Discover it® Balance Transfer
We get it – the weight of debt can feel like a never-ending battle. But you're not alone on this journey. Say hello to your interest-crushing ally, the Discover it® Balance Transfer card. (See rates and fees.)
This card earned our experts' coveted five-star rating due to its status as one of the most valuable balance transfer options. It doesn't just eliminate interest payments until 2025; it also provides premium cash back rewards.
We calculate you can save $1,863 in interest charges paying off $10,000 of debt using the 0% intro APR offer from Discover it® Balance Transfer. (learn more below)
Don’t wait any longer - apply in under two minutes and get:
- 0% intro APR for 18 months on balance transfers. The go-to variable rate applies after the 0% intro APR expires.
- 0% intro APR for 6 months on purchases. The go-to variable rate applies after the 0% intro APR expires.
- Earn up to 5% cash back, up to $1,500 each quarter, in rotating categories that you activate each quarter.
- Discover will automatically match all the cash back new cardholders have earned at the end of the first year.
- Click APPLY NOW to apply today
Discover it® Balance Transfer
Great for: Long 0% intro APR on balance transfers
5.00 out of 5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor5.00 out of 5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = PoorOFFER ALERT
Discover will automatically match all the cash back you’ve earned at the end of your first year!
Intro APR
Purchases: 0%, 6 months
Balance Transfers: 0%, 18 months
Regular APR
17.24% - 28.24% Variable APR
Rewards 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.
1%-5% cash back
Welcome Offer N/A
Discover will match all the cash back you’ve earned at the end of your first year.
- INTRO OFFER: 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.
- 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.
- Redeem your rewards for cash at any time.
- Your account may not always be eligible for balance transfers. Balance transfer eligibility is determined at Discover’s discretion.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- No annual fee.
- Terms and conditions apply.
What we like about the Discover it® Balance Transfer card
0% intro APR for balance transfers -- Includes a 0% intro APR for 18 months for balance transfers.
0% intro APR for purchases -- The 0% intro APR for purchases spans 6 months.
Earn up to 5% cash back -- Cardholders earn 5% cash back on everyday purchases at different places each quarter like retailers, grocery stores, restaurants, and gas stations, up to the quarterly maximum of $1,500 on purchases and when you activate. Other eligible purchases earn 1% cash back. Maxing out bonus categories each year is worth $300 cash back.
Unlimited Cashback Match sign-up bonus -- Discover will automatically match all the cash back you’ve earned at the end of your first year. This sign-up bonus is only available during the first year and for new cardholders, but it can be particularly lucrative since the match is unlimited. Cardholders who max out bonus categories quarterly in the first year can expect to earn a total of $600 cash back ($300 in bonus-category cash back, plus another $300 with Discover's match!).
$0 annual fee -- Credit cards packed with valuable features tend to charge high fees or APRs. This card balances this relationship well and doesn’t charge an annual fee, making it a fit for cardholders with modest credit needs, who won’t see their rewards get wiped out by an annual fee.
No foreign transaction fees -- Most competing cards charge a 3% foreign transaction fee for each and every swipe abroad. This card doesn't.
How to erase $1,863 of interest charges
A long balance transfer offer can help you chip away at debt balances as you pocket some savings while avoiding interest charges. Here's a comparison of how you could save $1,863 of interest charges by putting your finances first and paying off transferred debt or purchase balances during the 0% intro APR period, versus paying off balances at a 19% APR*:
| Debt Balance Scenario | Monthly Payment | APR offer | Interest Charges | Months to Pay Off |
|---|---|---|---|---|
| $10,000, intro APR | $556 | 0%, 18 months | $0 | 18 |
| $10,000, intro APR | $556 | 19% on all balances | $1,863 | 22 |
*Your approved card APR may vary from 19%.
Keep in mind that this card does charge an introductory balance transfer fee of 3% and 5% on transfers after that period (see terms). Which means, in the debt balance scenario above, you would have an extra $300 or $500 to pay off on your balance -- depending on when you made the transfer. So, while you would save $1,863 in interest charges, your total savings with a balance transfer would be $1,563 or $1,363 depending on the timing of the transfer.
To get the most value out of this card, it is best to make any balance transfers during the intro fee period so that you have a lower balance transfer fee to pay.
Suggested credit score
A general rule of thumb is that balance transfer cards with long 0% intro APR periods and rewards programs typically require higher credit scores than other credit cards. This credit card is intended for people with good to excellent credit, or a FICO® credit score of 670 or better. If you have a lower credit score, you may want to apply for a card with a shorter 0% intro APR period.
Final take
Discover it® Balance Transfer is value-packed and simply unmatched among the cards we've come across. The most valuable perk for cardholders with debt is the long 0% intro APR period. Most people using balance-transfer cards ditch them after the 0% intro APR expires. But there's no need to do so with this card, since it also has one of the leading cash-back programs and no annual fee.
Our Credit Cards Experts
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
*Your approved card APR may vary from 19%
Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Amazon and Target. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.