Discover it® Balance Transfer review: The most rewarding balance transfer card available
A terrific option for if you want to pay off credit card debt while earning rewards.
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Snapshot
4.6
Bottom line
This card's introductory APR for balance transfers makes it a smart choice if you’re tackling debt. Unlike many other balance transfer cards, it also offers rotating rewards categories and a cash back match at the end of your first year, making it a great choice to keep in your wallet long-term.
Intro offer
N/A
Rewards Rate
1% - 5%
Annual fee
N/A
Regular APR
N/A
4.6
Bankrate score
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Discover it® Balance Transfer Overview
The Discover it® Balance Transfer Card is no longer available on Bankrate and the offer details may be outdated.
The Discover it® Balance Transfer is one of the best balance transfer credit cards because it offers an intro balance transfer APR at the same length as several top transfer cards alongside the same benefits found on other Discover credit cards, including a solid rewards program, a cash back match welcome offer at the end of the first year for new customers, stellar customer service and some of the lowest rates and fees on the market.
Very few balance transfer cards provide a welcome offer — let alone ongoing rewards. Though the card has minimal features and its intro purchase APR is shorter than that of many other zero-interest credit cards, the issuer’s focus on balance transfer value compensates for these drawbacks.
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Rewards
- 5 percent cash back after activation on rotating categories each quarter (up to $1,500 in quarterly purchases, then 1 percent)
- 1 percent on all other purchases
Expert Appraisal: Exceptional
See our expert analysis -
Welcome offer
- Discover will match all cash back earned at the end of your first year with the card
Expert Appraisal: Exceptional
See our expert analysis -
0% APR offer
- 0 percent intro APR on purchases for six months from date of account opening
- 0 percent intro APR on balance transfers for 18 months
- 17.74% to 27.74% variable APR
Expert Appraisal: Typical
See our expert analysis -
Rates and fees
- $0 annual fee
- No penalty APR
- No late fee on your first late payment (up to $41 after)
- No foreign transaction fees
- 3 percent intro balance transfer fee, then 5 percent on future transfers (see terms)
Expert Appraisal: Good
See our expert analysis -
Other cardholder perks
- $0 fraud liability
- Free Identity Alerts credit monitoring service
- Freeze it® on/off switch
- Free FICO Score access
- Award-winning 24/7 customer service
Expert Appraisal: Typical
See our expert analysis
Discover it® Balance Transfer pros and cons
Pros
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This card offers an excellent rewards rate and a welcome offer, which is rare for a balance transfer card.
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You can potentially take advantage of a low ongoing variable APR after the card’s intro APR period ends.
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This no-annual-fee card features no foreign transaction fee, penalty APR or fee on your first late payment (then up to $41), making it a low-cost option.
Cons
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The intro APR period on purchases is short, which works against this card’s rewards spending advantage.
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Even for a balance transfer card, it has limited features outside of its rewards.
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The rotating category rewards program requires tracking quarterly activation periods and spending, which can be complicated.
Why you might want the Discover it® Balance Transfer
The Discover it® Balance Transfer is a top choice for anyone who wants to earn terrific rewards while paying off credit card debt. But the card’s welcome offer and affordability push it to the front of the line.
Rewards: Unique long-term value for a balance transfer card
The Discover it® Balance Transfer shares the same rotating category structure as the Discover it® Cash Back. You’ll earn 5 percent cash back on your first $1,500 in spending each quarter within the card’s rotating bonus categories (activation required) and 1 percent cash back after that. All other purchases earn 1 percent cash back.
It’s hard to find another balance transfer card that offers such a generous rewards program. Though you’ll only earn the highest rewards rate on your first $1,500 in purchases each quarter and must activate categories — which can limit your earning potential — earning rewards while paying down debt is a unique advantage.
Welcome offer: Terrific potential for big spenders
It's challenging to find a balance transfer card that offers a first-year welcome bonus. Discover will match all the cash back you earn at the end of your first year, effectively allowing you to double your first-year rewards.
Depending on your spending, this could become more valuable than the welcome offers available on other no-annual-fee cards, which typically offer sign-up bonuses of around $200.
Affordability: Light on fees
If you’re eager to keep credit card costs low or have difficulty making timely payments consistently, having some extra wiggle room with fees will be helpful. The Discover it® Balance Transfer has no annual fee, penalty APR or late fees on your first late payment (up to $41 after that). However, keep in mind that missing a payment at any time will still negatively affect your credit.
The card is also an excellent choice if you travel abroad since it charges no foreign transaction fees.
Why you might want a different balance transfer card
The Discover it® Balance Transfer stands out for offering competitive rewards, but it could prove a bit underwhelming with its purchase intro APR, balance transfer fees and barebones perks.
Purchase intro APR: Extremely short intro period
Many of the best balance transfer cards have a matching intro APR offer on both balance transfers and purchases. The intro APR for purchases on the Discover it® Balance Transfer lasts only six months (then 17.74% to 27.74% variable APR), which is one of the shortest intro APR offers you’d find on any type of credit card.
While the primary function of a balance transfer card is to have an intro APR on balance transfers, an intro APR on purchases can serve as a valuable advantage.
Perks: Lackluster benefits beyond the basics
Discover trims the extras to focus on low costs, account protection and top-notch customer service. But while no-annual-fee cards often dial back the perks, Discover's benefits are still lacking by those standards. This means the card will not be the best choice for you if you want premier credit card benefits like travel insurance or statement credits.
How the Discover it® Balance Transfer compares to other balance transfer cards
Though this card has a lengthy intro APR period for balance transfers and terrific ongoing value, some competing cards carry a simpler rewards program and a longer intro purchase APR, which may give you more breathing room.
Discover it® Balance Transfer
Annual fee
Intro offer
Rewards rate
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.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Rewards rate
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, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
BankAmericard® credit card
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Who is the Discover it® Balance Transfer right for?
Bankrate’s Take — Is the Discover it® Balance Transfer worth it?
Since balance transfer cards typically don’t offer much value beyond their introductory APR periods, it can be difficult to justify keeping them after the intro APR ends — but the Discover it® Balance Transfer doesn’t have this problem. It combines popular rewards from Discover it® Cash Back into the balance transfer world with great ongoing value and low costs.
Its short intro purchase APR period may not be the most competitive, but the Discover it® Balance Transfer's well-rounded features make it one of the best options you’ll find for a balance transfer.
How we rated this card
Our proprietary card rating system takes into account a mix of factors when scoring balance transfer and low-interest cards, including each card’s introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more.
While balance transfer and low-interest cards share a similar ratings rubric, we weigh features differently based on how a card is categorized. We categorize cards that carry an especially long intro APR offer on balance transfers as dedicated balance transfer cards, while cards that offer an especially low ongoing APR are considered general low-interest cards.
Based on its features, we assigned this card a primary category of balance transfer and tailored our ratings accordingly.
We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on how its key features stacked up against those of other cards in its category.
Here’s a breakdown of what gave this card its score:
*The information about the BankAmericard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Frequently asked questions
What cardholders think
Discover it® Balance Transfer
In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder’s product details, and therefore cannot be verified for accuracy. Users received an incentive for their feedback. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate’s own reviews of these cards.
Community Reviews
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
