The best Discover balance transfer promotion right now is 0% intro for 14 months, with an introductory balance transfer fee of 3% (up to 5% after that) and a regular APR of 11.99% - 22.99% Variable. The Discover it Cash Back, Discover it chrome and NHL® Discover it® cards are the best Discover cards for balance transfers because all three offer this intro APR of 0% for 14 months to new applicants (followed by the standard variable rate). All three cards also have $0 annual fees and require good credit or better for approval, so rewards will have to be the tiebreaker in terms of choosing which Discover card to transfer a balance to.
It is worth noting, though: what was once the clear choice for Discover balance transfers is not accepting applications at the moment. Previously, the Discover it Balance Transfer card offered a 0% introductory APR for as long as 18 months. But that offer went away during the coronavirus pandemic, and there’s no telling whether it will return. Some offers are not currently available on WalletHub and may be out of date.
If you’re going to transfer a balance to a Discover card, the best card to use is the Discover it Balance Transfer card, when it’s available. The Discover Balance Transfer credit card offered an introductory APR of 0% for 18 months on balance transfers.
The Discover balance transfer fee is 3% of the balance transferred. That applies to all balances transferred before August 10th, 2019. After that, the fee will be up to 5%, per the terms and conditions on all Discover cards that allow balance transfers. Unlike many issuers, Discover doesn’t have a set minimum for the fee (e.g. at least $5).… read full answer
Discover doesn’t offer any credit cards without a balance transfer fee. Even the “Discover it Balance Transfer” card has a transfer fee. However, many competing lenders do offer at least one card with a 0% balance transfer fee.
How Discover balance transfer fees compare:
Discover balance transfer fee: 3%
American Express balance transfer fee: 0%-3%
Capital One balance transfer fee: 0%-3%
Chase balance transfer fee: 0%-5%
Bank of America balance transfer fee: 3%
There are a few other things you should know about making a balance transfer with Discover. Discover’s balance transfer fee is added to the amount you transfer, becoming part of the balance you owe. You can only transfer up to your credit limit, including fees. Discover accepts balance transfers from other issuers’ credit cards and loans, but does not allow balance transfers from other Discover accounts. And balance transfers do not earn rewards.
Transferring a balance to a Discover credit card can take up to two weeks. In addition, Discover often requires cardholders to transfer a balance by a certain date to be eligible for a 0% APR.
The best Discover credit card for balance transfers is the Discover it Balance Transfer card because it offers 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* on balance transfers. Discover it Cash Back and Discover it Chrome are good options, too, offering 0% for 14 months.
A balance transfer is a good idea if you have good or excellent credit and make an affordable payment plan prior to applying. You generally need good credit or better to get a 0% balance transfer credit card, though these introductory periods are temporary. Most balance transfer cards have very high regular APRs, making it important to repay what you owe before the 0% period ends.… read full answer
You’ll also want to make sure the new card’s balance transfer fee is as low as possible. The average fee is just under 3%. But, from time to time, there are credit cards that have both 0% APR on balance transfers and no balance transfer fee.
I remember my Cashback had 14 months initially. The rewards percentage also made me happy.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.