We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence. The offers that appear on this site are from companies from which TheSimpleDollar.com receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. The Simple Dollar does not include all card/financial services companies or all card/financial services offers available in the marketplace. The Simple Dollar has partnerships with issuers including, but not limited to, Capital One, Chase & Discover. View our full advertiser disclosure to learn more.
Discover it® Balance Transfer Review
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Information about the Discover it® Balance Transfer have been collected independently by TheSimpleDollar.com and may be out of date.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.
If you want to increase the time you have to pay off your credit card balance but also get rewarded as you spend, look to the Discover it® Balance Transfer credit card. This credit card has cash-back benefits similar to other Discover cards. For example, you can get a cash-back match at the end of your first year of purchases with the Discover It Balance Transfer credit card. Earn 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 and earn 1% cash back on all other purchases automatically.
The Discover it® Balance Transfer credit card is available to those with good credit or higher and may be a solid option for paying off your balance.
|Card||Intro Offer||Credit Needed||Key features|
|Discover it® Balance Transfer||Discover will match ALL the cash back you’ve earned at the end of your first year, automatically.||Good to Excellent||Balance transfer|
What we like about the Discover it® Balance Transfer
Cardholders can earn 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. All other purchases earn 1% cash back automatically. Any cash back earned during the first year will be matched at the end of the year, with no limit to how much is matched, making this a balance transfer card with some great perks.
Cash back never expires and can be redeemed in a variety of ways any time, including account direct deposit, through Amazon.com, as a statement credit and in gift cards and eCertificates, which require a minimum of $20.
Discover security features are attractive, with free Social Security number alerts and monitoring for thousands of dark web sites after you sign up, along with suspicious activity monitoring on your card for every purchase. You can get free overnight shipping to any U.S. street address at your request for a new credit card replacement for lost or stolen cards. There’s also $0 fraud liability, meaning you’ll never be responsible for unauthorized purchases on your credit card.
Things to consider
Cardholders who plan on making lots of large purchases with their balance transfer credit card may want to look at other options since the Discover it® Balance Transfer card only provides six months of a intro APR for purchases. If you’re not able to pay off new purchases in full, you’ll end up creating a new balance, which could defeat the purpose of getting the card.
You also will have to pay attention and activate your bonus categories if you want to get the cash back rewards. If you’re forgetful or don’t want to have to work for your rewards, this may not be the card for you.
Discover it® Balance Transfer details
You’ll only be able to transfer a balance onto the Discover it® Balance Transfer card that comes from a non-Discover-branded card. The amount will need to be less than the credit limit on the Discover card. And keep in mind the balance transfer can take at least 14 days to close. You’ll want a solid credit score to qualify for a balance transfer and get a lower interest rate.
To maximize the use of this card, aim to pay off your balance within 18 months to avoid interest after that. Use your card only for purchases you can fully pay off, especially within the first six months when purchases are interest-free APR.
How does it compare to other balance transfer cards?
The Capital One Quicksilver Cash Rewards Credit Card is available to those with good to excellent credit. This card has no annual fee, you earn unlimited 1.5% cash back on every purchase and you can earn a one-time $200 cash bonus after spending $500 on purchases within three months from the account opening.
Editorial Note: Compensation does not influence our recommendations. However, we may earn a commission on sales from the companies featured in this post. To view our disclosures, click here. Opinions expressed here are the author’s alone, and have not been reviewed, approved or otherwise endorsed by our advertisers. Reasonable efforts are made to present accurate info, however all information is presented without warranty. Consult our advertiser’s page for terms & conditions.