Can I make a Discover card balance transfer to my checking account?

This question is about the Discover it® Balance Transfer

Jose Palace, Member

@jose_palace1 • 10/09/20 This answer was first published on 02/14/18 and it was last updated on 10/09/20.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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You cannot transfer a balance from your Discover credit card to a checking account. A credit card balance is a debt that you owe. A checking account balance is an asset that you own. And a credit card balance transfer is when you use a credit card to pay off an existing debt, from another credit card or loan, in order to get a reduced interest rate.

If you're talking about transferring money, you can do that with cash advances, convenience checks, money-transfer services, PayPal and via Square’s Cash App. Also, by paying a friend through Venmo or Amazon Pay, if they are Amazon merchants. They could then return the money to your chosen bank account.

Keep in mind, though, that cash advances are costly. You’d be paying a 5% (min $10) cash advance fee, plus an 24.99% (V) APR on the advance amount that kicks in immediately.

Still Learning, RETIRED

@Z9CLINE9 10/17/18 This answer was first published on 10/17/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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yes, I have done this myself, but I already had the card. IIRC you can only do it to an account you pay the card from.

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