Business

Discover it® – 18 Month Balance Transfer Offer Review

Posted March 30, 2018 11:00 a.m. EDT

A balance transfer credit card can be a great way to finally dig yourself out of debt — so long as you use that 0% intro APR period carefully. The [card.722.name] is a rare balance transfer card that not only gives you a substantial amount of time to pay off transferred balances, but also lets you earn rewards on new purchases.

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

Discover it® - 18 Month Balance Transfer Offer

Regular Purchase APR13.24% - 24.24% VariableIntro Purchase APR0% for 6 MonthsIntro BT APR0% for 18 MonthsAnnual fee$0Rewards Rate5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate. 1% unlimited cash back automatically on all other purchases.Balance Transfer Fee3%

In this post, we’ll discuss:

Key features of the [card.722.name]

How do I qualify for the [card.722.name]?

What to know before completing a balance transfer with the [card.722.name]

How to complete a balance transfer with Discover

What other cards should I consider?

Key features of the [card.722.name]

  • [card.722.annualfee] annual fee
  • Cashback program: You can earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com or wholesale clubs up to the quarterly maximum each time you activate. Earn 1% unlimited cash back automatically on all other purchases. This rate is good for people who don’t mind quarterly bonus categories and want to maximize cash back.
  • Cashback MatchTM: Discover will automatically match all the cash back you earn at the end of your first year.
  • Freeze it®: Misplaced your card? Simply “freeze it” with the click of a button on the Discover app or online to prevent new purchases, cash advances or balance transfers. When you find your card, you can “unfreeze” your card.
  • Free FICO® credit score: You can check your FICO® credit score for free using Discover Credit Scorecard with the ability to see history for the past 12 months and important factors impacting your score like length of credit history and total number of accounts. You don’t have to be a cardmember to take advantage of this feature, however. It’s open for anyone to use.
  • 24/7 customer service: Discover has an entirely U.S.-based customer service team available to answer account-related questions 24/7.
  • Free fraud protection alerts: Discover will alert you if a new account appears on your Experian® credit report or your SSN appears on any of thousands of risky websites. This is a great added layer of fraud protection beyond what most credit card companies offer.
  • No foreign transaction fees: You can use your card abroad without being charged a fee on each purchase you make. This is a great feature if you plan to travel outside the U.S. Just remember Discover isn’t as widely accepted abroad compared with Mastercard and Visa.
  • No penalty APR: Paying your bill late won’t raise your APR, which is helpful if you forget a payment. Setting up autopay or reminders is a great way to prevent late payments. Although your APR won’t be impacted, your credit score could get dinged if you miss payments regularly.

How do I qualify for the [card.722.name]?

Balance transfer cards in general tend to favor people with good or excellent credit, and the [card.722.name] is in line with that. You’ll need [card.722.creditNeededLabel] credit to qualify.

What to know before completing a balance transfer with the [card.722.name]

While a balance transfer can be a great way to rid yourself of lingering debt, there are some things to keep in mind before transferring your balance:

  • Balance transfer fee: The [card.722.name] has a [card.722.balanceTransferFee] balance transfer fee. That may not deter you too much. Considering how much you’ll save during that 0% intro period, it could more than make up for this fee. Do the math to be sure it makes sense. For example, say you have a $3,000 balance on a card with a 25% APR and you can afford to make monthly payments of $200. If you leave it on that card, you will be paying $629 in interest over approximately 17 months. But, transferring that balance to the [card.722.name] will only cost $90 if you pay your balance by the end of the intro period. That’s approximately $539 in savings by doing the balance transfer.
  • Regular purchase APR: If you carry a balance post-intro period, you will be charged [card.722.purchaseGoToRate] APR. This depends on your creditworthiness, and you won’t know your rate until after you apply. You should make it a goal to pay off your balance before the end of the intro period to avoid interest charges.
  • Balance transfer window: With the [card.722.name], you need to make your transfer by a certain date to qualify for the balance transfer intro period. The date varies, so refer to your cardmember agreement. The sooner you transfer your balance, the better since you’ll minimize interest charges on your balance.
  • How long the balance transfer takes to process: Discover says balance transfers usually take seven days to process, while transfers made on new accounts typically take 14 days. That means you should continue to make payments on your old card until the transfer officially posts to your account. This prevents being charged late fees on your old card.

How to complete a balance transfer with Discover

We have a step-by-step guide on how to complete your balance transfer with Discover here, which includes screenshots for each step.

What other cards should I consider?

While the [card.722.name] is a great choice for a balance transfer card, it’s always a good idea to shop around and see what other offers are available. There are cards with different rewards programs, intro $0 balance transfer fees and longer intro periods that may be more beneficial for your needs.

New Offer!The Amex EveryDay® Credit Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply

Rates & Fees

Read Full Review

Regular Purchase APR

14.49%-25.49% Variable

Intro Purchase APR

0% for 15 Months

Intro BT APR

0% for 15 Months

Annual fee

$0

Rewards Rate

2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.

Balance Transfer Fee

$0 balance transfer fee.

[card.913.name] is our top pick for a no-fee balance transfer card with a great [card.913.balanceTransferFee] Transfers must be requested within 60 days of account opening to qualify for the intro period. In addition, this card has a good rewards program for grocery shoppers — [card.913.rewardsRateDesc] Cardholders can also benefit from other American Express perks such as free two-day shipping with ShopRunner at select merchants and exclusive entertainment access.

APPLY NOW Secured

on Chase’s secure website

Read Full Review

Chase Slate®

Regular Purchase APR16.24% - 24.99% VariableIntro Purchase APR0% Intro APR on Purchases for 15 monthsIntro BT APR0% Intro APR on Balance Transfers for 15 monthsAnnual fee$0Balance Transfer FeeIntro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.Credit requiredgood-creditExcellent/GoodThe [card.151.name] has a slightly shorter intro period than the [card.722.name] and few perks, but can still be a decent option for a balance transfer. This card has a great offering for the balance transfer fee — [card.151.balanceTransferFee] Making your transfer during this time allows you to save the typical 3% fee other cards charge and can increase your savings.

APPLY NOW Secured

on Citibank’s secure website

Read Full Review

Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer

Regular Purchase APR14.49%-24.49%

Variable

Intro BT APR0%

promotional rate

Annual fee$0Balance Transfer Fee$5 or 3% of the amount of the transfer, whichever is greaterCredit requiredgood-credit

Excellent/Good

If you have a large balance or are looking for a lengthy intro period, the Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer has you covered with the longest balance transfer intro period in our database at 0% Intro APR on balance transfers for 21 months from date of first transfer (after, 14.24% – 24.24% variable APR). This is plenty of time for you to pay off any debt you may have on an existing card, and is longer than the [card.722.name] — however there are no rewards with the Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer.

The post Discover it® – 18 Month Balance Transfer Offer Review appeared first on MagnifyMoney.