Discover it® Balance Transfer benefits guide

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Published on September 04, 2024 | 5 min read

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Key takeaways

The Discover it® Balance Transfer card offers a 0 percent intro APR on balance transfers for the first 18 months after opening an account and a 0 percent intro APR on purchases for the first six months after opening an account (after that, a variable APR of 17.74 percent to 28.74 percent) — with no annual fee.
Setting the Discover it® Balance Transfer card apart from other balance transfer cards is the ability to earn 5 percent cash back after activation in categories that rotate quarterly (on up to $1,500 in quarterly purchases, then 1 percent).
Maximizing your card comes down to taking advantage of the cash back match offer for your first year after account opening, keeping an eye on rotating cash back categories and making the most of the intro APR for balance transfers and purchases.

The Discover it® Balance Transfer credit card is no longer taking new applicants as of May 2024, although existing cardholders can still use the card. Those interested in the Discover it® Balance Transfer card can check out the Discover it® Chrome card instead.

The Discover it® Balance Transfer is one of the best balance transfer cards to consider if you’re looking to pay down debt by taking advantage of a card’s intro APR offer. Plus, it offers rewards and other benefits that many balance transfer cards don’t typically offer. In this guide, we’ll cover the main benefits of this card, along with whether or not it may be right for your wallet.

Discover it® Balance Transfer card benefits

The Discover it® Balance Transfer comes with more earning opportunities and benefits than most balance transfer cards.

0% intro APR offers

One of the most enticing features of this card is its 0 percent intro APR on balance transfers for the first 18 months after opening an account. The card also includes a 0 percent intro APR offer on purchases for the first six months. After the 0 percent intro APR periods end, the card has a variable APR of 17.74 percent to 28.74 percent.

These intro offers allow cardholders to transfer a balance in order to pay down debt or else finance a big purchase without having to worry about accruing interest for a period of time.

No annual fee

The Discover it® Balance Transfer card comes with no annual fee. That makes it a good fit for a variety of cardholders, no matter how large or small their budget is.

Rewards rate

This card offers 5 percent cash back on rotating categories each quarter (on up to $1,500 in quarterly purchases, then 1 percent; activation required). All other purchases earn 1 percent cash back. That way, no matter what you’re buying, you’ll earn some cash back with each purchase.

These rewards rates differentiate the Discover it® Balance Transfer card from other balance transfer credit cards, which don’t tend to offer rewards of any kind. Plus, the rewards you earn will never expire, and you can redeem rewards for direct deposits, statement credits, gift cards, charitable donations, Amazon purchases and more.

Welcome offer

Discover will match all of the cash back you earn for a full calendar year after opening your account. There’s no minimum spending requirement (common with other welcome offers) and no limit to the amount that you can earn.

Free FICO score access

You can access your FICO score for free in your account to keep tabs on your credit. Taking advantage of this feature can be a great way to quickly and easily keep track of where your score is as you work to improve it.

Security features

The Discover it® Balance Transfer card comes with several safety features to help protect your account. For example, the Freeze It feature allows you to freeze new purchases, balance transfers and cash advances. The Identity Alert program will monitor your personal information and alert you if your Social Security number is found on a malicious website or if a new credit inquiry or account is listed on your Experian credit report. Plus, you can receive a free overnight replacement card if your card is lost or stolen.

Great customer service

Discover customers have access to U.S.-based customer service 24/7. According to the J.D. Power 2022 U.S. Credit Card Satisfaction Study, Discover ranks second among credit card providers in customer satisfaction, just several points behind American Express.

No penalty APR

Another nice feature of this card is that it has no penalty APR. If you miss a payment, you won’t be hit with a higher APR as a result.

No late payment fees for first offenses

The Discover it® Balance Transfer doesn’t charge a late payment fee for your first missed payment. After that, there’s a late payment fee of up to $41.

No foreign transaction fees

This card, like all Discover credit cards, doesn’t charge a foreign transaction fee. This makes it a good choice if you travel internationally.

Maximizing your Discover it® Balance Transfer card

There are a few ways you can maximize the rewards and benefits that come with this card.

Take advantage of Discover’s cash back match

One of the most lucrative benefits of this card is the cash back match offer for the first year. The more you spend using this card, the more rewards you’ll earn (although you shouldn’t spend more than you’ve budgeted for). For example, if you earn $300 in rewards during your first year of card membership, you’ll earn an extra $300 in cash back match at the end of the year, for a total of $600 in rewards.

Pay attention to the 5% cash back categories

Be sure to monitor Discover’s quarterly cash back categories in order to make the most of your rewards. Past rotating categories have included grocery stores, fitness clubs, gas stations, restaurants, Target and Amazon.

Make the most of 0% intro APR offers

Make the most of the 0 percent intro APR offer for balance transfers and purchases. Whether this means transferring a balance from another card to pay down debt or else financing a significant purchase, the 0 percent intro APR period can help you take control of your finances without worrying about accumulating interest. Just keep in mind that once the intro periods are over, you’ll need to start paying a variable APR of 17.74 percent to 28.74 percent on any remaining balances.

The bottom line

The Discover it® Balance Transfer may be more bare bones when it comes to perks like travel or shopping benefits, but the card is worth it if you’re looking to pay down debt and earn plenty of rewards.