How Often Does Discover Offer Balance Transfer

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 5 minute read

Even though the Discover It Balance Transfer card has a lengthy introductory APR deal, is it enough to justify carrying it around? With a lot of credit card debt, balance transfers can be a fantastic strategy to obtain some breathing room so that you can pay it off over time. An excellent balance transfer credit card will allow you to pay off the loan without accruing interest for durations as long as 12 to 24 months.

An APR of zero percent for 14 months is available on the Discover It Balance Transfer Card. After that, the rate ranges from 11.99% to 21.999% (variable). If you’ve been struggling to pay off your credit card debt, this is one of the greatest bargains out now. To help you decide if the Discover it Balance Transfer is good for you, here’s a deeper look.

Who should apply for the Discover It Balance Transfer Card?

Existing credit card debtors will benefit most from the Discover It Balances Transfer credit card. These cards are meant to help consumers pay off the debt by moving their debt to a new credit card, which may help them save money in the long run by cutting down on interest costs.

Because it has one of the longest intro APR rates (zero percent for 14 months, then 11.99 percent to 22.99 percent (variable)), the Discover it Balances Transfer might be a smart choice if you’re searching for a balance transfer card. If you already have credit card debt, you can transfer it to the new card and pay it off without incurring interest for at least a year. Free unrestricted access to your credit score is included in the card’s $0 annual charge. That’s not all, though, with Discover i.

Discover It Balance Transfer Card Benefits

  • Balance transfers are eligible for a 0% intro APR for 14 months (after 11.99% to 22.99 percent interest rates (variable)) for new cards who open a new account. This APR applies to all everyday purchases, such as purchases made at grocery stores, and other purchases.
  • At the end of your first year of card ownership, Discover will automatically match all the cash back you’ve earned as a statement credit. You don’t have to redeem cash back rewards yourself, which is great. This is also an unlimited cashback match, which makes it even more appealing.
  • The Discover it Balance Transfer card provides free access to your FICO credit score online, via the mobile app, and on monthly bills. Getting free credit scores reports is a great way to monitor your credit.
  • Foreign transaction fees aren’t charged while using the card abroad, making it a fantastic option for those who travel abroad.
  • With a $0 annual fee, you don’t have to worry about a reduction in the value of the Discover it Balance Transfer. An annual fee can drastically lower a card’s value.

The Discover It Balance Transfer Card has Certain Drawbacks

  • No perks. This Discover card is just a balance transfer card with no travel incentives. There is still a long way to go before Discover is accepted as widely as Visa, Mastercard, and American Express, especially outside of the United States.
  • Changing bonus categories. The bonus categories for this card vary every quarter. It could be wiser to choose a card that gives flat-rate cash back rather than one that requires you to activate bonus categories on a regular basis. There is also a quarterly maximum to your ability to earn cash. Because there are maximum rewards limits, this might decrease how much cash back you can earn.
  • Cash advance fees and limits. The Discover card has fees and limits on all cash advance requests. Your limits and cash advance fee are dependent on your specific account.

How often does Discover offer balance transfers?

For all new accounts, an account must be open for a minimum of 14 days before Discover will begin processing a balance transfer request. After this 14 day period, most balance transfer requests are processed within 4 business days.

For all existing Discover It accounts, most Discover It balance transfer requests will be processed in the 4 business day time frame.

You can make another balance transfer request after your balance transfer has gone through and been credited to your account.

There is a 3% balance transfer fee (during the introductory period), and a 5% balance transfer fee after this period on all future balance transfers. However, the Discover It credit card does not have an annual fee associated with it, nor does it have any foreign transaction fees. The lack of an annual fee and foreign transaction fee makes the Discover It credit card an appealing credit card for many users. The 3% intro balance transfer fee is relatively low compared to many other credit cards, and the 0% APR during the intro period is fantastic. The variable APR after the intro period, however, can be bad depending on your credit score.

During this introductory period, you will also be able to get 0% intro APR on all purchases. You will need to make the balance transfer within a specified time period in order to qualify for the intro balance transfer APR and 3% balance transfer fee.

By opening a new balance transfer card, you will be able to increase your credit limit that is available to you, lowering your credit utilization ratio and credit card balance on the original Discover credit card. This often leads to an increase to your credit score, as it makes your credit report more well-rounded and high credit utilization is viewed as a negative by most credit card companies.

If you would like to learn more about Discover, we recommend you check out our previous articles on the credit card company, such as how their cash back program works, or how long it takes for a secured Discover card to be upgraded to an unsecured credit card.

Bottom Line

Discover cards each have their own rewards structure depending on the card. With the Discover It credit card, you will be able to enjoy a 3% balance transfer fee as a sign-up bonus for a period of time, and then only have to pay a 5% balance transfer fee for all balance transfers after the specified time period.

For a new account opening, you will need to wait for 14 days before you can request a balance transfer, and it will take 4 business days after this period for the balance transfer to complete. For existing customers, they will just need to wait for the 4 business day period for the balance transfers to go through. Once the balance transfers have been moved to the new balance transfer card, you will be able to request another balance transfer if desired.

When making financial decisions, such as getting a new credit card or making new purchases, it is always smart to shop around and compare.

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