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If you have a large amount of high-interest credit card debt that you can’t seem to pay down, the Discover it® Balance Transfer is definitely worth it. Along with a $0 annual fee, the card offers one of the longest interest-free periods on balance transfers currently available.
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. In 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.
Just know that there’s a balance transfer fee that’ll cut into the amount you’re able to transfer — but that’s completely normal for a card that offers an intro APR on balance transfers for 15 months or longer.
How much can it save you on a balance transfer?**See our credit card methodology for more details.
Intro Purchase APR
0% Intro APR for 6 months
Regular Purchase APR
17.24% - 28.24% Variable APR
Intro BT APR
0% Intro APR for 18 months
Regular BT APR
17.24% - 28.24% 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)*
Lengthy intro APR on balance transfers
If you need some breathing room while paying off an existing credit card balance, a card that provides a long interest-free period on balance transfers — like the Discover it® Balance Transfer — is ideal. The card offers a 0% Intro APR for 18 months on balance transfers. After, a 17.24% - 28.24% Variable APR applies.
While this is a lengthy time period, it is possible to find a card with a 0% intro APR for up to 21 months — it’s just unlikely to offer a rewards program.
Up to 5% cash back on everyday purchases
The Discover it® Balance Transfer lets you earn a generous cash back rate in popular spending categories. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.
There’s a $1,500 spending cap at the elevated rate each quarter, after which you’ll earn just 1% on all purchases. This means you can earn up to $75 in cash back at the 5% rate each quarter, for a total of $300 back each year.
Generous sign-up bonus
This card offers a unique sign-up bonus for new cardmembers: Unlimited Cashback Match for all new cardmembers – 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.
That said, we 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 fees
The Discover it® Balance Transfer comes with a $0 annual fee. And as for foreign transaction fees — there are none.
We should note that balance transfer cards usually don’t charge annual fees. Plus, if you’re planning a trip abroad, Discover isn’t as widely accepted in some countries as Mastercard and Visa credit cards.
Lower-than-average ongoing APR
This card has a reasonable APR, especially on the lower end of its range. You’ll get a 17.24% - 28.24% Variable APR if you aren’t able to pay your transferred balance in full within the 18-month interest-free period. (For context, the average APR for new 0% balance transfer cards ranged from 18.74% to 27.86% (variable) in Jan. 2024, according to a recent LendingTree study.)
Balance transfer fee
This card charges a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. For example, if you’re approved to transfer a balance of $10,000 during the intro period, you’ll be charged a balance transfer fee of $300. The balance transfer fee will be subtracted from the initial amount you’re allowed to transfer — reducing that amount to $9,700.
Most balance transfer cards charge a 3% balance transfer fee, so this amount is pretty standard. In fact, a few competitors, including the Wells Fargo Reflect® Card, even charge a higher balance transfer fee of 5%, min $5. Transferring $10,000 will cost $500 with these cards. In comparison, the Discover it® Balance Transfer is likely to save you more on a balance transfer, despite its slightly shorter intro period.
There are balance transfer cards available that don’t charge balance transfer fees, but most are harder to qualify for because they require credit union membership.
Subpar intro APR period on purchases
Although 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 on purchases, after which a 17.24% - 28.24% Variable APR applies.
There are plenty of cards with much longer intro APRs on purchases — anywhere from 12 to 21 months. But when trying to pay off existing debt, it’s best that you don’t carry a balance from purchases on your card from month to month.
Cash back requires activation
Though this card offers an excellent cash back rate, you’ll need to activate the bonus categories each quarter — otherwise, you’ll only earn 1% cash back on every purchase. You can activate the bonus categories online, and Discover will generally send out reminders before each new quarter comes up.
If you prefer a simpler approach to earning rewards, a card that offers a flat cash back rate on every purchase may be a better fit.
Rotating categories may not line up with your spending
A big upside to this card is that you can earn an elevated cash back rate in a variety of popular spending categories that rotate quarterly. The downside is that if your spending doesn’t fit into those categories, you’ll only earn 1% cash back on your purchases.
For example, you can earn the higher cash back rate (up to the quarterly maximum) at gas stations and electric vehicle charging stations, home improvement stores and public transit from April through June 2024. But if most of your spending occurs at grocery stores during that quarter, you’ll be better off with a card that offers an elevated earning rate on those purchases.
If you need even more time to pay off your transferred debt, the Wells Fargo Reflect® Card may be a better option. You’ll get a 0% intro APR for 21 months from account opening on qualifying balance transfers, after which a 18.24%, 24.74%, or 29.99% 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 21 months from account opening on purchases. After, a 18.24%, 24.74%, or 29.99% Variable APR applies.
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. It also offers an introductory balance transfer fee that’s 2 percentage points lower if you transfer your balance within the first four months of card membership. While that may not sound like much, it can amount to greater savings, even if you take 21 months to pay off your transferred balance with the card.
The Wells Fargo Reflect® Card, on the other hand, charges a fee of 5%, min $5 on all balance transfers.
The Citi Simplicity® Card also has an extremely long intro APR on balance transfers: You’ll get an intro APR of 0% intro APR for 21 months on Balance Transfers, then a 19.24% - 29.99% (Variable) APR. However, it does provide a lengthier balance transfer window. This means, while most balance transfer cards require you to transfer your balance within the first 60 days of opening your account to take advantage of the intro APR, the Citi Simplicity® Card gives you four months.
Similar to the Discover it® Balance Transfer, this card offers an intro balance transfer fee. But like the Wells Fargo Reflect® Card, it charges foreign transaction fees and doesn’t come with a rewards program.
If you prefer a balance transfer card with a simpler rewards structure, the Citi Double Cash® Card could be a good fit. The card offers an intro APR of 0% intro APR for 18 months on Balance Transfers, then a 19.24% - 29.24% (Variable) APR. In addition, you can earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
Like the Citi Simplicity® Card, the Citi Double Cash® Card comes with a four-month balance transfer window and an intro balance transfer fee. However, the card doesn’t offer an intro APR on purchases and charges foreign transaction fees.
| Credit Cards | Our Ratings | Intro Balance Transfer APR | Regular Balance Transfer Rate | Balance Transfer Fee | |
|---|---|---|---|---|---|
Discover it® Balance Transfer
 Apply Now
on Discover's secure site Rates & Fees |
0% Intro APR for 18 months | 17.24% - 28.24% Variable APR | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* |
Apply Now
on Discover's secure site Rates & Fees |
|
Wells Fargo Reflect® Card*
Learn More
on Wells Fargo's secure site |
0% intro APR for 21 months from account opening on qualifying balance transfers | 18.24%, 24.74%, or 29.99% Variable APR | 5%, min $5 |
Learn More
on Wells Fargo's secure site |
|
Citi Simplicity® Card
Apply Now
on Citibank's secure site Rates & Fees |
0% intro APR for 21 months on Balance Transfers | 19.24% - 29.99% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. Then a balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. |
Apply Now
on Citibank's secure site Rates & Fees |
|
Citi Double Cash® Card
Apply Now
on Citibank's secure site Rates & Fees |
0% intro APR for 18 months on Balance Transfers | 19.24% - 29.24% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening. |
Apply Now
on Citibank's secure site Rates & Fees |
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 or Citi Simplicity® Card.
Apply Now
