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The Discover it® Balance Transfer is ideal for consumers who need a balance transfer card with a long 0% intro APR period and a cash back program that offers ongoing value once the transferred balance is paid off.
Many of the top balance transfer cards available don’t earn rewards, so once you’ve used them to pay down debt from another card, there’s no reason to keep them in your wallet. By contrast, the Discover it® Balance Transfer comes with a top-of-the-line cash back program if you’re willing to deal with rotating rewards categories.
Plus, the Discover it® Balance Transfer charges a $0 annual fee.
Intro Purchase APR
0% Intro APR for 6 months
Regular Purchase APR
17.24% - 28.24% Variable APR
Intro BT APR
0% Intro APR for 18 months
Regular BT APR
17.24% - 28.24% Variable APR
Annual Fee
$0
Cash Advance Fee
Either $10 or 5% of the amount of each cash advance, whichever is greater.
Foreign Transaction Fee
None
Balance Transfer Fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Lengthy 0% intro APR on balance transfers
Enjoy a 0% Intro APR for 18 months on balance transfers. After, a 17.24% - 28.24% Variable APR applies. If you’re looking to move other high-interest debt from a non-Discover credit card and get some breathing room without interest charges accruing, this card gives you a year and a half to do so.
5% cash back program
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—automatically. Note that there’s a $1,500 spending cap at the elevated rate each quarter, after which you’ll earn just 1% on all purchases. That means a maximum of $75 in cash back can be earned each quarter at the higher rate before your rewards rate drops.
Also be aware you must activate the new categories each quarter or you’ll earn just 1% back. However, Discover typically sends out activation reminders before each quarter rolls around.
As long as your spending tends to line up with the rotating categories, earning 5% is a generous cash back rate. An example of a rewards category in 2024 includes restaurants. Plus, Discover makes things easy by publishing the cash back categories for the whole year at once, so cardholders can plan out their spending. By contrast, competing credit card issuer Chase publishes each category just prior to the new quarter.
Unique sign-up bonus
This card offers a unique sign-up bonus for new cardmembers: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
However, we typically recommend avoiding new spending on a balance transfer credit card until you’ve paid off your transferred debt in full. That way you don’t have to worry about your balance creeping back up while you’re trying to get out of debt. Once you’ve paid in full, you can begin using the Discover it® Balance Transfer for everyday expenses.
No annual fee or foreign transaction fee
The Discover it® Balance Transfer charges a $0 annual fee and a foreign transaction fee of none. But know if you’re planning a trip abroad, Discover is not as widely accepted in some countries as Mastercard and Visa credit cards.
You'll have to pay a balance transfer fee
This card charges a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. That’s a reasonable balance transfer fee, especially if you take advantage of the intro fee amount.
Subpar intro APR period on purchases
While the intro APR period on balance transfers is lengthy, the period on new purchases is pretty short. You’ll get a 0% Intro APR for 6 months, after which a 17.24% - 28.24% Variable APR applies. There are plenty of cards with longer intro APR periods on purchases.
Cash back requires activation and has a cap
Though this card offers an excellent cash back rate, you must activate a new category each quarter. This can be done online, and Discover will generally send out reminders before each new quarter comes up. But if you prefer not to have to actively manage your rewards, that might be a drawback.
The Discover it® Balance Transfer also comes with a spending cap you should be aware of. Once you spend $1,500 in the 5% category, you’ll earn just 1% until the next quarter. That means you can earn a maximum of $75 in cash back each quarter — $300 each year — at the higher rate.
If you need even more time to pay off your transferred debt, the Wells Fargo Reflect® Card can help. Cardholders get a 0% intro APR for 21 months from account opening on qualifying balance transfers, after which a 17.49%, 23.99%, or 29.24% Variable APR applies.
Plus, if you need time to pay off a big purchase, the Wells Fargo Reflect® Card also offers a 0% intro APR for 21 months from account opening on purchases. After, a 17.49%, 23.99%, or 29.24% Variable APR applies.
The Wells Fargo Reflect® Card charges a $0 annual fee, but beware the 3% foreign transaction fee.
Where the Discover it® Balance Transfer stands out is that it offers a cash back program, giving it value after the transferred debt is paid off, while the Wells Fargo Reflect® Card does not have a rewards program.
| Credit Cards | Our Ratings | Balance Transfer Fee | Intro Balance Transfer APR | Regular Balance Transfer Rate | |
|---|---|---|---|---|---|
|
Discover it® Balance Transfer*
|
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* | 0% Intro APR for 18 months | 17.24% - 28.24% Variable APR | ||
Wells Fargo Reflect® Card*
|
5%, min: $5 | 0% intro APR for 21 months from account opening on qualifying balance transfers | 17.49%, 23.99%, or 29.24% Variable APR | ||
Citi Simplicity® Card*
|
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5) | 0% intro APR for 21 months on Balance Transfers | 18.49% - 29.24% (Variable) | ||
U.S. Bank Visa® Platinum Card*
|
An introductory fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, for balances transferred within 60 days of account opening. After that, either 5% of the amount of each transfer or $5 minimum, whichever is greater. | 0% intro APR for 21 billing cycles on Balance Transfers | 18.24% - 29.24% (Variable) |
If you’re looking for a balance transfer credit card offering well over a year of no interest on transferred debt, as well as a cash back program to offer ongoing value, the Discover it® Balance Transfer is an excellent choice.
However, if you think you’ll need even longer to pay off transferred debt, consider the Wells Fargo Reflect® Card. Plus, the Wells Fargo Reflect® Card also offers a much better intro APR deal on new purchases.
The information related to the Discover it® Balance Transfer, Wells Fargo Reflect® Card, Citi Simplicity® Card and U.S. Bank Visa® Platinum Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
