Please Note: Information about the Discover it® Balance Transfer and Capital One® Quicksilver® Cash Rewards Credit Card have been collected independently by TheSimpleDollar.com and may be out of date.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?
If you’re looking or another balance transfer credit card with cash back, the Blue Cash Everyday® Card from American Express has some benefits. The 0% intro APR period is shorter, at 15 months, before it moves to a variable APR rate of 13.99% - 23.99% Variable (See Rates & Fees). You do get 3% cash back at U.S. supermarkets for up to $6,000 per year (then 1%), 2% cash back at U.S. gas stations and select U.S. department stores and 1% cash back on other purchases. Cash back is only applied in Reward Dollars for a statement credit. There is no annual fee with this card (See Rates & Fees).
The Capital One® Quicksilver® Cash Rewards Credit Card is available to those with good to excellent credit and features a balance transfer with 0% intro APR for 15 months, then a 15.49% - 25.49% (Variable) APR after that. There’s a 3% fee on amounts transferred within the first 15 months. This card has no annual fee, you earn unlimited 1.5% cash back on every purchase and you can earn a one-time $150 cash bonus after spending $500 on purchases within three months from the account opening.
The bottom line
If you’re able to plan to pay down your balance with 18 months and can pay off any new purchases within six months, you can avoid heftier debt and interest rates with the Discover it® Balance Transfer credit card. If you plan to make a big purchase and need more than six months to pay it off, you may want to look for other credit cards that have a 0% intro interest rate time period longer than six months for purchases.
For rates and fees of the Blue Cash Everyday® Card from American Express, please click here.
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