Learn how the Discover it Balance Transfer card's industry-leading 18 months 0% APR deal helped thousands crush credit card debt fast without paying interest.
A balance transfer credit card can be a useful tool for saving money on interest charges when you're carrying debt on high-APR credit cards. The Discover it Balance Transfer card, a balance transfer card from discover, stands out with an intro 0% APR period up to 18 months on balance transfers made within 45 days of account opening. This gives you over a year to pay off your debt without accruing new interest charges.
What is a Balance Transfer Credit Card?
A balance transfer credit card offers a 0% introductory APR for a set period, typically 6 to 18 months [1] when you transfer balances from other credit cards. This pause on interest accumulation allows you to pay down balances faster. You'll usually pay a one-time balance transfer fee.
Balance transfers make the most sense if you have good credit and high-interest debt on other cards. It lets you save substantially on interest, making balance transfers most useful for those struggling with credit card debt.
Key Features of the Discover it Balance Transfer Card
The Discover it Balance Transfer credit card stands out with these features:
- 0% Intro APR for 18 Months on Balance Transfers: This provides 18 months to pay off transferred debt without incurring interest. Balance transfers must be made in the first 45 days to get the full intro period.
- Discover Deals: Cash back rewards can be earned and redeemed for statement credits. Rotating bonus categories change every quarter.
- No Annual Fee: Unlike some other rewards cards, the Discover it card has no annual fee.
On top of these features, the Discover it card has no foreign transaction fee, 24/7 customer support, free monthly credit score checks, and robust security features with $0 fraud liability.
Discover it Balance Transfer credit card
The Discover it Balance Transfer credit card offers an industry-leading 18 months 0% intro APR on balance transfers made in the first 45 days. With no annual fee and cash back rewards on top of interest savings, this card allows consumers to pay down debt faster.
Credit Score Required
Discover it Balance Transfer credit card best for those with good credit (690+ scores) carrying balances on high-APR cards. The 18 month intro period provides ample time to pay off debt without incurring more interest charges. Just be sure to budget carefully and pay off balances before the 0% APR deal expires.
To apply, you'll need to get approved, then initiate any balance transfers within the intro period's window. Expect a 3% balance transfer fee, but no other fees. Rewards are also earned for purchases outside of paying down transferred balances.
The Balance Transfer Process for Discover it Balance transfer credit card
Applying for a balance transfer starts with getting approved for the new credit card that offers the intro 0% APR deal you want . Once approved, you can transfer balances that show up as line items on other credit card statements.
The process involves:
- Getting approved for the balance transfer credit card
- Initiating balance transfers within the intro 0% APR timeframe
- Paying the one-time balance transfer fee that's usually 3-5%
- Making payments on the balances before intro APR ends
- Paying normal rate after intro period concludes
With the 18-month intro APR deal on the Discover card, you'd need to carefully budget so all transferred balances can be paid off before rates increase.
How to Apply Discover it Balance transfer credit card
To get started, submit an online application with Discover. You'll need:
- Your social security number
- Income and housing payment information
- Account numbers to transfer balances from
After getting approved, log into your account to initiate balance transfers. Make sure to do so within the intro 0% APR timeframe.
Who Should (and Shouldn’t) Use Discover it Balance transfer credit card?
The Discover it Balance Transfer card makes the most sense for those with good credit seeking to consolidate credit card debt [5]. You'll need a credit score of at least 690 for the best approval odds. Since it's not a secured card, those rebuilding credit likely won't qualify.
This card best suits borrowers with debt on high-APR cards. You can transfer any credit card balances, though balance transfers usually exclude other types of debt. If you'll still carry balances after the intro 0% APR expires, a different balance transfer card may be better.
While you can earn rewards too, this card is better for balance transfers than maximizing cash back. Use it to wipe out debt, then switch to a premium rewards card after.
Pros of the Discover it Balance Transfer Card
Advantages of the Discover it Balance transfer credit card include [6]:
- Long 18 month 0% intro APR on Balance Transfers: This provides ample time to pay off debts without incurring interest.
