Discover it® Balance Transfer

Welcome Bonus

N/A

N/A

Annual Fee

$0

Annual Rewards

N/A

N/A

Rewards on Approval

N/A

Interest rates

Purchase Rates

16.74%

Cash Advance Rates

29.74%

Balance Transfer Rates

16.74%

Table of Contents

Discover it® Balance Transfer

Discover it® Balance Transfer is a credit card that allows you to transfer high-interest balances from other cards. It offers a lengthy 0% APR period and cashback rewards, making it suitable for consolidating and paying off debt.

Pros

  • 0% intro APR on balance transfers for 18 months, giving you plenty of time to pay off your existing balances without incurring any interest charges
  • No annual fee, which can save you money over time
  • Cashback rewards program that offers 5% cashback on rotating categories and 1% cashback on all other purchases
  • Free FICO credit score tracking to help you keep an eye on your credit health
  • No foreign transaction fees, making it a great option for international travel or online purchases from foreign merchants

Cons

  • Balance transfer fee of 3% of the transferred amount can add up, especially if you're transferring a large balance
  • Rotating categories for cashback rewards can be difficult to keep track of and may not always align with your spending habits
  • Cashback rewards must be activated each quarter in order to earn the 5% cashback, which can be an extra step for some cardholders
  • Discover is not as widely accepted as some other major credit card issuers, so you may not be able to use it everywhere

Details & Eligibility

  • 800+
  • N/A
  • N/A
  • $0
  • N/A
  • N/A
  • No
  • 16.74%
  • 29.74%
  • 16.74%
  • N/A
  • N/A
  • N/A

About Discover it® Balance Transfer

Discover it® Balance Transfer is a credit card offered by Discover Financial Services that is designed to help cardholders consolidate and pay off high-interest credit card debt. It offers a low introductory balance transfer APR and cash back rewards on purchases. Here are some details about the card:
  • Introductory APR: 0% intro APR for 18 months on balance transfers (then a variable APR of 11.99% – 22.99% applies)
  • Balance transfer fee: 3% intro balance transfer fee (minimum $5) for transfers made within the first 60 days (after that, a 5% balance transfer fee applies)
  • Rewards program: Earn 5% cash back on rotating categories each quarter (up to the quarterly maximum, then 1% back), and 1% cash back on all other purchases
  • Sign-up bonus: Discover will match all the cash back you earn at the end of your first year, automatically.
  • No annual fee: There is no annual fee for the card
  • Late payment forgiveness: Your first late payment fee will be waived, and there is no penalty APR for paying late
  • Credit score requirement: Good to excellent credit (typically a score of 670 or higher)
Discover it® Balance Transfer can be a great option for those who are looking to consolidate credit card debt and save on interest payments. The 18-month introductory period is one of the longest balance transfer offers in the market, and the rewards program can help cardholders earn cash back on everyday purchases. Plus, the waived late payment fee and penalty APR can provide some peace of mind for those who are worried about missing a payment. However, it’s important to note that the balance transfer fee applies and that the card’s rewards categories change every quarter, so it may not always align with your spending habits. Additionally, the cash back rewards may not be as high as other cash back credit cards on the market.

Why choose Discover it® Balance Transfer

Are you struggling to pay off your credit card debt? Discover it® Balance Transfer card can be your best ally. With Discover it® Balance Transfer, you can enjoy a 0% introductory APR for the first 18 months on balance transfers. That means you can transfer your high-interest credit card balances to Discover and pay no interest for a year and a half. Additionally, you can earn cashback rewards on every purchase you make, with 5% cashback rotating categories and unlimited 1% cashback on all other purchases. Discover also provides a free FICO® credit score and will monitor your account for any potential fraud. What’s more, Discover it® Balance Transfer has no annual fee, no foreign transaction fees, and no late fees for your first late payment. Plus, if you ever misplace your card, you can easily freeze your account on the Discover mobile app. By choosing Discover it® Balance Transfer, you can save money on interest fees and earn cashback rewards, which makes it a smart and responsible financial choice. Apply now and start your journey towards financial freedom.

How to apply for Discover it® Balance Transfer

You can apply for a Discover it® Balance Transfer card online by visiting the Discover website and filling out the application form. You’ll need to provide personal information, such as your name, address, Social Security number, and employment information. You’ll also need to provide financial information, such as your annual income and monthly housing payment. Once you submit your application, Discover will review your credit history and financial situation to determine if you’re eligible for the card. If you’re approved, you’ll receive your new card in the mail within a few business days.

What are my approval odds for Discover it® Balance Transfer

Approval odds for the Discover it® Balance Transfer card will depend on a variety of factors, including your credit score, credit history, income, and debt-to-income ratio. Discover typically requires good to excellent credit to be approved for this card. If you have a credit score in the mid to high 600s or above, and a history of making on-time payments and managing your credit responsibly, you may have a good chance of being approved for the Discover it® Balance Transfer card. However, it’s important to note that approval is not guaranteed and each application is evaluated on a case-by-case basis. Additionally, Discover may consider other factors such as your income, employment history, and overall financial situation when making a decision.

FAQs about Discover it® Balance Transfer

Here are some frequently asked questions about the Discover it® Balance Transfer:
  1. What is the balance transfer fee for the Discover it® Balance Transfer?
  • The balance transfer fee is 3% of the amount of each transfer.
  1. How long does the 0% introductory APR on balance transfers last?
  • The 0% introductory APR on balance transfers lasts for 18 months from the date of the first transfer.
  1. Is there an annual fee for the Discover it® Balance Transfer?
  • No, there is no annual fee for this card.
  1. What is the credit score needed to be approved for the Discover it® Balance Transfer?
  • While there is no set minimum credit score required, applicants with good to excellent credit (typically above 670) are more likely to be approved.
  1. Are there any rewards or cash back offered with the Discover it® Balance Transfer?
  • Yes, the card offers 5% cash back on rotating categories each quarter, up to the quarterly maximum, and 1% cash back on all other purchases.
  1. Does Discover it® Balance Transfer offer any additional benefits or perks?
  • Yes, Discover it® Balance Transfer offers a variety of benefits and perks including free FICO® credit score monitoring, fraud protection, and a $0 fraud liability guarantee. It also offers access to a 24/7 U.S.-based customer service team and a variety of tools to help manage and monitor your credit.
  1. Can I transfer balances from multiple credit cards to the Discover it® Balance Transfer?
  • Yes, you can transfer balances from multiple credit cards as long as the total amount of the transfers does not exceed your credit limit.
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