Todd Vaughn, Member
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. You can also make a request over the phone 48 hours after approval, at 1 (800) 347-5508. 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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