With a generous intro APR on balance transfers and ongoing rewards, the Discover it Balance Transfer is an excellent offer. However, there are a few things you should consider before applying.
If you’re looking to consolidate credit card debt with a balance transfer card, it’s wise to compare multiple options and consider what each card can provide while you’re paying off debt and beyond.
The Discover it® Balance Transfer is one of the best balance transfer credit cards thanks to its lengthy 0% APR on balance transfers, as well as the card’s excellent ongoing value.
It can be a good choice for cardholders who don’t want to apply for a card only to transfer a balance, pay it off and never use the card again.
At the same time, others may find that a card with a longer intro offer would make more sense in their situations.
Read on to learn what the Discover it Balance Transfer offers, when it’s worth it and when it’s better to look into a different card.
When is the Discover it Balance Transfer worth it?
The Discover it Balance Transfer is a perfect choice when you’re looking for a card that will continue to provide value even after the balance transfer offer expires.
It’s rare that balance transfer cards offer rewards, but Discover’s product is an exclusion to this rule.
The card’s rewards structure is similar to that of the Discover it® Cash Back. You can earn 5% back in quarterly rotating categories after activation (up to $1,500 in purchases per quarter, then 1%) and 1% back on everything else.
On top of that, Discover matches all the cash back you earn in the first year with the card.
If you want a balance transfer card that you’ll continue to use and receive value from once you pay off your debt, the Discover it Balance Transfer can be worth it for you.
When is the Discover it Balance Transfer not worth it?
The Discover it Balance Transfer has a lengthy no-interest period on balance transfers. The card allows you 18 months to pay down your transferred balance without worrying about interest, after which a variable APR of 13.49% to 24.49% kicks in.
If your goal is to have as much time as possible to pay off the card’s balance, however, there are better balance transfer offers available in the market.
For example, the Wells Fargo Reflect® Card offers a 0% intro APR for up to 21 months on qualifying balance transfers (15.24% to 27.24% variable APR thereafter). With the Citi® Diamond Preferred® Card, you can also get 21 months of no interest when moving a balance (15.99% to 25.99% variable APR thereafter). Further, the Citi Simplicity® Card has a balance transfer offer for the same length and an ongoing variable APR of 16.99% to 26.99%.
Be sure to do the math before picking and applying for a balance transfer card. It’s nice to have a time cushion when paying off credit card debt. But if you can commit to getting rid of your debt quicker, a rewards credit card with a shorter 0% APR offer could make more sense.
If you’ve evaluated how much time you’ll need for debt repayment and found that it will take you 20 months or longer, the Discover it Balance Transfer may not be worth it for you.
Should you get the Discover it Balance Transfer?
The Discover it Balance Transfer is a rare credit card that combines a long no-interest APR offer on balance transfers and high cash back rates.
It can be a great choice if you’re interested in rewards and can pay off the balance that you’ll be transferring in 18 months or fewer. This way, instead of carrying a card that only takes up space in your wallet, you’ll still have valuable benefits to take advantage of once you finish paying off the balance.
Remember that, while rare, the Discover it Balance Transfer isn’t the only balance transfer card that earns rewards. For example, your options include the Citi® Double Cash Card and the Wells Fargo Active Cash® Card (two of the best flat-rate cash back cards on the market), among others. Compare your options before committing to a card.
The Discover it Balance Transfer is one of the most appealing offers in the balance transfer card market. Not only does it offer a generous 0% APR period on balance transfers, it comes with high cash back rates.
At the same time, it’s important to consider all of your options before you apply. For example, you may want more time to pay off the transferred balance or a different rewards structure.
Head over to CardMatch to check credit card offers matched to your credit profile. Using the tool doesn’t impact your credit, and you’ll see only card products you’re likely to qualify for.