The Discover it® Balance Transfer card does not have a no balance transfer fee offer. It does give you a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.
The Discover it Balance Transfer card’s introductory APR is 0% for 18 months on balance transfers and 0% for 6 months for purchases. Once the intro rate expires, the regular APR of 16.24% - 27.24% Variable will apply to any unpaid balance and all future purchases and balance transfers.
Doing a balance transfer means using a new credit card to pay down existing debt from another credit card or loan. A transfer should save you money on interest and enable you to pay off your debt faster. But if you’re not careful, you could wind up with even more debt and a higher interest rate than you started with.
You have moderate debt: The best balance transfer cards have minimum credit limits of $500 - $1,000. But the issuers will offer higher credit limits to people with higher credit scores. If you have a lot of debt, you may only be able to transfer part of what you owe.
You take fees into account: Balance transfers cost you a percentage of the total debt transferred, usually 3% to 5%. That fee gets added to your balance on the new card. So, the balance plus the fee must be less than or equal to your credit limit on the new card. There are a few cards that do not charge a transfer fee.
You have a payoff plan: Figure out what monthly payments you’ll need to make in order to pay off the balance by a target date. Aim to pay in full before any low intro APR period ends, given that regular rates are often above 20%.
You have a separate credit card for new purchases: When you charge a new purchase to a balance transfer card, it’s subject to the card’s purchase APR. And there’s not always a low intro APR for purchases, even when a card offers 0% balance transfers.
If you decide that you should do a balance transfer, make sure to shop around for the best offer. Take a look at the best balance transfer credit cards and compare their terms to see which one fits your needs.
Once you do a balance transfer, you may be tempted to apply for another balance transfer card when the introductory APR on your current card expires. That may sound like a good plan to avoid paying interest, but it’s easy to rack up more debt than you can afford. Plus, 0% APR balance transfers aren’t always available.
The best balance transfer credit card is not one-size-fits-all. The answer depends on how much you owe, how quickly you’ll be able to repay it and what your credit score is. Those factors will tell you which cards are attainable and help you figure out how much each will save you. But we can certainly point you in the right direction.… read full answer
WalletHub’s editors compared hundreds of credit cards based on their balance-transfer appeal. In the end, five cards in particular stood out. None of them charge annual fees. Most of them require at least good credit for approval. And you can get the rest of the particulars below.
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