The Discover it® Balance Transfer Card is one of the best balance transfer cards if you want to pay off your debt with the card's 0% introductory period. Plus, it offers many rewards and other benefits that aren't typically offered with balance transfer cards. In this guide, we'll go over the key benefits of this card, and whether or not it's right for your wallet.
0% Introductory APR Offer One of the card's most attractive features is the introductory funds transfer APR of 0% for the first 18 months of account opening. The card also includes a 0% introductory APR benefit on purchases for the first six months. The card's variable APR ranges from 16.49% to 27.49% after the 0% introductory APR expires.
These introductory offers allow cardholders to transfer funds to pay off debt or finance large purchases without worrying about accruing interest over time.
No annual fee The Discover it Balance Transfer card has no annual fee. This makes it suitable for a wide range of cardholders, no matter what their budget.
reward rate This card offers 5% quarterly revolving tier cash back (up to $1,500 on quarterly purchases, then 1%; activation required). Earn 1% cash back on all other purchases. That way, no matter what you buy, you'll earn some money back with every purchase.
These reward rates differentiate the Discover it Balance Transfer Card from other credit cards that don't offer rewards. Plus, the rewards you earn never expire, and you can redeem your rewards for direct deposit, statement credit, gift cards, charitable donations, Amazon purchases, and more.
welcome to provide
Discover will match all cash back you earn within a full year of account opening. There is no minimum spend (like other welcome offers) and no limit to the amount you can earn.
Get Free FICO Scores
You can access your FICO score for free in your account to track your balance. Using this feature can be a great way to quickly and easily track your score while you work on improving it.
security function
The Discover it Balance Transfer card has several security features to protect your account. For example, you can use the Freeze It feature to freeze new purchases, balance transfers, and cash advances. The Identity Alert program monitors your personal information and alerts you if your Social Security number is found on a malicious website or new loan requests or accounts are listed on your Experian credit report. If your card is lost or stolen, you'll also receive a free replacement card overnight.
excellent customer service
In the United States, Discover customers have 24/7 access to customer service. According to the JD Power 2022 U.S. Credit Card Satisfaction Study, Discover ranks second among credit card providers for customer satisfaction, just a few points behind Amex.
No APR penalty
Another advantage of this card is that it has no APR. If you miss a payment, you will not be charged a higher APR.
No fine for first offense
With a Discover it Balance transfer, you won't incur late fees on your first missed payment. After that, a late fee of up to $41 will be charged.
No foreign transaction fees
Like all Discover credit cards, there are no foreign transaction fees on this card. This makes it a good choice when traveling internationally.
How to maximize the Discover it Balance Transfer card
There are several ways to maximize the rewards and benefits of this card.
Leverage Discover's Cash Back Match
One of the card's most lucrative perks is the cash-back matching offer for the first year. The more you spend with this card, the more rewards you get (though you shouldn't spend more than you budget). For example, if you get a $300 reward in your first year as a cardmember, you'll get an additional $300 in rewards at the end of the year, for a total of $600 in rewards.
Pay attention to the 5% cashback category
Be sure to monitor Discover's quarterly cash back categories to make the most of your rewards. Previously rotated categories included grocery stores, health clubs, gas stations, restaurants, Target and Amazon.
Take advantage of 0% introductory APR deals
Take advantage of 0% balance transfers and APR savings on purchases. Whether that means transferring balances from another card to pay off debt or finance a large purchase, the 0% introductory APR period puts you in control of your finances without worrying about accruing interest. Remember, after the introductory period ends, you'll have to pay a variable APR of 16.49% to 27.49% on any remaining balance.
final result
Like many top balance transfer credit cards, Discover it Balance Transfer is more serious when it comes to perks like travel or shopping. However, if you want to pay off your debt and earn great rewards, the Discover it Balance Transfer card is a great option.