What credit score do you need for the Discover it® Balance Transfer?

The Discover it® Balance Transfer is most appropriate for people who have good to excellent credit, but approval is never guaranteed due to a host of factors for each applicant.To remove the guesswork, Bankrate’s CardMatch™ tool can help you find personalized offers based on your credit history without hurting your credit score.

Can you transfer your balance from another Discover card to the Discover it® Balance Transfer?

You cannot transfer a balance from one Discover card to another. You can only transfer your balance to a Discover card from another issuer's card.

How do I transfer a balance to the Discover it® Balance Transfer?

The easiest way to request a balance transfer with Discover is to go to your online account. Click "Balance Transfer" under the "Manage" tab. Follow the instructions and tell Discover where you are transferring your balance from. Be sure to have your information from your previous issuer and how much you plan to transfer to your new card. You can also transfer your balance through the Discover mobile app or by calling the phone number on the back of your Discover card.

How long does it take for Discover to transfer a balance?

A balance transfer can take seven to 10 days with Discover, although that timeframe isn’t guaranteed. It varies from case to case with any issuer, but Discover’s estimated timeframe could be a bit faster than the seven to 21 days estimated by several other issuers.

How can I redeem rewards earned from my Discover it® Balance Transfer card?

Discover also provides a good variety of redemption options: An electronic direct deposit to an eligible bank account A statement credit A gift card A charitable donation A payment for Amazon.com and PayPal purchases There’s no minimum rewards balance you need, and you can redeem at any time, unless redeeming for rewards as a gift card. Gift cards start at $5 and go up to $200 in value (redeemed in increments of $5). You may also get bonus value of up to 20 percent, depending on the partner merchant. Your cash back also won’t expire for the life of your account, as long as the account remains open.

Discover it® Balance Transfer review: The most rewarding balance transfer card available

One of the best options for anyone who wants to pay off credit card debt

Written by

Ashley Parks

Edited by

Courtney Mihocik

Reviewed by

Grace Pilling

Mar 27, 2024 / 10 min

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for and how we rate our cards. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. 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 any card issuer.

Snapshot

4.6

Bankrate rating

Bottom line

This card's introductory APR for balance transfers makes it a smart choice for anyone tackling debt. Unlike many other balance transfer cards, it also offers rotating rewards categories and a cash back match at the end of your first year, making it a great choice to keep in your wallet long-term.

Best for balance transfers + rewards

Introductory offer

Rating: 4 stars out of 5

4 / 5

APR

Rating: 4 stars out of 5

4 / 5

Fees

Rating: 5 stars out of 5

5 / 5

Features

Rating: 3.5 stars out of 5

3.5 / 5

Good to Excellent (670 – 850)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Recommended Credit

0% for 6 months

Purchase intro APR

Regular APR

Intro offer

Intro Offer: 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.

1% - 5%

Rewards rate

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.

Annual fee

On This Page

Discover it® Balance Transfer Overview

The Discover it® Balance Transfer is one of the best balance transfer credit cards since it offers the same 0 percent intro balance transfer APR for 18 months (17.24 percent to 28.24 percent variable APR thereafter) as several top transfer cards, but it still has the same benefits found on other Discover credit cards: a solid rewards program, a cash back match welcome offer at the end of the first year for new customers, stellar customer service and some of the lowest rates and fees on the market.

Very few balance transfer cards provide a welcome offer — let alone ongoing rewards. Though the card carries minimal features and its intro purchase APR is much shorter than many other zero-interest credit cards, the issuer’s focus on balance transfer value overcomes these drawbacks.

