Discover it® Balance Transfer Card Review

Discover Bank Discover it® Balance Transfer Credit Card Review

In this article, we will review the Discover Bank Discover it® Balance Transfer Credit Card, one of the best balance transfer cards that comes with some great benefits.

The Discover it® Balance Transfer card is set apart by its generous 0% intro APR period for all balance transfers (17.24% - 28.24% Variable after that). The 18-month period starts after you make your first balance transfer for all transfers made before October 10, 2021. The long 0% APR period plus the other benefits make it an ideal card for a person who needs to clear some credit card debt and needs a card to reward their spending habits. The Discover it® card also offers 5% cash back rewards on rotating spending categories up to a quarterly spending maximum of $1,500 (then 1%), like Amazon, gas stations, restaurants, and more. Additionally, you get unlimited 1% cash back on all other purchases. The rare combination of a 0% APR balance transfer period and excellent cash back rewards makes Discover it® one of the best balance transfer credit cards.

Discover Bank Discover it® Balance Transfer Credit Card: pros and cons

Rewards system in a nutshell

The core rewards system for the card is the 5% cash back on quarterly rotating categories (on up to $1,500 in purchases each quarter, then 1%). The card also offers unlimited 1% cashback on all purchases. The 5% cash back category in the past included Amazon, gas stations, grocery stores, and select streaming services. 5% cash back is capped at the first $1,500 spent each quarter (then 1%); after that, 1% cash back applies to all purchases with no caps.

The only downside is that you have to activate the 5% spending categories each quarter manually. If you don’t, you will only get the standard 1% cash back on all purchases. Having to keep track of the changing categories and make sure they are activated can be a hassle.

Redeeming rewards is pretty straightforward.

• Cash - you can request a direct deposit to a checking or savings account.
• Apply to a card statement - you can also apply your rewards directly to your card balance.
• Apply to purchases - you can use your cash back rewards for purchases at select retailers, such as Amazon.
• Gift cards - you can use your points to get gift cards of various retailers.
• Charity - you can donate rewards to select charities.

These cash back rewards never expire, though you need to have at least $5 in rewards to redeem for gift cards. Discover also does a sign-up bonus: a 100% cash back match after your first 12 months. So if you have $200 in cash back rewards after your first year, Discover will match you an extra $200 for a total of $400 in cash back rewards.

Who can benefit from getting the Discover Bank Discover it® Balance Transfer Credit Card?

Someone who has a lot of high-interest credit card debt can obviously benefit from the Discover it® Balance Transfer card. The 18-month 0% intro APR offer for all balance transfers (17.24% - 28.24% Variable after that) can give you some much-needed time to get outstanding debt under control. The variable APR that kicks in after the intro period is also capped at 22.99% — not ideal but not too high either.

The card can benefit those who plan to spend a lot in categories that provide 5% cash back. 1% cash back can also add up over time.

The Discover it® card requires good to excellent credit (690-850), so it might be hard to get if your credit has taken a hit due to debt. The absence of an annual fee will definitely help you manage the debt.

Are there any other benefits?

Aside from the 0% intro APR period and cashback rewards, the Discover it® card has relatively few additional benefits.

• Free credit report monitoring - Discover provides regular credit monitoring services so you can see how paying debt improves your score.
• Account freeze - You can also freeze/lock your card from your account dashboard in case it’s stolen or you misplace it.
• Contactless pay - Discover cards offer contactless pay at millions of retailers
• 24/7 customer service - You can call customer service at any time, day or night.

Conclusion

So, how do we feel about the Discover it® Balance Transfer card? It’s pretty good! It has a superb 18-month 0% intro APR (17.24% - 28.24% Variable after that) period on all balance transfers, with a balance transfer limit up to your credit available for transfers ( it can be less than the total credit line), and unlimited 1% cashback on all purchases. You will also get rotating 5% cash back categories each quarter (up to a quarterly spending maximum of $1,500, then 1%).

The drawbacks include the short 6-month 0% intro APR period for purchases (17.24% - 28.24% Variable after that) and the relative lack of other benefits. However, the Discover it® Balance Transfer card is one of the best options for a balance transfer card if you need to get high-interest debt under control.