- No Annual Fee: There's no annual fee for this or other Discover cards.
- Generous Welcome Bonus and Rewards: New cardholders can earn $200 cash back after spending $1,000 in the first 3 months. Plus 1.5% cash back on all purchases outside of bonus categories.
Cons to Consider
Downsides of Discover it Balance transfer credit card are relatively minor but should be noted [5]:
- Balance Transfer Fee: The one-time fee of 3% applies, which isn't the lowest but is offset by the long 0% term.
- Caps on Rewards: Quarterly rewards bonuses and cash back from purchases cap at $75 each quarter. Unlimited 1.5% cash back applies to non-bonus purchases.
- High APR After Intro Period: The go-to purchase and balance transfer APR is a variable 19.49 - 27.49% after intro deals conclude. That makes paying off balances before then crucial.
Alternatives to Compare
The Discover it card makes a strong case for balance transfers, but weighing alternatives helps ensure the best fit [5]. For lengthy 0% financing and balance transfer options, the U.S. Bank and Citi cards compete directly with the Discover it card. Compare terms to find the best fit.
- Citi Simplicity Card - 0% for 21 months on balance transfers (then 17.49% - 27.49% variable), but no rewards.
- U.S. Bank Visa Platinum Card - 0% for 18 months on balance transfers with no balance transfer fee for the first 90 days.
Master Your Finances in 2024: Top Balance Transfer Credit Cards
U.S. Bank Visa Platinum Card
Pros:
- 18 months 0% intro APR on purchases & balance transfers [5]
- No balance transfer fees for the first 90 days [2]
- No annual fee [5]
Cons:
- 3% balance transfer fee after 90 days
- No rewards program
Citi Simplicity Card
Pros:
- 0% intro APR for 21 months on balance transfers [3]
- No late fees or penalty rate hikes
Cons:
- No rewards [6]
- Relatively high 5% balance transfer fee
- No sign-up bonus
For consumers who don't expect to pay off transferred balances within 18 months, cards with longer intro APR deals may be preferable.
The Top 5 Balance Transfer Credit Cards for Good Credit in 2024
The Bottom Line
As a leading balance transfer card, the Discover it Balance Transfer credit card stands out for sporting an extended 18 month 0% intro rate along with cash back rewards. There's no annual fee either. Approved applicants with good credit can park debt on the card temporarily while paying no interest, then switch to a premium rewards card after the debt is wiped out.
Just be sure to make payments within the intro 0% APR window, usually 18 months. Rates then jump over 17%, underscoring the importance of becoming debt free before then. Used strategically, this card can save you hundreds in interest charges.
Used responsibly, this card can save hundreds of dollars over nearly two years. Make sure to compare terms to other leading balance transfer cards too before applying to ensure the best fit.
Frequently Asked Questions about Discover it Balance Transfer Credit Card
What types of balances can I transfer?
Most credit card balances are eligible, including those from competing banks. Debts like medical bills or personal loans typically don’t qualify.
Will balance transfers affect my credit?
They may cause a short-term score drop from increased credit utilization and new hard inquiry. But over time, lowering balances boosts scores .
Are there risks with balance transfers?
Yes, mainly not paying off balances before the 0% rate expires. That causes deferred interest to be added to your balance. Carefully budget so you become debt free before intro terms end .
What is the credit limit for Discover it balance transfer?
The minimum credit limit is typically $500. Actual limits depend on your creditworthiness.
How much is the Discover card transfer fee?
The fee is 3% of the transferred balance amount, with a minimum of $5-10.
What is the grace period for Discover it balance transfer card?
The grace period is at least 21 days.
What credit score is needed for Discover it balance transfer card?
You'll generally need good to excellent credit, a 690+ FICO score.
Can I transfer my Discover balance to another credit card?
Yes, you can initiate balance transfers from your Discover card to other cards.
