Rare Combo Alert: 0% Intro APR for 15 Months and up to 5% Cash Back

Imagine if there was a credit card that let you:

• Transfer a balance and pay no interest for an extended period
• Earn serious cash back on everyday spending
• Skip annual fees altogether

That's not a dream scenario -- it's the Discover it® Cash Back card.

I've reviewed a lot of credit cards over the years, and it's very rare to see cards offer the combo of both rewards and an intro APR. Here's everything you need to know.

Earn cash back where it counts

The Discover it® Cash Back card is best known for its rotating 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate.

That 5% cash back applies up to the quarterly maximum of $1,500 when you activate, then you still earn unlimited 1% cash back on all other purchases.

On top of that, new cardmembers get Discover's Unlimited Cashback Match offer. Discover will match all the cash back you’ve earned at the end of your first year.

So if you racked up $300 in cash back, it becomes $600.

Redemption is flexible, too. You can use your cash back towards statement credits, deposits, gift cards, or even Amazon and PayPal checkout.

Save big with an intro APR offer

Cash back might be the headline feature, but the Discover it® Cash Back card has other sneaky superpowers. It also doubles as a valuable balance transfer card.

It offers a 0% intro APR for 15 months on purchases and 15 months on balance transfers. After that, a standard 17.99% - 26.99% Variable APR applies, based on creditworthiness.

An important note: Balance transfers do come with a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.

Here's what that looks like with a $7,000 transfer.

• Transfer amount: $7,000
• Intro balance transfer fee (3%): $210
• Total balance moved: $7,210
• Interest at 0% for 15 months: $0

If you're currently carrying that same $7,000 on a card charging 20% interest, you'd pay around $1,620 in interest over 15 months if you only made minimum payments.

But by moving that balance to Discover and paying it off fully within 15 months, you'd pay just the $210 fee instead. That's over $1,400 in potential savings.

That's why I call this a rare combo -- you're earning cash back on new purchases while giving yourself breathing room to tackle old debt.

No annual fee and quick approval decision

One of my favorite parts of this card: $0 annual fee. You don't have to worry about earning enough rewards to "offset" the cost of keeping it.

You can also apply and get a decision in as little as 90 seconds.

The most qualified applicants will have credit scores in the good to excellent range (we estimate this to mean a 670 FICO® Score or higher). So if you're still working on your credit score, it makes sense to continue building your credit profile before applying.

Who should apply (and who shouldn't)

The Discover it® Cash Back card is a great pick if you're trying to knock out a balance, or if you spend a lot in everyday spots like gas stations, grocery stores, or restaurants.

It's also a great choice if you don't want to stress about annual fees and like the idea of seeing your first year's rewards automatically doubled.

Basically, if you want a no-hassle card that gives you both time to breathe on debt and a shot at big rewards, this one makes sense.

Who might want to pass: If you'd rather keep things simple with a flat cash back rate on every purchase, or you're chasing premium travel perks like airport lounges, there are other top rewards cards out there that might suit you better.

The bottom line

Credit cards usually make you pick: save on interest or earn rewards. The Discover it® Cash Back card breaks the mold by offering both, plus no annual fee.

If you're looking for a card that can help you tackle debt and still reward your everyday spending, this one is worth a hard look.

See all of today's top cash back credit cards and compare your options here.