Discover it Balance Transfer Review

Discover it Balance Transfer is a credit card issued by Discover Bank. If you're wondering whether Discover it Balance Transfer is the right card for you, read on. This is everything you need to know to make a good choice.

Key takeaways:

• Generous reward rate. You will get a cashback rewards rate of up to 5%.
• 0% APR balance transfer intro rate. Offers an introductory 0% APR rate on balance transfers for up to 18 months, which is longer than the average 0% APR period of 12 months.
• 0% APR on new purchases. New cardholders receive an introductory 0% APR rate on new purchases for up to 6 months.
• Competitive APRs. Discover it Balance Transfer has a variable purchase APR that ranges from 13.49% up to 24.49%.
• 5% Balance transfer fee. Discover it Balance Transfer charges a fee of up to 5% on balance transfers. For example, a balance of $1,000 could cost up to $50 in transfer fees. The minimum fee is $10.
• Good or better credit required. You should probably try with another card if your credit score is below 700.

Discover it Balance Transfer Pros and Cons:

The Good

The Bad

Cashback Match. No purchase minimums. After the first 12 consecutive billing periods that your new account is open, you will match all of the cash back rewards you've earned and apply them to your account in the following one or two billing periods. Lower than average purchase APRs. 0% APR balance transfer intro rate on balance transfers for up to 18 months. 0% APR on new purchases during the first 6 months. Free access to your credit score.

Requires good to excellent credit. Does not offer a signup bonus. Does not offer rewards or cash back. You don't earn rewards on every purchase. Does not report to credit bureaus. Charges a 5% balance transfer fee. Does not include many credit card rewards.

Is there a Discover it Balance Transfer cash back or rewards program?

No, Discover it Balance Transfer does not offer a rewards program.

What are the Discover it Balance Transfer benefits?

Discover it Balance Transfer provides the following benefits:

• Free Credit Score
• ID Theft Protection

What are the relevant APRs for Discover it Balance Transfer?

According to the Federal Reserve Board, the average interest rate is 15% for all credit cards and 17% for accounts that carry a balance. Discover it Balance Transfer has lower than average purchase APRs.

Discover it Balance Transfer has a variable purchase APR that ranges from 13.49% up to 24.49%. The card has a variable balance transfer APR that ranges from 13.49% up to 24.49%.

What are the fees for Discover it Balance Transfer?

The following fees apply to Discover it Balance Transfer:

Discover it Balance Transfer Fees

Fees	Amount
Annual Fee
Returned Payment Fee	$37
Late Payment Fee	$37

How to apply for Discover it Balance Transfer

• Visit the Discover it Balance Transfer website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.
• If you're denied click here to find out why your application may have been rejected and what you can do about it.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.