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Discover it® Balance Transfer Review

Discover it<sup>®</sup> Balance Transfer

Discover it® Balance Transfer Review

Balance Transfer Intro APR
0% Intro APR for 18 months on balance transfers, then 14.99% - 25.99% Variable APR
Rewards Rate
5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically
Sign-Up Bonus
Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Discover it® Balance Transfer best for?

The Discover it® Balance Transfer is ideal for consumers who need a balance transfer card with a long 0% intro APR period and a cash back program that offers ongoing value once the transferred balance is paid off.

Many of the top balance transfer cards available don’t earn rewards, so once you’ve used them to pay down debt from another card, there’s no reason to keep them in your wallet. By contrast, the Discover it® Balance Transfer comes with a top-of-the-line cash back program if you’re willing to deal with rotating rewards categories.

Plus, the Discover it® Balance Transfer charges a $0 annual fee.

Discover it® Balance Transfer overview

    • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
    • Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
    • NEW! Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
    • Every $1 you earn in cash back is $1 you can redeem.
    • No annual fee.
    • Click "Apply Now" to see terms and conditions.
  • Credit needed:
    720 850
    Excellent/Good
  • Free access to your FICO® Score
  • 24/7 customer service based 100% in the U.S.
  • Easily freeze and unfreeze your card
  • Discover® Identity Alerts when you opt in

Intro Purchase APR

0% Intro APR for 6 months

Regular Purchase APR

14.99% - 25.99% Variable APR

Intro BT APR

0% Intro APR for 18 months

Regular BT APR

14.99% - 25.99% Variable APR

Annual Fee

$0

Cash Advance Fee

Either $10 or 5% of the amount of each cash advance, whichever is greater.

Foreign Transaction Fee

None

Balance Transfer Fee

3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

Pros and cons

Pros

  • Long 0% intro APR on balance transfers
  • Generous cash back rewards program
  • Cash back match your first year
  • No annual fee or foreign transaction fee

Cons

  • Charges a balance transfer fee
  • Short intro APR period on purchases
  • Cash back program has restrictions

What we like about the Discover it® Balance Transfer

  • Lengthy 0% intro APR on balance transfers

    Enjoy a 0% Intro APR for 18 months on balance transfers. After, a 14.99% - 25.99% Variable APR applies. If you’re looking to move other high-interest debt from a non-Discover credit card and get some breathing room without interest charges accruing, this card gives you a year and a half to do so.

  • 5% cash back program

    Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically. Note that there’s a $1,500 spending cap at the elevated rate each quarter, after which you’ll earn just 1% on all purchases. That means a maximum of $75 in cash back can be earned each quarter at the higher rate before your rewards rate drops.

    Also be aware you must activate the new categories each quarter or you’ll earn just 1% back. However, Discover typically sends out activation reminders before each quarter rolls around.

    As long as your spending tends to line up with the rotating categories, earning 5% is a generous cash back rate. Examples of rewards categories in 2022 include gas stations and Target, restaurants and PayPal, and more. Plus, Discover makes things easy by publishing the cash back categories for the whole year at once, so cardholders can plan out their spending. By contrast, competing credit card issuer Chase publishes each category just prior to the new quarter.

  • Unique sign-up bonus

    This card offers a unique sign-up bonus for new cardmembers: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.

    However, we typically recommend avoiding new spending on a balance transfer credit card until you’ve paid off your transferred debt in full. That way you don’t have to worry about your balance creeping back up while you’re trying to get out of debt. Once you’ve paid in full, you can begin using the Discover it® Balance Transfer for everyday expenses.

  • No annual fee or foreign transaction fee

    The Discover it® Balance Transfer charges a $0 annual fee and a foreign transaction fee of none. But know if you’re planning a trip abroad, Discover is not as widely accepted in some countries as Mastercard and Visa credit cards.

What to watch out for with the Discover it® Balance Transfer

  • You'll have to pay a balance transfer fee

    This card charges a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. That’s a reasonable balance transfer fee, especially if you take advantage of the intro fee amount.

  • Subpar intro APR period on purchases

    While the intro APR period on balance transfers is lengthy, the period on new purchases is pretty short. You’ll get a 0% Intro APR for 6 months, after which a 14.99% - 25.99% Variable APR applies. There are plenty of cards with longer intro APR periods on purchases.

