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If you're dealing with expensive debt, the Discover it® Balance Transfer credit card can help you save on interest and pay it off faster. It has a lengthy balance transfer offer and a fantastic cash back program, so it offers plenty of upfront and ongoing value. Decide if this card is right for you with this Discover it® Balance Transfer review.
Good/Excellent (670-850)
Intro APR
Purchases: 0%, 6 months
Balance Transfers: 0%, 18 months
Regular APR
17.24% - 28.24% Variable APR
Rewards Earn 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. Plus, earn unlimited 1% cash back on all other purchases—automatically.
1%-5% cash back
Annual Fee
$0
Welcome Offer N/A
Discover will match all the cash back you’ve earned at the end of your first year.
If you want a balance transfer card that still has value after the 0% intro APR period expires, then this may be the card for you. It offers 0% intro APR for 18 months on balance transfers with a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. That alone makes it a great balance transfer card. The lucrative cash back program means you can continue to reap benefits from this card even after you pay-off your balance transfer.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 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. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
This credit card is a good fit for: Consumers who want to pay off debt more quickly and at a lower cost with a long intro APR balance transfer offer.
The Discover it® Balance Transfer credit card has several high-value benefits.
This card offers a 0% introductory APR lasting 18 months on balance transfers. That's one of the longest intro periods you'll find, even among the best balance transfer cards. If you're currently dealing with high-interest debt, such as credit card debt, the Discover it® Balance Transfer gives you plenty of time to pay it down interest free during the intro period. This card also offers a 0% introductory APR on purchases for 6 months. The go-to rate of 17.24% - 28.24% Variable APR applies after the 0% intro APR periods expire.
To learn more about how these cards are used, read our guide on how a balance transfer works.
Some balance transfer cards are light on rewards, but that's not the case with the Discover it® Balance Transfer. Cardholders earn a 5% Cashback Bonus® on everyday purchases on rotating categories each quarter like grocery stores, restaurants, and gas stations, up to the quarterly maximum of $1,500 on purchases, when you activate. Other purchases earn 1% cash back.
COMPARE MORE OPTIONS: Best Rewards Credit Cards
Discover will match all the cash back you’ve earned at the end of your first year. This sign-up bonus is only available during the first year and for new cardholders, but it can be particularly lucrative since the match is unlimited. For example, if you max out its quarterly bonus categories and earn $300 in rewards in the first year, you'd receive another $300 to match it.
SEE MORE: Best Sign-Up Bonus Credit Cards
As a Discover cardholder, you have access to a free credit score tool, Discover Credit Scorecard. What makes it special is that it provides your FICO® Score, the type of credit score most widely used by lenders. Many other card issuers have free credit score tools that provide other types of credit scores, which aren't used nearly as often. It's helpful to have access to your FICO® Score, since that's what's commonly used when you apply for everything from credit cards to car loans and mortgages.
An underrated perk of Discover credit cards is that they have no minimum threshold for cash back redemptions. You could redeem as little as $0.01. Other cash back cards have stricter minimum redemption amounts, such as $25.
Read our complete guide to Discover credit card benefits to learn more about what these cards offer.
There aren't any major issues with the Discover it® Balance Transfer card, but there are a couple of areas with room for improvement.
This card only has a six-month 0% intro APR on purchases. As mentioned, the go-to variable rate applies after the intro period. Some balance transfer cards also have a long 0% intro APR on purchases, which is helpful if you need that feature. This Discover card, on the other hand, is best used for balance transfers.
RELATED: Best 0% Intro APR Credit Cards
You'll pay a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. To be fair, this type of fee is common with most balance transfer credit cards. It'd be nice to see Discover stick with the intro fee, though, instead of raising it later.
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
To apply for the Discover it® Balance Transfer, it's best to have a FICO® Score of 670 or better. Other factors are also considered during the credit application process, so there's no guarantee a high score will secure approval. But if you have a lower credit score, you may want to work on improving your credit first or look at other card options.
You have credit card debt that will take you at least six months or longer to pay off. If so, the Discover it® Balance Transfer will almost certainly help you save money on interest charges. And if both of the following are true, this card could be an especially good fit:
If you want to compare more options, head over to our list of the best credit cards to see what else is out there.
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
The minimum starting credit limit for the Discover it® Balance Transfer is $500, but some cardholders have reported much higher limits of $10,000 or more. Discover bases your credit limit on your income, credit history, and other factors related to your creditworthiness.
Discover processes most balance transfers within four days. The Discover card account must be open for 14 days before Discover can begin processing a balance transfer request.
Discover it® is the card issuer's main product line offering multiple types of credit cards. The Discover it® Balance Transfer is one of the credit cards in the Discover it® product line.
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