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 credit card. This credit card provides an 18-month 0% into APR balance transfer offer (then an ongoing 13.49% - 24.49% Variable), with 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 gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate and earn 1% cash back on all other purchases automatically. There’s no annual fee, but you will have to pay an introductory 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms).
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 | Purchase APR | Annual Fee | Intro Offer | Credit Needed | Key features |
| Discover it® Balance Transfer | 0% for 6 months, then ongoing 13.49% - 24.49% Variable APR | $0 | 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
Along with the 0% intro APR on 18-month balance transfer offer (then 13.49% - 24.49% Variable APR) and no annual fee, cardholders can earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time 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 card only provides six months of a 0% intro APR for purchases, then an ongoing 13.49% - 24.49% Variable APR . 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. And balance transfers aren’t free, with a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms).
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
With the intro balance transfer offer, the cardholder gets 0% intro APR for 18 months on balance transfers. After that, a 13.49% - 24.49% Variable standard variable purchase APR applies. There is a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms).
You’ll only be able to transfer a balance onto the 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 (then an ongoing 13.49% - 24.49% Variable APR.
Discover it® Balance Transfer fees
There’s no annual fee or foreign transaction fee with the Discover it® Balance Transfer credit card. Keep in mind that the 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms) will apply. Depending on the size of the balance, you’ll want to plan to pay that specific amount and avoid extra debt.
There’s no late fee on your first late payment, but every late payment after that and returned payments require up to a $39 fee. As long as you can plan to make on-time payments and pay off your balance to avoid new interest, the Discover it® Balance Transfer can help you consolidate your debt.
How does it compare to other balance transfer cards?
If you’re looking or another balance transfer credit card with cash back, the has some benefits. The 0% intro APR period is shorter, at 15 months, before it moves to a variable APR rate of 14.49% - 25.49% 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 is available to those with good to excellent credit and features a balance transfer with 0% intro APR for 15 months, then a 15.74% - 25.74% (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 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.
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 a list of partners, 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.
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