Credit Cards
Discover it Balance Transfer Credit Card Review (Benefits & Perks)
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Welcome back, folks. In this article we will talk about Discover it Balance Transfer card. We will provide you with a comprehensive viewpoint about this card so that you will get help to choose the card that fits you the most.
The Discover it Balance Transfer card is the best choice for paying off credit card debts while earning generous cash-back rewards. Let’s get into the details so keep on reading.
Contents
- 1 What is a Discover It Balance Transfer Card?
- 2 Why do You Need a Discover it Balance Transfer Card?
- 3 Reason to Skip the Discover it Balance Transfer Card
- 4 Who will be Suitable for the Discover it Balance Transfer Card?
- 5 Pros and Cons of Discover it Balance Transfer card
- 6 Is the Discover it Balance Transfer Card Worth it for You?
- 7 Conclusion
What is a Discover It Balance Transfer Card?
The Discover it Balance Transfer card stands out as one of the top balance transfer credit cards in the market. It offers a 0% into balance transfer APR for 18 months(17.24% to 28.24% variable APR thereafter), aligning with the competitive terms of leading transfer cards.
What makes the Discover it Balance Transfer card more attractive is that it gives lots of benefits. These include a strong rewards program, a cash-back match welcome offer at the end of the first year, excellent customer service, and some of the lowest rates and fees available.
Unlike other balance transfer cards, The Discover it Balance Transfer also provides a welcome offer along with ongoing rewards. While this card may have fewer features and the card’s 0% into purchase APR lasts for 6 months, the focus on value overpowers these limitations.
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Why do You Need a Discover it Balance Transfer Card?
The Discover It Balance Transfer is an excellent choice for you if you are looking to earn great rewards while managing credit card debt, standing out for its welcome offer and affordability. The card follows the same structure as the Discover It Cash Back.
You will earn 5% cash back on your first $1500 in spending each quarter in the card’s rotating bonus categories and 1% back after that. You can earn 1% cash back on all other purchases. This generous rewards program is uncommon for a balance transfer card, which will allow you to earn rewards while paying off the debt.
The Discover It Balance Transfer will offer you a first-year welcome bonus where Discover matches all cash back you earn. This means you can double all your first-year rewards. Depending upon your spending habits, this could be more valuable than welcome offers on other no-annual-fee cards, which are usually $200.
If you are looking for penalty-free cards, then the Discover It Balance Transfer card is for you, as it doesn’t charge an annual fee, penalty APR, or a late fee on your first late payment.
It is a helpful feature for you when you struggle to stay up to date on payments. Also, keep a note that missing a payment will adversely impact your credit. This card is a solid choice if you are a frequent traveler abroad as it has no foreign transaction fees.
Reason to Skip the Discover it Balance Transfer Card
Yes. While Discover It Balance transfer offers competitive rewards, it falls short in certain areas, which makes you skip this card and consider other balance cards in the market.
Unlike many leading balance transfer card that offers a matching intro APR period for both balance transfer and purchases, the Discover It Balance Transfer card only provides a 6-month intro APR on purchases.
This is one of the shortest intro APR periods among other credit cards. Here the primary focus is on balance transfers, so having a shorter APR on purchases is definitely a drawback compared to other cards out there.
Discover It Balance Crad prioritizes low costs, account protection, and excellent customer service, but it cuts down on additional benefits.
Even for no annual fee card, the benefits are still lacking. If you are looking for a card with travel insurance and statement credit benefits, then this card may not be an ideal choice for you. Discover focuses on simplicity which makes the users want more in terms of extra benefits.
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Who will be Suitable for the Discover it Balance Transfer Card?
Discover It Balance transfer card is an excellent choice for people who are looking for a card without an annual fee. It not only provides attractive rewards for daily spending but also offers an interest-free period for both balance transfers and new purchases.
The reward program which offers 5% cash back in categories like groceries, gas, and other major retailers is really very beneficial.
This card’s unique features include a cash-back match on all earnings during the first year. Kindly note that these 5% rewards go only to well-organized people, which means the categories eligible for the higher rate rotate each quarter and you must register every quarter to earn it.
The people who are looking for Balance transfers, this card allows a 0% APR for 15 months, which is a more extended period compared to other cards.
While there is a balance transfer fee, the card also offers a 0% APR on new purchases for 15 months. It is important to settle balances before the 15th month period to avoid charges.
Pros and Cons of Discover it Balance Transfer card
| Pros | Cons |
|---|---|
| Long intro APR period: 18 months of 0% intro APR on balance transfers, followed by a variable APR of 17.24% to 28.24%. | Balance transfer fee: A 3% fee is applied to each balance transfer. |
| No annual fee. | Intro APR is temporary: 0% intro APR on balance transfers is for a limited time. Try to pay off the balance before the intro period ends. |
| Rewards: Earn cash back on purchases, with rotating categories that offer 5% cash back. | No sign-up bonus for this card. |
| Cashback match: Discover will match all the cash back you earn at the end of your first year, up to $1,000. |
Is the Discover it Balance Transfer Card Worth it for You?
Balance transfer cards usually struggle to maintain value after the intro APR periods, but the Discover It Balance Transfer stands out among them.
It seamlessly brings the popular reward structure from the Discover It Cash Back card into the balance transfer area, which ensures ongoing value and affordability.
While the card’s intro APR period for purchases may be short it has well-rounded features, which position it as one of the top choices for a balance transfer.
The Discover It Balance Transfer manages to overcome the challenge of sustaining the value beyond the intro period, which makes it a strong competitor in the balance transfer areas.
Conclusion
The Discover It Balance transfer card is surely an attractive choice, not only for its intro 0% APR debt transfer offer but also for its combination of generous cash-back rewards in selected categories. The card features a 12-month match on all rewards, which makes it more lucrative even if you don’t intend to utilize the 0% APR offer. While cards with outstanding offers and a good balance transfer program can be found rarely, the Discover It Balance Transfer card manages to deliver both. If you prioritize a card with extended and cost-effective 0% APR offers on balance transfers and new purchases then this card will be a worthwhile option to explore.
Nicole Hughes is a credit card and loan expert content writer based in New York. With a knack for simplifying financial jargon, she creates informative and reader-friendly content. Her work empowers individuals to make informed decisions regarding credit and loans, ensuring financial well-being.
FAQs
While the card has no foreign transaction fees, it may not be the best choice for travelers seeking additional travel benefits like insurance. Consider other cards if travel perks are a priority.
Discover matches all the cash back earned at the end of your first year, doubling your rewards. This is capped at $1,000, providing an attractive bonus for new cardholders.
Well-organized individuals who can keep track of and register for the rotating bonus categories each quarter will benefit the most from the 5% cash back rewards.
You can do something called a balance transfer. It’s like moving the money you owe from one credit card to another. But watch out, there might be a fee for doing this. Some credit cards might give new members a special low-interest rate when they do a balance transfer.
You can’t directly use a credit card to settle the bill of another one. But, there’s a clever move called a balance transfer. To make the most of this trick, create a plan to pay off what you owe while enjoying a 0% interest period, which typically lasts for 12 to 21 months.
