The Discover it Balance Transfer credit limit is at least $500. However, the exact credit limit will be determined based on your creditworthiness, income, and existing debt, once you are approved.
Each Discover card has a specified minimum credit limit, but you might get a higher one depending on your income and the specifics of your credit situation. The Discover it® Balance Transfer card is a viable balance transfer option. It offers an introductory balance transfer APR of 0% for 18 months. There is also a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. And once the introductory period is over, remaining balances will be subject to a regular APR of 16.24% - 27.24% Variable (based on creditworthiness). You can transfer a balance to your Discover card, up to a specific portion of your credit limit.
One of the best high limit balance transfer credit cards is Chase Freedom Unlimited® because it can have a $5,000+ credit limit, and offers an intro APR of 0% for 15 months on balance transfers (19.24% - 27.99% (V) after that). The card also has a $0 annual fee. Chase Freedom Unlimited also offers 1.5 - 5% cash back on purchases. However, this card does charge a balance transfer fee: Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after).… read full answer
There are plenty of other cards with high credit limits in general, like Chase Sapphire Reserve® ($10,000 minimum). But you also have to consider their balance transfer terms. Cards with high limits tend to be travel rewards cards, with lots of miles but little financing appeal. They’re geared toward paying for airfare and hotels—things that can add up quickly. These high limit cards tend to not have any kind of 0% introductory APR on balance transfers.
So, you want to find a happy medium – a balance transfer credit card with a high limit, a low APR and low fees.
Here are some high limit balance transfer credit cards:
$500 minimum limit. The APR on balance transfers is 0% for 15 months. The balance transfer fee is: Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after). After that, the APR is 19.24% - 27.99% (V). The transfer cannot exceed your credit limit or $15,000, whichever is lower. Good credit required. $0 annual fee.
$1,000 minimum limit. The APR on balance transfers is 0% for up to 21 months from account opening on qualifying balance transfers. The balance transfer is: 3% intro for 120 days, then up to 5% (min $5). After that, the APR is 17.24% - 29.24% Variable. Good credit required. $0 annual fee.
$500 minimum limit. The intro APR on balance transfers is 0% for 18 months. The balance transfer is: 3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer. After that, the APR is 18.24% - 28.24% (V). Good credit required. $0 annual fee.
$10,000 minimum limit. The balance transfer APR is 21.24% - 28.24% (V). The balance transfer fee is: Either $5 or 5% of the amount of each transfer, whichever is greater. Plus, you’ll have to pay a $550 annual fee. Excellent credit is required.
As you can see, high limit balance transfer credit cards don’t necessarily equal the best balance transfer offers. And saving on finance charges by switching to a card with a 0% introductory period is the whole point of a balance transfer. So if you’re having a hard time finding a good card that lets you transfer your balance in full, you might want to consider a partial balance transfer instead.
You should also note that not all credit cards allow your full credit limit to be used for a balance transfer. And if you do use your entire credit limit, you’ve maxed out your credit card. That’s not good for your credit score.
The best Discover balance transfer promotion right now is 0% intro for 18 months offered by the Discover it Balance Transfer card. The card's regular APR is 16.24% - 27.24% Variable. It also has a has a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.
The Discover it Balance Transfer is the best Discover card for balance transfers because it offers the longest intro APR of all Discover cards. It also has a $0 annual fee and requires good credit or better for approval.… read full answer
You can do multiple balance transfers to the same card, as long as the amounts transferred and any transfer fees do not exceed the card’s credit limit. Remember that a separate transfer fee applies to each balance that you transfer. Some issuers may also have their own restrictions.
Although you can transfer balances from multiple credit cards or various types of loans to a single credit card, the same creditor can’t be on both sides of the transfer. For example, you cannot transfer a balance from one Chase credit card to another.… read full answer
Balance transfers usually take 7-10 days to complete. You should keep making payments on the accounts you’re transferring balances from until the transfers post to your new account. Otherwise, you may get hit with late fees.
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