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Key features of the Discover it® Balance Transfer
- $0 annual fee
- 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.
• Redeem cash back any amount, . This rate is good for people who don’t mind quarterly bonus categories and want to maximize cash back.
- 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.
- No foreign transaction fees: You can use your card abroad without being charged a fee on each purchase you make. This is a great feature if you plan to travel outside the U.S. Just remember Discover isn’t as widely accepted abroad compared with Mastercard and Visa.
- No penalty APR: Paying your bill late won’t raise your APR, which is helpful if you forget a payment. Setting up autopay or reminders is a great way to prevent late payments. Although your APR won’t be impacted, your credit score could get dinged if you miss payments regularly.
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. You’ll need credit to qualify.
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 fee: The Discover it® Balance Transfer has a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. That may not deter you too much. Considering how much you’ll save during that 0% intro period, it could more than make up for this fee. Do the math to be sure it makes sense. For example, say you have a $3,000 balance on a card with a 25% APR and you can afford to make monthly payments of $200. If you leave it on that card, you will be paying $629 in interest over approximately 17 months. But, transferring that balance to the Discover it® Balance Transfer will only cost $90 if you pay your balance by the end of the intro period. That’s approximately $539 in savings by doing the balance transfer.
- Regular purchase APR: If you carry a balance post-intro period, you will be charged 11.99% - 22.99% Variable APR. This depends on your creditworthiness, and you won’t know your rate until after you apply. You should make it a goal to pay off your balance before the end of the intro period to avoid interest charges.
- 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. There are cards with different rewards programs, intro $0 balance transfer fees and longer intro periods that may be more beneficial for your needs.
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® Credit 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, 15.74% to 25.74%* (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® Credit Card.
The information related to The Amex EveryDay® Credit Card from American Express 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.