The Discover It Balance Transfer Card is a Balance Transfer card. That means that if you have a high-interest rate on your current card, Discover It will transfer the balance of any existing accounts to this new account.
The Discover It Balance Transfer Card is great for borrowers. This card allows you to transfer the balance from other high-interest cards so you can pay off that debt in a short time frame with lower interest rates.
Balance transfer cards like Discover It is not ideal for everyone. There is a fee of three percent for each balance transferred, so it’s crucial to ensure that the amount you move will save you more money in interest charges than the fee costs.
The card also offers a 0% APR on purchases and balance transfers for the first 14 months. This can be helpful if you are looking to make a large purchase or want to transfer a balance and pay it off over time.
After the introductory period, the APR will be between 13.24% and 24.24%, which is still lower than many other credit cards on the market. In addition, there is no annual fee for this card, making it an excellent option for those looking to save money.
The Discover It Balance Transfer Card: Basics.
Card Type: Visa
Annual fee: $0.
Interest rate: 0% for a first 14 months. After the first 14 months, your interest will be between 11.99% and 20.99%.
Credit score: Good credit. Good or excellent credit is generally considered above 700, so if your score falls in that range, you should be able to receive approval for the Discover it Balance Transfer Card. This means that good and fair credit borrowers can also apply for this card without issues.
Credit limit: $0 – $7500 (depending on the previous usage).
Balance transfer fee: $0. This is beneficial because other cards may have a balance transfer fee which can be costly for people looking to move their balances onto one card.
Cash advance APR: 25.24%. This is high, so it’s important to avoid taking cash advances with this card. In addition, you should avoid cash advances because they often come with high-interest rates and fees.
Foreign transaction fee: None.
Reasons why you might want a Discover it Balance Transfer Card:
No annual fee with % intro APR.
The Discover It Balance Transfer Card is a sound card for people who want to save money on their debt. The 0% intro APR on balance transfers for the first 14 months can benefit people looking to pay off their debt within a short time frame. Additionally, this card has no annual fees so it can be a good choice for people looking for a low-cost option.
The best card for beginners.
The Discover It Balance Transfer Card is an excellent option for beginners because of its low costs and benefits. This card has no annual fees, so it can benefit people looking to save money on their expenses throughout the year. Additionally, the 0% intro APR on balance transfers for 14 months can help you pay off your debt within a short time frame. Discover also matches all the cash you’ve earned at the end of your first year.
No foreign transaction fees.
This is an excellent card to use when traveling abroad or purchasing from another country. This can save you money on international purchases, which benefits people who travel frequently. It’s also helpful because many cards have foreign transaction fees which can add up and cost you money.
Balance Transfers are FREE.
This is a great balance transfer credit card for people looking to transfer their balance from another card onto this one because it won’t cost you anything extra. Balance transfers can be costly with many cards, but Discover doesn’t charge any fees when transferring your debt over, which makes it beneficial if you’re trying to get rid of high-interest credit cards that you might have. In addition, future balance transfers are allowed.
It has an Unlimited Cashback in the first year.
Unlimited Cashback Match – only from Discover. Discover will automatically match all the cashback you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. So you could turn $150 cashback into $300.
Reasons why you might want a different card.
Additional fees after the first year.
The Discover It Balance Transfer Card has a significant introductory period with 0% intro APR on balance transfers for the first 14 months. However, after that time frame, you will have to pay an annual fee of $0 plus % interest rate on your balances which can be costly if you are still carrying low amounts of debt. Therefore, this card might not be ideal for people looking for a long-term solution to their debt.
No rewards program.
This card does not offer any rewards program that might disappoint some borrowers. So, if you are looking for a card that offers cash back or travel rewards, this may not be the best option. However, this card might be perfect if you want to keep costs low and pay off your debt quickly.
High APR after the intro period is over.
The Discover It Balance Transfer Card has an introductory 0% interest rate on balance transfers for 14 months; however, it can jump up after that time frame which may not be beneficial for some borrowers. So if you are looking for a card with low-interest rates, this might not be the best option for you.
Rewards and benefits after the intro period are over.
The Discover It Balance Transfer Card offers rewards and benefits such as 0% APR on balance transfers for 14 months, no fees of any kind (no annual fee, no foreign transaction fee, etc.), and an excellent introductory period. However, after the intro period is over, you will have to pay an annual fee of $0 plus % interest on your balance which can be costly if you still carry low amounts of debt.
These balance transfer cards have more value long after their 0% rates expire:
- Chase Slate card has a 0% intro APR on balance transfers for 15 months and a $0 annual fee.
- BankAmericard Credit Card has a 0% intro APR rate on purchases and balance transfers for the first 15 billing cycles (then an 11.24%-20.24% variable Annual Percentage Rate). There are no late or returned payment fees during the intro APR period.
- United Mileage Plus Explorer card has a 0% introductory rate on balance transfers for 12 months (then 15.99%-26.74% variable). There is also no annual fee with this offer, and it comes with some benefits such as free checked bags on United Airlines, priority boarding privileges, etc.
I hope this Discover It Balance Transfer Card review has been helpful and that this information will ultimately lead borrowers in the right direction! In addition, to how these cards compare with other travel and cashback cards options, see our site to get a review of the best cashback credit cards.
Is Discover It Balance Transfer Card the right one for you?
If you are looking for a card that offers 0% APR on balance transfers for a lengthy amount of time, then the Discover It Balance Transfer Card is a great option. However, if you are looking for a card with low-interest rates after the intro period expires, this might not be the best choice for you. Additionally, there is no rewards program associated with this card, which might disappoint some borrowers. If you still have not decided, let EdFed help you with your next step!