Learn how to apply for the Discover it® Balance Transfer card
Stop the bleeding of your credit debts with this card and apply now.
Discover it Balance Transfer Card: Everything You Need to Know
The Discover it Balance Transfer card is one of the top credit cards for balance transfers. It offers an 18-month introductory 0% APR on balance transfers, followed by a variable APR of 14.99 to 25.99%. This makes it comparable to other top transfer cards on the market.
This card is specifically designed for individuals who already have credit card debt. Balance transfer cards are meant to help customers pay off debt by moving their balances to a new card, potentially saving them money on interest fees in the long run.
Unlike many other credit cards, the Discover it Balance Transfer card allows you to transfer high-interest debt from one card to another without paying any interest for a set period of time. With this card, you can enjoy an 18-month 0% APR duration on qualified balance transfers. This falls between cards that offer shorter durations, such as one year or 14 months, and those that offer longer durations, such as 21 months or two years.
It’s important to note that there are fees associated with these transfers. Within a certain timeframe (the specific number of months can vary), transfers will incur a 3% fee. After that timeframe, transfers will have a 5% fee.
Who is Eligible for the Discover it Balance Transfer Card?
Getting approved for the Discover it Balance Transfer card can be challenging, as it requires a high credit score. Generally, applicants with a FICO score of at least 670 have a fair chance of approval. However, these requirements are subject to change, so it’s important to stay updated on the credit score range necessary for approval.
How to Apply for the Discover it Balance Transfer Card
To apply for the Discover it Balance Transfer card, you will need to complete the application process online. This involves providing personal information on the “apply now” pages on Discover’s website. The application process for this card takes a bit longer than usual due to its focus on individuals with excellent credit. After submitting your application, you will need to wait while Discover reviews your case and decides whether you qualify for the card.
Is the Discover it Balance Transfer Card Worth Having?
The Discover it Balance Transfer card offers several rewards and benefits. With 5% cash back on purchases at select major retailers, as well as categories like groceries and gas, the rewards can be advantageous. Additionally, in the first year with the card, all cash back earned is matched. However, it’s important to note that the 5% rewards are subject to the individual’s ability to organize their purchases, as the qualifying categories change monthly and require registration every three months.
If you’re looking for a card without an annual fee that offers rewarding points on everyday purchases and provides a significant amount of interest-free time for balance transfers, the Discover it Balance Transfer card is a great option. It can be especially beneficial if you want to take advantage of the Intro APR to give yourself time and flexibility to pay off your credit card debt.
Discover it Balance Transfer vs Chase Freedom Unlimited
The Discover it Balance Transfer card and the Chase Freedom Unlimited card both offer unique benefits. The Discover card’s main perk is the introductory APR that allows you to organize your balance transfers, while the Chase card is an excellent cashback card that can become your go-to card for everyday purchases. Depending on your circumstances, you can consider combining both cards to enjoy the best of both worlds.
Benefits of the Discover it Balance Transfer Card
- No annual fee
- 18-month introductory APR period
- Bonus rewards categories
- Decent cashback rewards
Benefits of the Chase Freedom Unlimited Card
- No annual fee
- Initial APR period
- Generous rewards rate
- No minimum required for cashback
How to Apply for the Chase Freedom Unlimited Card
If you’re interested in enjoying the numerous benefits of the Chase Freedom Unlimited card, you can apply online. Take a look at the application process to get started right away!