  • Cash back requires activation and has a cap

    Though this card offers an excellent cash back rate, you must activate a new category each quarter. This can be done online, and Discover will generally send out reminders before each new quarter comes up. But if you prefer not to have to actively manage your rewards, that might be a drawback.

    The Discover it® Balance Transfer also comes with a spending cap you should be aware of. Once you spend $1,500 in the 5% category, you’ll earn just 1% until the next quarter. That means you can earn a maximum of $75 in cash back each quarter — $300 each year — at the higher rate.

Alternate balance transfer card

Compare it with the Wells Fargo Reflect® Card

| Disclosures
Wells Fargo Reflect® Card
Wells Fargo Reflect® Card
on Wells Fargo's secure site
0% intro APR up to 21 months from account opening
15.99% - 27.99% variable APR
$0
None
  • 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension for 3 months with on-time minimum payments during the intro period. 15.99% to 27.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5.
  • $0 Annual Fee
  • Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
  • Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
  • Select “Apply Now” to learn more about the product features, terms and conditions
660 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

If you need even more time to pay off your transferred debt, the Wells Fargo Reflect® Card can help. Cardholders get a 0% intro APR up to 21 months from account opening on qualifying balance transfers, after which a 15.99% - 27.99% variable APR applies.

Plus, if you need time to pay off a big purchase, the Wells Fargo Reflect® Card also offers a 0% intro APR up to 21 months from account opening on purchases. After, a 15.99% - 27.99% variable APR applies.

Cardholders initially get 18 months of 0% intro APR, and by making on-time minimum payments, they can earn an extension of up to three additional months.

The Wells Fargo Reflect® Card charges a $0 annual fee, but beware the 3% foreign transaction fee.

Where the Discover it® Balance Transfer stands out is that it offers a cash back program, giving it value after the transferred debt is paid off, while the Wells Fargo Reflect® Card does not have a rewards program.

Compare the Discover it® Balance Transfer to similar cards

Comparison of four different credit cards
Discover it<sup>®</sup> Balance Transfer Wells Fargo Reflect<sup>®</sup> Card Citi Simplicity<sup>®</sup> Card U.S. Bank Visa<sup>®</sup> Platinum Card
Discover it® Balance Transfer Wells Fargo Reflect® Card Citi Simplicity® Card U.S. Bank Visa® Platinum Card
Apply Now
on Discover's secure site
Apply Now
on Wells Fargo's secure site
Apply Now
on Citibank's secure site
Read Review
Annual Fee
$0 $0 $0 $0
Intro Balance Transfer APR
0% Intro APR for 18 months 0% intro APR up to 21 months from account opening on qualifying balance transfers 0% for 21 months on Balance Transfers 0% intro APR for 18 billing cycles on Balance Transfers
Regular Balance Transfer APR
14.99% - 25.99% Variable APR 15.99% - 27.99% variable APR 17.74% - 27.74% (Variable) 17.49% - 27.49% (Variable)
Balance Transfer Fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* 3% for 120 days from account opening, then up to 5%; min: $5 Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. Either 3% of the amount of each transfer or $5 minimum, whichever is greater
Intro Purchase APR
0% Intro APR for 6 months 0% intro APR up to 21 months from account opening 0% for 12 months on Purchases 0% intro APR for 18 billing cycles on Purchases
Regular APR
14.99% - 25.99% Variable APR 15.99% - 27.99% variable APR 17.74% - 27.74% (Variable) 17.49% - 27.49% (Variable)
Rewards Rate
5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically None N/A None
Card Details
Discover it® Balance Transfer Wells Fargo Reflect® Card Citi Simplicity® Card U.S. Bank Visa® Platinum Card

Is the Discover it® Balance Transfer right for you?

If you’re looking for a balance transfer credit card offering well over a year of no interest on transferred debt, as well as a cash back program to offer ongoing value, the Discover it® Balance Transfer is an excellent choice.

However, if you think you’ll need even longer to pay off transferred debt, consider the Wells Fargo Reflect® Card. Plus, the Wells Fargo Reflect® Card also offers a much better intro APR deal on new purchases.

Apply Now
on Discover's secure site