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).
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.