Discover it® Balance Transfer full review
If you prioritize paying off your debt, it would be beneficial to examine how this card aids in achieving that, as it can be greatly helpful.
The Discover it® Balance Transfer: Everything You Need to Know
The Discover it Balance Transfer is a credit card that stands out for its exceptional benefits and features. It offers an 18-month 0% intro balance transfer APR, rivaling the top transfer cards in the market. In addition, it has a rewarding cash back program, excellent customer service, and competitive rates and fees.
Unlike other balance transfer cards, the Discover it Balance Transfer also provides a welcome bonus along with ongoing benefits. These added perks make it an attractive option for those looking to transfer and manage their balances effectively.
While the card’s feature set may be limited compared to other zero-interest credit cards, the emphasis placed on value and customer benefits outweighs any drawbacks. Choosing the Discover it Balance Transfer can be a smart move to consolidate and pay off your debts.
How Does the Discover it® Balance Transfer Work?
The greatest asset of the Discover it Balance Transfer is the exceptional introductory APR it offers. By transferring high-interest debt from existing cards to your new Discover card, you can enjoy a set period of no interest on the transferred balance.
A balance transfer made with this card comes with an 18-month 0% APR period. While it may not be the longest offer in the market, it falls within the average range of credit cards that provide anywhere from 12 to 21 months of introductory APR.
It is important to note that there are charges associated with these transactions. Within a few months of account creation, the fee for balance transfers is 3%. Transfers made beyond that timeframe incur a 5% fee.
The Discover it Balance Transfer is an attractive choice for those seeking a card with no annual fee that offers both rewards on regular purchases and a generous interest-free period for balance transfers.
With the card’s cash back program, cardholders can earn 5% cash back on eligible spending categories such as groceries, gas, and select retailers. The rewards can be highly beneficial, especially with the first-year cash back match offer.
Discover it® Balance Transfer’s Key Benefits
Generous 0% Intro APR Period
The Discover it Balance Transfer offers one of the longest initial 0% APR periods for balance transfers. It provides a 0% intro APR on purchases for 6 months and a 0% intro APR on balance transfers for 18 months. After the introductory period, the ongoing APR ranges from 14.99% to 25.99% variable.
Potentially Lucrative Sign-Up Bonus
Discover’s special bonus feature allows cardholders to earn a personalized sign-up bonus during the first year of card use. However, it is important to note that using the balance transfer feature may exclude you from qualifying for the sign-up bonus.
Cash Back Rewards
The Discover it Balance Transfer not only offers a 0% introductory APR but also provides a competitive cash back rewards program. Cardholders can earn 5% cash back on up to $1,500 spent in bonus categories per quarter, along with 1% cash back on all other purchases. The bonus categories rotate quarterly and include popular spending areas like grocery stores, gas stations, restaurants, and online purchases.
How to Apply for the Discover it® Balance Transfer
If you are interested in the benefits provided by the Discover it Balance Transfer, we recommend reading our “how to apply” article for a detailed guide on the application process.
