Discover It Balance Transfer Review: A Debt Zapper With Benefits
You are not alone if you are battling with credit card debt. Transferring the debt to a balance transfer credit card with 0% interest for a specific amount of time — anywhere from six to 21 months — is one approach to get it under control. You can pay off debt without incurring hefty interest charges for up to 18 months with the Discover it balances transfer card’s introductory 0% APR term (after 11.99 percent to 22.99 percent variable APR).
The Discover it Balance Transfer card, however, provides cardholders with more than simply the ability to get out of debt; you may also earn rewards, fund new purchases, and use the card internationally without incurring penalties. There’s also no annual fee, earning it first place on Select’s list of the best balance transfer credit cards for 2020.
Quick Facts
- INTRO OFFER: Discover is offering an unlimited cash back match. At the end of your first year, Discover will automatically match all of your cashback! There are no restrictions on how much you can spend or how much you may earn. You could exchange $150 in cash for $300.
- Each quarter, get 5% cashback at a variety of locations, including Amazon.com, grocery stores, restaurants, petrol stations, and when you pay with PayPal, up to the quarterly maximum when you activate. Plus, automatically get an unlimited 1% cashback on all other purchases.
- Redemption is flexible.
Pros And Cons
Pros
- There is no annual charge.
- APR introductory period
- Added-value categories
- Cash prizes are available.
Cons
- Creditworthiness must be good or excellent.
Full Review
Discover it® Balance Transfer will help you pay off your high-interest credit card debt without paying interest for a long time.
It also has a feature that is uncommon for a balance transfer card: increased rewards on ordinary purchases. This gives you a compelling reason to keep the card once you’ve paid off your transferred sum.
One thing to keep in mind is that, unlike some other 0% initial APR cards, the Discover it® Balance Transfer card isn’t ideal for financing a significant new purchase. While the card does minimize certain frequent costs, there is one that you should be aware of: a balance transfer fee that rises from 3% to 5% after a few months.
Discover It Balance Transfer: Basics
Card type: Balance transfer and cashback.
Annual fee: $0
Intro APR: 0% intro APR on purchases for 6 months and 0% intro APR on balance transfers for 18 months, followed by a variable APR of 11.99% -22.99%.
Ongoing rewards
- Up to $1,500 in purchases per quarter can earn you 5% cashback on rotating quarterly categories (activation required).
- On all other purchases, you’ll get 1% cashback.
Redemption Options
Cashback can be redeemed for a direct deposit into an account, a credit on your card statement, gift cards and eCertificates, charitable donations, or Amazon.com and PayPal purchasing. Unless you’re redeeming for gift certificates or eCertificates, which demand a minimum of $5, there’s no minimum redemption requirement.
New Cardholders Options
It offers a one-of-a-kind first-year sign-up bonus for new cardholders dubbed INTRO OFFER: Discover is offering an unlimited cashback match. At the end of your first year, Discover will automatically match all of your cashback! There are no restrictions on how much you can spend or how much you may earn. You could exchange $150 in cash for $300.
Benefits Of Discover It Balances Transfer Card
- Cashback in popular areas: Discover it Cash Back and Discover it® Balance Transfer provides you 5% back on rotating quarterly categories up to $1,500 in purchases every quarter (activation required); beyond that, you get 1% back. All other purchases will earn you 1%. Gas stations, grocery stores, restaurants, and other businesses have previously received bonus categories.
- For new cardholders, there is a substantial sign-up incentive, depending on how much you spend.
- Redemption flexibility: You can get your money back in whatever quantity and into any bank account you want at any time.
- No foreign transaction fees.
- Social security number alert: To protect you against identity theft, Discover monitors the web and your Experian credit report.
- A lengthy 0% intro APR term.
- You won’t be charged a late fee the first time you pay late.
- If you lose your credit card, you can utilize Discover’s “Freeze it” option to prohibit future transactions, cash advances, or balance transfers.
Instead of the number of rewards that may be earned, the Discover It Balance Transfer card offers customers the lowest way to pay off their debt. The cashback has no expiration date, and you can use it to get statement credits, gift cards, products, and more.
If you’re looking for a card that will help you pay off your debt faster before the high-interest rates kick in, earn rewards, finance new purchases (saving you money in the long run), use the card internationally without incurring fees, and has no annual fees, the Discover It Balance Transfer Card might be the best option.