Rewards
5 percent cash back after activation on rotating categories each quarter (up to $1,500 in quarterly purchases, then 1 percent)

1 percent on all other purchases

Expert Appraisal: Exceptional
See our expert analysis
Welcome offer
Discover will match all cash back earned at the end of your first year with the card

Expert Appraisal: Exceptional
See our expert analysis
0% APR offer
0 percent intro APR on purchases for six months from date of account opening

0 percent intro APR on balance transfers for 18 months

17.24 percent to 28.24 percent variable APR

Expert Appraisal: Typical
See our expert analysis
Rates and fees
$0 annual fee

No penalty APR

No late fee on your first late payment (up to $41 after)

No foreign transaction fees

3 percent intro balance transfer fee, then 5 percent on future transfers (see terms)

Expert Appraisal: Good
See our expert analysis
Other cardholder perks
$0 fraud liability

Free Identity Alerts credit monitoring service

Freeze it® on/off switch

Free FICO Score access

Award-winning 24/7 customer service

Expert Appraisal: Typical
See our expert analysis

Discover it® Balance Transfer pros and cons

Pros

This card offers an excellent rewards rate and a welcome offer — rare for a balance transfer card.
You can potentially take advantage of a low ongoing variable APR after the card’s intro APR period ends.
This no-annual-fee card features no foreign transaction fee, penalty APR or fee on your first late payment (then up to $41), making it a low-cost option.

Cons

The intro APR period on purchases is short, which works against this card’s rewards spending advantage.
Even for a balance transfer card, it has limited features outside of its rewards.
The rotating category rewards program requires tracking quarterly activation periods and spending, which can be complicated.

Why you might want the Discover it® Balance Transfer

The Discover it® Balance Transfer is a top choice for anyone who wants to earn terrific rewards while paying off credit card debt. But the card’s welcome offer and affordability push it to the front of the line.

Rewards: Unique long-term value for a balance transfer card

The Discover it® Balance Transfer shares the same rotating category structure as the Discover it® Cash Back. You’ll earn 5 percent cash back on your first $1,500 in spending each quarter in the card’s rotating bonus categories (activation required) and 1 percent back after that. All other purchases earn 1 percent cash back.

It’s hard to find another balance transfer card that offers such a generous rewards program. Though you’ll only earn a top rewards rate on your first $1,500 in purchases each quarter and must activate categories — which can limit your earning potential — earning rewards while paying down debt is a rare perk.

Welcome offer: Terrific potential for big spenders

It's also hard to find a balance transfer card with a first-year welcome bonus. Discover will match all cash back you earn at the end of your first year, which means you can essentially double all your first-year rewards.

Depending on how much you spend, this could become more valuable than the welcome offers available on other no-annual-fee cards, which typically offer sign-up bonuses of around $200.

Affordability: Light on fees

If you’re eager to keep card costs low or have trouble making payments on time consistently, having some extra wiggle room with fees will be helpful. The Discover it® Balance Transfer has no annual fee, penalty APR or late fees on your first late payment (up to $41 after that). However, keep in mind that missing a payment at any time will still have a negative impact on your credit.

The card is also an excellent choice if you travel abroad since it charges no foreign transaction fees.

Why you might want a different balance transfer card

The Discover it® Balance Transfer stands out for offering competitive rewards, but it could prove a bit underwhelming with its purchase intro APR, balance transfer fees and barebones perks.

Purchase intro APR: Extremely short intro period

Many of the best balance transfer cards have a matching intro APR offer on both balance transfers and purchases. The intro APR for purchases on the Discover it® Balance Transfer only lasts for six months (then 17.24 percent to 28.24 percent variable APR), which is one of the shortest intro APR offers you’d find on any type of credit card.

While the primary function of a balance transfer card is to have an intro APR on balance transfers, an intro APR on purchases can be a helpful advantage where this card falls short.

Perks: Lackluster benefits beyond the basics

Discover trims the extras to focus on low costs, account protection and top-notch customer service. But while no-annual-fee cards often dial back the perks, Discover's benefits are lacking even by those standards. This means the card will not be the pick for you if you want premier credit card benefits like travel insurance or statement credits.

How the Discover it® Balance Transfer compares to other balance transfer cards

Though this card has a lengthy intro APR period for balance transfers and terrific ongoing value, some competing cards carry a simpler rewards program and a longer intro purchase APR, which may give you more breathing room.

