Todd Vaughn, Member
@toddlvaughn
To do a balance transfer with Discover, fill in the balance transfer portion of the application for a new Discover card or select “Balance Transfer” from the “Manage” menu on the Discover website for an existing account. Discover balance transfer requests require the account number for the balance as well as the amount to transfer. Discover usually takes 4 days to process balance transfers. But if you were just approved for a new account, you have to wait 14 days before your request can be processed.
That’s how the process works in a nutshell. For your convenience, we’ll break it down step by step below. These steps hold true whether you’re applying for a new card or requesting a transfer to an existing account.
How to Do a Balance Transfer with Discover
- Log in to your Discover account and click “Balance Transfers” or begin filling out a Discover credit card application.
- Provide the account number to transfer the balance from.
- Request to transfer a specific dollar amount of the balance.
- Get approved to transfer a certain amount, up to the amount requested.
- See Discover pay the existing creditor for the approved amount.
- Repay Discover for the transferred amount, plus any applicable balance transfer fee.
Discover accepts balance transfers from credit cards, auto loans, and medical debt. After transferring a balance to a Discover credit card, try to pay it off within the card’s low introductory balance transfer APR period, if there is one. Any balance remaining when the card’s regular APR takes effect will quickly become much more expensive.
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Should I do a balance transfer?
Yes, you should do a balance transfer if it will save you money. To determine whether a balance transfer is a good idea, use a balance transfer calculator. That way, you can compare the cost of sticking with your current card to the savings available from the latest balance transfer offers. You will also need good credit or better to qualify for the best balance transfer cards. If you don’t know where you stand, you can check your credit score for free, right here on...
read full answer by WalletHub, Financial CompanyWhat is the best 0% balance transfer credit card?
The best balance transfer credit card is not one-size-fits-all, as 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.
Best 0% Intro APR Balance Transfer Credit Cards
Can I make a Discover card balance transfer to my checking account?
No, you cannot transfer a balance from your Discover credit card to a checking account. When you make a credit card balance transfer, you use a credit card to pay off an existing debt.
However, Discover offers checks that can be used for either a balance transfer or a cash advance. In this case, you can use a check to transfer funds from your Discover credit card into your checking account. Just keep in...
read full answer by Jose Palace, MemberDid we answer your question?
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