Discover it® Balance Transfer full review
If paying off your debt is your number 1 priority, you need to take a look at how this card does that, it may help you a lot!
What do I need to know about the Discover it® Balance Transfer?
The Discover it Balances Transfer card is one of the best balance transfer credit cards because it offers the same 18-month 0% intro balance transfer APR (then a variable APR of 14.99 to 25.99%) as several top transfer cards.
It also has the same rewards program, first-year cash back matches bonus offer, excellent customer service, and some of the lowest rates and fees available on the market as any other Discover credit card.
Few balance transfer cards give a welcome bonus, much less recurring benefits. In addition to providing both, the Discover it Balance Transfer also offers some of the greatest deals in its category.
The issuer’s emphasis on value outweighs Discover cards’ limited feature set and the card’s weaker 14.99 percent to 25.99 percent variable APR after the first six months compared to many other zero-interest credit cards, making moving your balance to Discover a fantastic choice.
So, if you are looking for THE card that helps you put your debts in order, you need to have a glimpse at this one
How does the Discover it® Balance Transfer work?
We need to have a bigger discussion on the card’s greatest asset: the amazing intro APR it offers
The Discover It Balance Transfer credit card allows you to transfer high-interest debt from existing cards to your new one and incur no interest on it for a set period of time like many other credit cards do.
An eligible balance transfer made with this card has a 0% APR period of 18 months posted to your account. In terms of such offerings, it falls somewhere in the middle, between cards that offer a year or 14 months and those that provide 21 months or even two years.
However, there are charges for these transactions: 3% for those made within a few months (the actual number of months varies) of creating the account, and 5% for transfers made beyond that.
The Discover it Balance Transfer is a good option as well if you’re looking for a card without an annual fee that offers both generous rewards on regular purchases and the chance to receive a somewhat long interest-free term on balance transfers to the card.
Given the match on all cash back earned in your first year with the card, the rewards—5% cash back on spending in areas like grocery and gas, as well as at some large retailers—can be beneficial.
Although the categories that qualify for the higher rate vary every month and you must register every three months in order to earn it, the 5% incentives only go to organized shoppers.
Discover it® Balance Transfer’s main benefits
Generous 0% intro APR period
One of the longest initial 0% APR periods for transfers is provided by the Discover it® Balance Transfer: 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, followed by an ongoing APR of 14.99%-25.99% Variable APR.
Potentially lucrative sign-up bonus
With Discover’s special bonus, cardholders can essentially map out their own path to a personalized sign-up bonus during the card’s first year of use.
But keep in mind that if you use the Discover it® Balance Transfer card’s balance transfer feature, you might want to avoid using the card for any new purchases at all.
If you do, you might miss out on the generous sign-up bonus offer, which is only available to you during your first year of card use.
Other credit cards can provide the added advantages of rewards and a 0% introductory APR term. However, few of them can compete with the Discover it® Balance Transfer’s 5% cash-back rate on up to $1,500 in combined bonus category expenditures per quarter (after activation). 1% of all other purchases are reimbursed. The 5% categories on this card at present time are:
- Q1 (January through March): Grocery stores, fitness clubs, and gym memberships
- Q2 (April through June): Gas stations and Target in-store purchases
- Q3 (July through September): Restaurants and PayPal
- Q4 (October through December): Amazon.com and digital wallet purchases (Google Pay, Apple Pay, Samsung Pay, and Garmin Pay)
How to apply for the Discover it® Balance Transfer?
If you got interested in the perks this card gives to you, make sure you take a look at our “how to apply” article