Discover it® Balance Transfer

Bankrate Score

4.6

See Rates & Fees , Terms Apply

Apply now

on Discover's secure site

Annual fee

Intro offer

Cashback Match

Rewards rate

1% - 5%

Recommended Credit Score

Good to Excellent (670 – 850)

Citi Double Cash® Card

Bankrate Score

4.2

See Rates & Fees , Terms Apply

Apply now

on Citi's secure site

Annual fee

Intro offer

$200 cash back

Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.

Rewards rate

1% - 5%

Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.

Recommended Credit Score

Good to Excellent (670 – 850)

BankAmericard® credit card

Bankrate Score

4.8

Annual fee

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

Good to Excellent (670 – 850)

Like the Discover it® Balance Transfer card, the Citi Double Cash® Card is one of the few credit cards to earn substantial rewards and feature a long intro APR on balance transfers. The Double Cash card earns up to 2 percent unlimited cash back on all purchases (1 percent when you purchase and another 1 percent when you pay your credit card bill). While your focus with a balance transfer card should be paying down outstanding balances, this rewards structure might be better for you if rotating categories are difficult to manage or you plan to pair it with other Citi credit cards.

Plus, earning rewards for payments could encourage healthy card habits. But the Citi Double Cash doesn’t offer an intro APR for purchases — which can help prevent additional debt — and its ongoing APR is a bit higher than the Discover card’s rate. The Citi Double Cash also charges a 3 percent foreign transaction fee, which will eat into any rewards you’d earn abroad.

You can earn higher rates with the Discover it® Balance Transfer, but you can earn unlimited cash back with the Citi Double Cash.
Unlike the Discover it® Balance Transfer card, the BankAmericard® offers top-notch matching intro APRs for both balance transfers and new purchases which lasts longer than the Discover it® Balance Transfer, and with a slightly better ongoing APR.

However, BankAmericard lacks a rewards system. If your primary aim is to pay off your credit card debt, the BankAmericard is preferable. If you want a card with long-term value, the Discover it® Balance Transfer would be the better choice.

Who is the Discover it® Balance Transfer right for?

If you need to pay off debt but don’t want to miss out on Discover’s cash back match offer, quarterly bonus categories and account protection features, this card is a great option. Anyone who wants to take advantage of Discover's benefits while working on their debt will find what they need here.
If you can track your spending and activate your bonus categories every quarter, then you can maximize your earnings with the Discover it® Balance Transfer. Here are the most recent rotating categories in Discover’s cash back calendar:
- Q3 2023 (July through September): Gas stations and digital wallets
- Q4 2023 (October through December): Amazon.com and Target
- Q1 2024 (January through March): Drug stores and restaurants
- Q2 2024 (April through June): Gas stations and electric vehicle charging stations, home improvement stores and public transit
You'll like the Discover it® Balance Transfer card if you need a card to complete a balance transfer but want to use it after you pay off your balance. Since it’s one of the few balance transfer cards that also offers rewards, there’s still value to be had long after the intro APR offers end.

Bankrate’s Take — Is the Discover it® Balance Transfer worth it?

Since balance transfer cards typically don’t offer much value beyond their lengthy introductory APR periods, they are often difficult to justify keeping after the intro APR ends — but the Discover it® Balance Transfer doesn’t have this problem. It combines popular rewards from Discover it® Cash Back into the balance transfer world with great ongoing value and low costs.

Its short intro purchase APR period might not be the strongest, but the Discover it® Balance Transfer's well-rounded features make it one of the best options you’ll find for a balance transfer.

Dig deeper: Is the Discover it® Balance Transfer card worth it?

How we rated this card

100+

card ratings

400+

APRs tracked

3000

data points analyzed

40+

perks evaluated

Our proprietary card rating system takes into account a mix of factors when scoring balance transfer and low-interest cards, including each card’s introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more.

While balance transfer and low-interest cards share a similar ratings rubric, we weigh features differently based on how a card is categorized. We categorize cards that carry an especially long intro APR offer on balance transfers as dedicated balance transfer cards, while cards that offer an especially low ongoing APR are considered general low-interest cards.

