfer intro period in our database at an intro 0% for 18 months on Balance Transfers (after, 14.74% - 24.74% (Variable) APR). This is plenty of time for you to pay off any debt you may have on an existing card, and is longer than the Discover it® Balance Transfer — however there are no rewards with the Citi® Diamond Preferred® Card.

The information related to The Amex EveryDay® Credit Card from American Express and Citi® Diamond Preferred® Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.

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