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August 28, 2017

Discover Balance Transfer Offers

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Editorial Note: This content is not provided by the card issuer. Opinions expressed here are author's alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer.

Find the latest Discover balance transfer deals. Promotional interest rates can save you money. But how do you decide which offer is right for you?

Deal: Discover It offers 0% intro APR on purchases and balance transfers for 14 months. After that, a 13.74% - 24.74% Variable APR. There is no annual fee. There is a 3% balance transfer fee.

Did you know: There are some credit cards with no balance transfer fees.

Are you looking to transfer your current credit card debt to a new Discover card? Or maybe you have debt with Discover and you want to offload it to an entirely new bank?

Here is what you need to know about Discover balance transfers.

Stick around to the end. You'll find the top Discover balance transfer promotions for August 2018.

But watch out. There are a few quirks you need to know if you want to make a successful credit card balance transfer.

Read on before you apply for your next credit card.

To Discover

Do You Have an Existing Balance from Another Bank?

If you're weighed down by credit card debt, a balance transfer is a smart way to get a break on interest rates. The trick is to move your debt to a card with a promotional 0% APR for balance transfers. This will give you a period of time to pay off that debt without accumulating more interest.

Related: What is a balance transfer?

Discover offers a couple of cards with a promotional APR period for balance transfers. If you're considering this, here are a few guidelines to keep in mind.

What kind of credit score do I need for a Discover balance transfer card? Fortunately, even if your credit score is less than stellar, you can still qualify. Most cardholders with Discover balance transfer cards have credit scores between 600 and 700.

  • Only some credit cards offer a promotional rate. Most Discover cards will let you transfer a balance over, but not all of them have a 0% promotional APR. The whole point of transferring a balance is to score a lower interest rate than whatever you're getting now.

  • You'll pay a fee for the transfer. Most banks charge a fee to move your balance over. Discover usually has a transfer fee of 3% of the balance you're transferring.

  • The clock is ticking on transfers. For Discover cards with a 0% introductory APR offer, you have a limited time to complete the transfer in order to get the intro rate. Make sure you know what this date is.

  • The promotional rate has an expiration date. For Discover cards, the intro APR length will generally start applying from the date of the first transfer. Pay careful attention to when the intro APR ends and aim to pay off your balance in full by the time it expires.

  • You can only transfer a certain amount. Discover will give you a limit for the amount you can transfer. This may be less than your total credit line. If you try to transfer a balance greater than the credit given, Discover will only process it up to the limit.

  • You could lose your introductory rate. If you miss a payment after you transfer a balance, some Discover cards could end your intro APR and apply the penalty APR. If you're not careful, this could make it more expensive in the long run. Always pay at least the minimum payment due, preferably more.

Tip: Did you already do a balance transfer? To get your Discover balance transfer status, you can log into your Account Center and go to "Credit Options" and track the status.

To Another Bank

© Fe Ilya (CC BY-SA 2.0) via Flickr

Do You Have an Existing Balance from Discover?

There's also a lot to consider if you're transferring a balance from Discover to another bank. Read the fine print - if you don't pay attention to the details, the smart move you thought you were making can backfire.

  • 0% APR promotions may not always mean free. Most banks charge a balance transfer fee of 3% or 5%. This means for a $5,000 balance, you're looking at a balance transfer fee of $150 or $250. If you've got a lot of debt you want to move around, you need to know what it's going to cost up front.

    We like credit cards that have no balance transfer fees.

  • Review the card's regular interest rate. Ideally, when you're transferring a balance, the goal is to pay it off before the 0% credit card promotional period ends so you're not stuck paying interest. If you're not sure you'll be able to clear the debt by the time your offer expires, find out the rate after the promo period and be realistic about how much it will hurt.

    Tip: See our list of low interest rate cards.

  • Don't bank on earning rewards from a transfer. Rewards cards generally pay out points, miles, or cash back on new purchases only. If you're transferring over several thousand dollars to a new rewards card, you're not likely to earn any rewards for it.

  • Time transfers carefully Schedule the transfer well ahead of the due date on your current card. Check your balance transfer status. Make sure you continue making payments on your old card until you get confirmation that the balance has been completely transferred. If you don't, you could end up with a late fee and the late payment could show up on your credit. Stop making new purchases on the old card once the transfer's been initiated.

  • Check the APR on purchases. If you're planning to use the new card to cover your expenses, look for one that extends the promotional 0% interest rate to purchases as well.

    Note: Sometimes, a card only has a promotional APR rate for balance transfers and NOT for new purchases. If this is the case, and you do tend to carry a balance, we advise that you avoid using that credit card for new purchases.

    Typically, you have a grace period on purchases where no interest accrues. But promotional interest rate offers may cause you to lose that grace period if you do not pay the entire statement balance (including the amount subject to the introductory APR) by the payment due date. If you plan to carry a balance, check the credit card issuer's terms to find out about the effects of the promotional APR offers on the grace period for new purchases.

Bottom Line

Transferring a balance to or from a Discover card can be a great move for your debt, but only if you're careful. Make sure you carefully read the fine print and are fully aware of any fees. Once you make the transfer, keep up with your payments and aim to pay it off in full before the intro APR period ends.

Terms and limitations apply.

Discover Balance Transfer Cards

Discover Offers with No Annual Fees

Below are top Discover cards with a promotional 0% APR offer for balance transfers. All have no annual fee.

  • Discover It will match all the cash back you've earned at the end of your first year. This offer is only for new customers. This card earns 5% cash back in bonus categories that change each quarter (up to the quarterly maximum; requires free activation each quarter). All other purchases earn 1% cash back.

  • Instead of 5% rotating categories, this card gives 2% cash back at gas stations and restaurants: Discover it Chrome will match all the cash back you've earned at the end of your first year. This offer is only for new customers. This card earns 2% cash back at gas stations and restaurants (on up to $1k in combined purchases every quarter with no quarterly activation required). All other purchases earn 1%.

How to Choose a Balance Transfer Credit Card

Here are three factors to keep in mind when choosing the right balance transfer credit card for your wallet ...

Editorial Note: This content is not provided by Discover. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Discover.

Disclaimer: The information for the Discover it® Cash Back and Discover it® chrome has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy financial decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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