How long does it take to be approved for Discover it card?
Approval is generally instant if you qualify. Allow 1-2 weeks for delivery.
How long does a Discover card balance transfer take?
Transfers take 5-7 business days after initiated.
How do I transfer balances to my Discover card?
Log into your account online to initiate balance transfers after getting approved.
Can I transfer from my Discover balance transfer card to my checking account?
Unfortunately, you cannot directly transfer a balance from your Discover credit card to a checking account.
However, there are a couple of options to essentially move money from your Discover card to your bank account:
1. Get a cash advance from your Discover card at an ATM. Then deposit the cash into your checking account [1].
2. Initiate a balance transfer from your Discover card to a different credit card that allows cash advances. Then get a cash advance from that other credit card and deposit into your checking account.
However, both these options will charge fees and high interest rates. It's best to simply make purchases on your Discover card, then pay the bill with money from your checking account instead of attempting to go the other way around.
Can I transfer my Discover balance to another Discover Card?
No, you cannot transfer a balance from one Discover card to another Discover card.
Is it a good idea to transfer balance?
Balance transfers can be beneficial for some credit card users as they may allow you to move your existing balances to a new credit card with a lower interest rate for a limited amount of time. However, it’s important to consider the cost of any balance transfer fees and the APR that will apply to the balance transfer amount if it’s not paid off within the promotional period.
How to check my transfer Discover card balance?
You can check your Discover card balance online by signing into your account or through the Discover mobile app. You can also call customer service at 1 (800) 347-2683.
What is the introductory APR for a Discover card?
The introductory APR for a Discover card is 0% for 15 months on purchases and eligible balance transfers. After the introductory period, a standard rate of 17.24% - 28.24% variable applies.
How do I do a balance transfer on my Discover card?
To do a balance transfer on your Discover card, you need to log into your account and request a balance transfer. You’ll need the account information for the cards you want to transfer the balance from, and you’ll need to specify the amount you wish to transfer.
How do I transfer money from my Discover card to my bank account?
You can transfer money from your Discover card to your bank account by using a service like PayPal or Venmo. You can also make a direct deposit to an account you’ve previously used to pay a Discover bill.
Does Discover have Zelle?
Yes, Discover Bank does work with Zelle. You can use Zelle to send money fast and easy by logging into your Discover account and enrolling in Zelle.
What is the Zelle transfer limit for Discover ?
The daily transfer limit for Zelle with Discover is $600.
Can I balance transfer Discover to Capital One?
Yes, you can transfer your Discover card balance to the Capital One Venture Rewards card. However, you cannot transfer balances between two Capital One accounts16.
What are Discover it balance transfer approval odds?
Approval for a Discover it balance transfer depends on several factors, including your credit score. Generally, you’ll need a good to excellent credit score (between 670 and 850) to qualify. However, other factors beyond your overall credit score are considered.
What is the limit on Discover balance transfer?
Discover may approve up to 95% of your new credit line for a balance transfer.
🌐 Sources
- [discover.com - What is a Balance Transfer Credit Card?](https://www.discover.com/credit-cards/card-smarts/balance-transfer/)
- [cnbc.com - Discover it Balance Transfer Credit Card Review](https://www.cnbc.com/select/discover-it-balance-transfer-credit-card-review/)
- [bankrate.com - Discover It® Balance Transfer Benefits Guide](https://www.bankrate.com/finance/credit-cards/discover-it-balance-transfer-benefits-guide/)
- [discover.com - Balance Transfer Credit Cards](https://www.discover.com/credit-cards/balance-transfer-credit-cards/)
- [investopedia.com - Discover Credit Cards: Advantages and Disadvantages](https://www.investopedia.com/articles/personal-finance/020515/discover-credit-cards-advantages-disadvantages.asp)
- [nerdwallet.com - 9 Benefits of Discover it Cash Back and Balance Transfer ...](https://www.nerdwallet.com/article/credit-cards/benefits-discover-it)