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Discover it® Balance Transfer

Credit needed
Excellent, Good
APR
Variable APR: 11.99% to 22.99%
Annual Fee
$0

Card Summary

Discover it Balance Transfer Card offers an introductory rate of 0% on balance transfers and purchase for up to six months. After that, a variable interest rate (from 11.99% to 22.99%) applies. Transferring a balance will incur a fee: 3% is the initial amount, then it increases to 5%.

Purchases earn cash back of 5% up to the quarterly limit for rotating categories that you activate, and then 1% after reaching the maximum. Discover will match all cashback you earn in the first year.

To be eligible for the card, you'll need to have good credit or excellent credit. There is no annual fee.

Review of the Discover It Balance Transfer Card: This 18-month 0% APR card could be a great way to pay down debt and finance big purchases. However, you should also consider the balance transfer fee so that you know when the regular rate will kick in.

The pros:

You can get an 18-month, 0% intro APR. Purchases in rotating quarterly categories earn a 5% cashback. All the cash you earn at the end of your first year, matches.

Card Summary - Cons

Requires activating category.
Spending restrictions that are eligible for rotating cash back.
Transfer fees for balances

Rates and fees

Issuer Name
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Penalty APR
N/A
Credit Needed
Excellent, Good
Balance Transfer Fee
3% Intro Balance Transfer Fee, up to 5.5% on subsequent balance transfers
Annual Fee
$0
Cash Advance Fee
N/A
APR
Variable APR: 11.99% to 22.99%
Foreign Transaction Fee
None
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The Best Features

Rewards

Sign up bonus

APR Requirements

Drawbacks

Highlights

INTRO OFFER - Unlimited Cashback Match, only at Discover: All the cash you earn in the first year will be automatically matched by Discover. You don't have to spend a minimum amount or receive maximum rewards. It's possible to turn $150 in cash into $300.

Everyday purchases made at various places such as Amazon.com and gas stations, grocery shops, restaurants, gas stations, etc., earn 5% cashback each quarter up to the maximum quarterly limit when you activate.

You can also earn unlimited cashback on any other purchase - all you have to do is activate.

Cashback can be redeemed at any time, for any amount. Rewards never expire. Receive your Credit Scorecard free of charge with your FICO credit score, number of recent inquiries and more. There is no annual charge. Nearly 99% of all credit card shops accept Discover.

Benefits

Comparative Analysis with Other Cards

Discover It Balance Transfer vs. Discover It Cash Back

Annual Fee: There is no annual fee for the card.

Reward Structure: All cards have the same rewards system. Up to the quarterly limit, you can get 5% cashback on all rotating categories, including restaurants, grocery stores and gas stations. These cards offer 1% cashback on all purchases except those that exceed the quarterly limit.

Sign up bonus: Discover will match all cashback you earn at the end your first year for both cards.

Benefits: These cards have different benefits. The only difference is how long the 0% initial APR period.

Discover it Balance Transfer card offers a 0% interest for 18 months on balance transfers, and six months for purchase. After that there is a variable rate of 11.99% to 22.99%.

The Discover it Cash Back card offers balance transfer and purchase protection for 14 months. After that, a variable APR between 11.99% and 22.99% is offered. Both cards do not charge foreign transaction fees, and you have free access to FICO scores.

U.S. Bank Visa Platinum Card vs. Discover It Balance Transfer

Annual Fee: There is no annual fee for the card.

Rewards: Up to the quarterly limit, Discover it Balance Transfer cards earns 5% cashback in rotational categories such as gas stations, grocery stores and restaurants. The card offers 1% cashback for purchases made after you reach the quarterly spending limit.

There is no reward program for the U.S. Bank Visa Platinum Card.

Sign up bonus: Discover will match all cash back earned during your first year. No sign-up bonus is offered by the U.S. Bank Visa Platinum Card.

Benefits: Discover it Balance Transfer Card offers a 0% interest rate for 18 months on balance transfers, and a fixed APR for six months on purchases. After that there is a variable APR between 11.99% and 22.99%.

The U.S. Bank Visa Platinum Card does not charge interest after 20 billing cycles for balance transfers or purchases. After that, a variable APR of 14.49% to 24.49% applies.

With the Discover it Balance transfer card, you will have free access to your FICO score. You also avoid any foreign transaction fees. U.S. Bank Visa Platinum Card offers up to $600 cellphone protection when you pay your phone bill using the card. You also have flexibility to select a date and payment method that suits your needs.

Redeeming Rewards

Maximizing Rewards

Annual Fees

Conclusion

Do you need the Discover It Balance Transfer Card?

If you are:

To pay down debts or to finance large purchases, you will need an 18-month 0% interest rate.
You can earn cashback of 5% in quarterly rotating categories.
You prefer a card with no annual fees.
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