Based on its features, we assigned this card a primary category of balance transfer and tailored our ratings accordingly.

We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on how its key features stacked up against those of other cards in its category.

Here’s a breakdown of what gave this card its score:

The primary factor in a balance transfer or low-interest card’s rating is the quality of its introductory APR offer and ongoing APR. This includes both the introductory rate itself and the length of the intro APR on both balance transfers and new purchases.

For cards designed primarily for balance transfers, the intro APR offer on balance transfers has the largest impact on overall score. The quality of these cards’ intro APR on new purchases is also considered, but holds less weight than the intro APR on balance transfers.

For general low-interest cards, the intro APR offer on new purchases has the largest impact on overall score, followed by the ongoing APR and intro APR offer on balance transfers. This weighting assumes cardholders considering a card in this category will prioritize payment flexibility on new purchases or may need to carry a balance long term, whereas cardholders trying to pay off debt will opt for a dedicated balance transfer card.

The cards that score the highest in these categories tend to offer long 0-percent intro APRs on both balance transfers and new purchases as well as a lower-than-average low-end APR.
Along with evaluating each card’s intro APR offers, we score balance transfer and low-interest cards based on their fees.

Of primary importance is a card’s balance transfer fee, since this can play a large role in the total cost of a balance transfer. We rate each card’s balance transfer fee based on how it stacks up against the fee you’ll find on competing cards.

While this fee carries less weight when we assess general low-interest cards than dedicated balance transfer cards, it still factors into our evaluation since cardholders may decide to transfer debt to a low-interest card even if it offers no intro APR or an intro APR higher than 0 percent.

And while a lower balance transfer fee could save you more overall than a few extra months of 0-percent intro APR, this fee carries less weight in our scoring system than a card’s introductory APR and intro APR period. This is because many users prioritize getting as much time as possible to pay off debt while avoiding interest.

Our ratings also factor in the presence of annual, foreign transaction, cash advance and late payment fees, along with penalty APRs. Annual fees are weighted most heavily since these are the only “unavoidable” fees in the list and tend to be less common on dedicated balance transfer and low-interest credit cards.
While getting a generous intro APR offer and low ongoing APR are likely to be the biggest priorities for someone looking for a low-interest or balance transfer card, we also consider how much value a card can offer after its intro APR comes to an end.

Balance transfer and low-interest cards receive a higher rating if they also include an ongoing rewards program or unique and valuable perks. Such features make a card more useful long term and make it less likely you’ll need to apply for a new card (and temporarily hurt your credit score) after you pay off debt.

*The information about the BankAmericard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

Frequently asked questions

The Discover it® Balance Transfer is most appropriate for people who have good to excellent credit, but approval is never guaranteed due to a host of factors for each applicant.

To remove the guesswork, Bankrate’s CardMatch™ tool can help you find personalized offers based on your credit history without hurting your credit score.
You cannot transfer a balance from one Discover card to another. You can only transfer your balance to a Discover card from another issuer's card.
The easiest way to request a balance transfer with Discover is to go to your online account. Click "Balance Transfer" under the "Manage" tab. Follow the instructions and tell Discover where you are transferring your balance from. Be sure to have your information from your previous issuer and how much you plan to transfer to your new card.

You can also transfer your balance through the Discover mobile app or by calling the phone number on the back of your Discover card.
A balance transfer can take seven to 10 days with Discover, although that timeframe isn’t guaranteed. It varies from case to case with any issuer, but Discover’s estimated timeframe could be a bit faster than the seven to 21 days estimated by several other issuers.
Discover also provides a good variety of redemption options:
- An electronic direct deposit to an eligible bank account
- A statement credit
- A gift card
- A charitable donation
- A payment for Amazon.com and PayPal purchases
There’s no minimum rewards balance you need, and you can redeem at any time, unless redeeming for rewards as a gift card. Gift cards start at $5 and go up to $200 in value (redeemed in increments of $5). You may also get bonus value of up to 20 percent, depending on the partner merchant. Your cash back also won’t expire for the life of your account, as long as the account remains open.