Discover it Balance Transfer Reviews (2024)

FAQs

Is Discover good for balance transfer? ›

Key takeaways. The Discover it® Balance Transfer card offers a long 18-month introductory 0 percent APR on balance transfers, making it a great option for consumers looking to pay down existing debt.

You need a credit score of at least 700 to qualify for the Discover it Balance Transfer credit card. That's good credit, but they'll also look at other details from your credit report that may influence your approval odds, such as debt-to-income ratio and recent hard inquiries.

Transferring your debt has its drawbacks. Balance transfer credit cards often have a host of pitfalls that can potentially offset the benefits, including: Fees: Most credit cards have a 3% or 5% balance transfer fee. Temporary 0% APR: The 0% intro offer will eventually expire, and your regular APR may be 20% or higher.

A balance transfer can improve your credit over time as you work toward paying off your debt. But it can hurt your credit if you open several new cards, transfer your balance multiple times or add to your debt.

For new accounts: An account must be open for 14 days before Discover can begin processing your balance transfer request. After that, most transfers are processed within 4 days. Please allow additional time for the recipient to credit your other account.

The catch with a balance transfer credit card is it may not save you money once the 0% introductory period ends because interest will start accumulating on any remaining balance.

Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 3% Intro fee on balances transferred by December 10, 2024 and up to 5% fee for future balance transfers will apply. Annual Fee: None.

The bottom line

Qualifying for a balance transfer card for bad credit can be challenging. There's a good chance you'll only be eligible for secured credit cards, which require a cash deposit, so you may be better off simply putting that cash toward paying off your debt.

It's important to know that you won't be able to do a balance transfer for more than your credit limit, and that any balance transfer fees you're charged will count toward hitting your credit limit.

If you can't repay your debt in the promotional period, are nearing the finish line on total debt repayment or are planning on applying for major financing soon, a balance transfer may not be a good move.

Does it look bad to do a balance transfer? ›

In some cases, a balance transfer can positively impact your credit scores and help you pay less interest on your debts in the long run. However, repeatedly opening new credit cards and transferring balances to them can damage your credit scores in the long run.

Your old credit card will remain open after the balance transfer is complete, and you can decide whether you want to keep using it, stop spending on it, or close your account.

Your request for a balance transfer might be declined if the transfer amount is above your credit limit, your account is in poor standing or you're trying to transfer a balance to a card from the same credit card issuer.

A 0% balance transfer credit card can potentially help you save money. In turn, this may help you pay off your debts faster. For example, imagine you have £1,000 of debt on a credit card with an APR (Annual Percentage Rate) of 19%. This means you'd pay £190 every year in interest.

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

You might be able to use your Discover credit card to pay off cards from other issuers. But you can't make the payment directly. Instead, if you're eligible, you can request a balance transfer to your Discover card and Discover will send the payment to the other card issuer.

You can only transfer a balance from another credit card issuer — like Discover or Citi — to a Capital One card.

Is there a service charge for sending a wire transfer? There is a $30 service charge for each outgoing wire transfer sent from your Discover bank account.