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Zero Interest Payments With This Trick
Please Note: Information about the Discover it® Balance Transfer have been collected independently by TheSimpleDollar.com and may be out of date. The issuer did not provide the details, nor is it responsible for their accuracy. The offers are not currently available on our site. This page includes information about the Discover it Balance Transfer product, which is no longer offered by Discover.
For millions of Americans with debt paying steep interest charges is a normal part of life. But there’s a different way, and most people don’t even think about it.
If you are currently paying interest on a credit card — or paying interest on other kinds monthly debt payments like furniture and appliance loans — you could be throwing away money every month. That’s because if you have good credit, then you’re most likely eligible for a 0% intro APR balance transfer credit card. Doing this eliminates your interest payments immediately, so each payment you make counts 100% toward paying down your debt.
In fact, credit card companies are offering really favorable terms on balance transfers right now. Take the Discover it® Balance Transfer. It gives you a long intro APR period on balance transfers — one of the longest out there.
But what happens when your credit card’s 0% intro APR expires and you’re still carrying a balance? The ideal situation is to pay your entire debt during the 0% intro APR period, but if you can’t, then getting another balance transfer credit card with a new 0% intro APR period is pretty easy.
First, apply for a balance transfer credit card that will allow you to transfer your existing balance to the new card. There are some nuances here. You can only move a balance from another credit card issuer or bank. For example, you CAN transfer your Discover it® Miles credit card balance to a Chase Slate® (currently unavailable through this site) card, but you CAN’T transfer that same balance to another Discover card like the Discover it® Balance Transfer.
Be sure to complete your balance transfer before your current 0% intro APR period expires, otherwise, you’ll get stuck with interest charges from your existing credit card. Also, pay attention to balance transfer fees. Some cards like the Chase Slate® let you transfer for free within 60 days of opening your account, while other balance transfer credit cards charge a small, one-time fee.
Ready to stop paying interest forever? Get started now with our simple head-to-head comparison of two of the best balance transfer cards available today.
Discover it® Balance Transfer
The Discover it® Balance Transfer has the longest intro APR of our top-ranked balance transfer cards. This card also delivers big on cash back rewards for all of the new purchases you make with the card. 5% cash back at different places each quarter like grocery stores, restaurants, gas stations, select rideshares and online shopping, up to the quarterly maximum when you activate. Plus, 1% unlimited cash back automatically on all other purchases.
But that’s not all. Discover also matches the cash back you earn during your first year as a cardholder. That means if you earn $200 in cashback, you’ll get another $200 on top of that — that’s $400 total cash back in one year. The more cash back you earn in your first year, the bigger your year-end cash back bonus.
Want to avoid the fees associated with a balance transfer? Go with the Chase Slate®. With this card, you can cut out interest payments and transfer your balance for FREE (as long as you do it within the first 60 days of opening the card). The Chase Slate® also has an extended 0% intro APR of 15 months, which means no interest payments until Fall 2018.
Pros: Pay no balance transfer fee (if made within 60 days of account opening), plus get 0% Intro APR for 15 months.
Con: You can’t transfer a balance from another Chase card. Additionally, this card doesn’t include access to a rewards program. If you already have a rewards credit card, we recommend making new purchases on that card — and using the Chase Slate® solely as a debt-elimination tool!
One thing to keep in mind is that most card issuers won’t allow you to transfer a balance from one of their cards to another. That’s why it pays to know what the best offers are. You’ll maximize your balance transfer savings this way and figure out which card will actually work best for your personal situation.
The Discover it® Balance Transfer has the best deal with its extra-long APR period, and the Chase Slate® lets you transfer your balances for free during the first 60 days–a huge benefit for savings. You can also check out our full list of the Best Balance Transfer Credit Cards for 2019 to compare other great offers — and find the one that fits your needs best.
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