Discover it® Balance Transfer

• Intro Offer: Unlimited Cashback Match – 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.
• Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
• Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
• Every $1 you earn in cash back is $1 you can redeem
• No annual fee.
• Select “Apply Now” to learn more about the product features, terms and conditions
• View Rates and Fees

This credit card is a rare find among balance transfer options because it not only offers a 0 percent intro APR for 15 months on balance transfers, but it also provides impressive rewards. In fact, it’s one of the few cards designed specifically for balance transfers that offer rewards, with a cashback of 5 percent on quarterly activated rotating categories (up to $1,500 per quarter) and 1 percent on all other purchases.

Furthermore, for new cardholders, Discover will automatically match all the cash back earned at the end of their first year, providing a tremendous opportunity to maximize rewards.

While this card offers a 0 percent intro APR for 15 months on balance transfers, there is an intro balance transfer fee of 3 percent, which then gets capped at 5 percent after the intro period ends (see card terms).

Additionally, the intro purchase APR is shorter than what other balance transfer cards offer, which works against this card’s rewards spending advantage.

With no annual fee, foreign transaction fees, penalty APR or fee on the first late payment (then up to $41), this card is a great choice for those looking to get the most out of their balance transfers while enjoying rewards.

15-month 0 percent intro balance transfer APR with an impressively low 17.24 percent to 28.24 percent variable APR afterward.

Moreover, this card has limited features outside of rewards, which isn’t uncommon for balance transfer cards. However, it may be a drawback for those who want more from their credit card beyond just balance transfers and rewards.

Lastly, the rotating category rewards program requires tracking quarterly activation periods and spending limits, which could be a hassle for people who prefer a more straightforward rewards structure. However, for those willing to put in the effort, the rewards can be very lucrative.

The Discover it® Balance Transfer credit card is an exceptional option for consumers seeking a card that excels in multiple areas. This card boasts a cashback program, an excellent balance transfer offer, and no annual fee, making it an excellent choice for a broad range of users. The card’s introductory 0% APR rate on balance transfers for 15 months is good, but falls short compared to other balance transfer cards. Additionally, cardholders enjoy a 0% APR rate on purchases for 6 months until July 10, 2024. Then the variable APR ranges from 17.74% to 28.24%.

But that’s not all – the Discover it® Balance Transfer also offers 5% cash back on rotating categories and 1% unlimited cash back on all other purchases, with no annual fee. This card also stands out for its ability to redeem cashback at any time, and its 100% US-based customer service is widely praised.

While the card is excellent for balance transfers and everyday spending, it may not be the best option for financing large new purchases. Cardholders should also be aware of the balance transfer fee, which starts at 3% and increases to 5% after July  10, 2024.

Overall, the Discover it® Balance Transfer credit card is a top choice for those looking for an all-around credit card with excellent cashback and balance transfer perks, plus the added bonus of no annual fee. With its lengthy introductory rates and competitive cash back rewards program, it’s easy to see why more and more people are choosing Discover as their go-to credit card.