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Discover it® Balance Transfer Review: One of the Best Balance Transfer Cards

Review Updated
Lyle Daly
Lyle Daly
| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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OFFER STATUS

Discover it® Balance Transfer is unavailable on Motley Fool Money. All information was collected independently and not reviewed for accuracy or provided by the credit card issuer. Some items may be out of date.

Before it was discontinued in May 2024, the Discover it® Balance Transfer credit card helped cardholders save on interest and pay off debt faster. Though it's no longer available, we're preserving this archived Discover it® Balance Transfer review.

Ratings Methodology

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. 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.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.24% - 27.24% Variable APR

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5-3 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.24% - 28.24% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Full Discover it® Balance Transfer review

This credit card was a good fit for: Consumers who want to pay off debt more quickly and at a lower cost with a long intro APR balance transfer offer.

Top perks

The Discover it® Balance Transfer credit card had several high-value benefits.

0% intro APR offer

This card offered a 0% introductory APR lasting 18 months on balance transfers. That's one of the longest intro periods you'll find, even among the best balance transfer cards. For those dealing with high-interest debt, such as credit card debt, the Discover it® Balance Transfer gave you plenty of time to pay it down interest free during the intro period. This card also offered a 0% introductory APR on purchases for 6 months. The go-to rate of 17.24% - 28.24% Variable APR applied after the 0% intro APR periods expired.

To learn more about how these cards are used, read our guide on how a balance transfer works.

Up to 5% cash back

Some balance transfer cards are light on rewards, but that wasn't the case with the Discover it® Balance Transfer. Cardholders earned a 5% Cashback Bonus® on everyday purchases on rotating categories each quarter like grocery stores, restaurants, and gas stations, up to the quarterly maximum of $1,500 on purchases, when you activate. Other purchases earned 1% cash back.

COMPARE MORE OPTIONS: Best Rewards Credit Cards

Unlimited Cashback Match welcome bonus

Discover will match all the cash back you’ve earned at the end of your first year. This welcome bonus was only available during the first year and for new cardholders, but it could be particularly lucrative since the match was unlimited. For example, if you maxed out its quarterly bonus categories and earn $300 in rewards in the first year, you'd receive another $300 to match it.

SEE MORE: Best Welcome Bonus Credit Cards

FICO® Score for free

As a Discover cardholder, you have access to a free credit score tool, Discover Credit Scorecard. What makes it special is that it provides your FICO® Score, the type of credit score most widely used by lenders. Many other card issuers have free credit score tools that provide other types of credit scores, which aren't used nearly as often. It's helpful to have access to your FICO® Score, since that's what's commonly used when you apply for everything from credit cards to car loans and mortgages.

No minimum rewards redemptions

An underrated perk of Discover credit cards is that they have no minimum threshold for cash back redemptions. You could redeem as little as $0.01. Other cash back cards have stricter minimum redemption amounts, such as $25.

Read our complete guide to Discover credit card benefits to learn more about what these cards offer.

What could be improved

There weren't any major issues with the Discover it® Balance Transfer card, but there were a couple of areas with room for improvement.

Short intro APR on purchases

This card only had a six-month 0% intro APR on purchases. As mentioned, the go-to variable rate applied after the intro period. Some balance transfer cards also have a long 0% intro APR on purchases, which is helpful if you need that feature. This Discover card, on the other hand, is best used for balance transfers.

RELATED: Best 0% Intro APR Credit Cards

Balance transfer fee

You'd pay a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. To be fair, this type of fee is common with most balance transfer credit cards. It would have been nice to see Discover stick with the intro fee, though, instead of raising it later.

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The Discover it® Balance Transfer was right for you if:

You had credit card debt that would take you at least six months or longer to pay off. If so, the Discover it® Balance Transfer would almost certainly help you save money on interest charges. And if both of the following were true, this card could have been an especially good fit:

  • You had good credit. The Discover it® Balance Transfer offered a long 0% intro APR period, so it was designed for people who had few, if any, blemishes on their credit report. If your only credit problem was having high balances on other cards, the Discover it® Balance Transfer was a good choice.
  • You wanted a card to keep after the balance transfer intro period. Even without the balance transfer offer, the Discover it® Balance Transfer card had lucrative credit card rewards. Its rotating bonus categories made it a favorite among cash back card users.

If you want to compare more options, head over to our list of the best credit cards to see what else is out there.

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.

FAQs

  • The minimum starting credit limit for the Discover it® Balance Transfer was $500, but some cardholders reported much higher limits of $10,000 or more. Discover bases your credit limit on your income, credit history, and other factors related to your creditworthiness.

  • Discover processes most balance transfers within four days. The Discover card account must be open for 14 days before Discover can begin processing a balance transfer request.

  • Discover it® is the card issuer's main product line offering multiple types of credit cards. The Discover it® Balance Transfer was one of the credit cards in the Discover it® product line.