Discover it Balance Transfer benefits guide – Bankrate.com

The Discover it® Balance Transfer is a one of the best balance transfer cards to consider if you’re looking to pay down debt by taking advantage of a card’s 0 percent intro APR period. Plus, it offers rewards and other benefits that 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 Discove it Balance Transfer card comes with more earning opportunities and benefits than most balance transfer cards, such as:

0% intro APR offers

One of the most enticing features of this card is its 0 percent APR for balance transfers for the first 18 months after opening an account. The card also includes a 0 percent APR offer on purchases for the first six months. These intro offers allow cardholders to transfer a balance to pay down debt or else finance a big purchase without having to worry about accruing interest for a period of time. After the intro APR offers expire, the card has a variable APR of 12.24 percent to 23.24 percent.

No annual fee

Unlike some rewards credit cards, 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

The 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 tend not to offer rewards of any kind. Plus, your rewards will never expire, and you can redeem rewards for any amount at any time (except for gift cards, which require a minimum rewards balance to redeem).

Cash back match welcome offer

Discover will match all 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

Cardholders can also access their free FICO score in order to keep tabs on their credit. This score is available in your online Discover account. This 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 2021 J.D. Power U.S. Credit Card Satisfaction Study, Discover is ranked second among credit card providers in customer satisfaction, just a few 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. But after that, there’s a missed payment fee of up to $40.

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 the 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 the 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 greater the rewards you’ll earn. Although you shouldn’t spend more than you’ve budgeted, the more you use this card on everyday expenses, the more rewards you’ll reap. 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

It’s a good idea to monitor Discover’s quarterly cash back categories in order to make the most out of your rewards. Past categories have included grocery stores, fitness clubs, gas stations, restaurants, Target, PayPal and Amazon.

Make the most of the 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 intro period allows cardholders to take control of their finances without worrying about accumulating interest. Just keep in mind that once the intro period is over, you’ll need to start paying a variable APR of 12.24 percent to 23.24 percent on any remaining balances.

The bottom line

Like many balance transfer credit cards, the Discover it Balance Transfer is a bit more bare-bones when it comes to perks like travel or shopping benefits. But if you’re looking to pay down debt and earn plenty of rewards, the Discover it Balance Transfer card is a great option to consider.

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