The
Discover it® Balance Transfer card is an great low interest credit card for people with good credit or better. It offers low introductory APRs on balance transfers and on new purchases, followed by a regular APR. There is a balance transfer fee, but like all other Discover credit cards,
Discover it® Balance Transfer has a low annual fee, too.
Unlike most 0% APR credit cards worth getting, the
Discover it® Balance Transfer card gives rewards on purchases. Cardholders earn 5% cash back up to a quarterly maximum spent in designated bonus categories that require activation, along with 1% back on all other purchases. Discover also doubles all the rewards new cardmembers earn the first year as an anniversary gift.
Below, you can find the rest of the info you’ll need to decide whether or not to apply for the Discover balance transfer credit card.
Discover it Balance Transfer Review Highlights: - Good balance-transfer deal. The Discover it Balance Transfer card offers low introductory interest on transfers for months longer than the average 0% balance transfer period, which lasts for 13 months. After the intro period concludes, any remaining balances are subject to the card's regular APR.
- Balance transfers are not free. The Discover it Balance Transfer card’s main weakness is its balance-transfer fee. That makes it inferior to competing cards with the same fee but longer 0% introductory terms, or slightly shorter 0% terms and no fee. You can use WalletHub’s Balance Transfer Calculator to compare the costs of each option and find the best balance transfer credit card for your needs.
- Potential for a very high regular rate. The length of the Discover it Balance Transfer credit card’s promotional financing periods is so important because of what follows them: a regular APR range depending on your creditworthiness. The low end of that range is about the same as the average APR among credit cards for people with excellent credit, but the high end is above even the average for people with fair credit. So you could get walloped by finance charges if you carry a balance beyond the friendly confines of the card’s 0% intro terms.
- Same rewards as the standard Discover it® Cash Back card. You won’t sacrifice any rewards value relative to the Discover it® Cash Back card by opting for balance-transfer version. They offer the exact same things: 5% cash back in specified bonus categories up to a quarterly maximum (requires activation), plus 1% cash back on everything else and double rewards the first year your account is open. That said, only the bonus-category earning rates are above-average, and the bonus categories rotate quarterly.
- Good credit required. The Discover it Balance Transfer card’s good-credit requirement means it must compete with the market’s top transfer and rewards offers. So you’d be wise to check your latest credit score for free on WalletHub before you apply.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.