The Discover balance transfer fee is 3% of the balance transferred. And that goes for all Discover cards that allow balance transfers. Fortunately, Discover’s balance transfer fee is on the low end of the 3% - 5% range that credit card companies usually charge. And unlike many issuers, Discover doesn’t have a set minimum for the fee (e.g. at least $5).
There are benefits and potential pitfalls that come with moving debt to a new credit card, so it’s important to familiarize yourself with Discover’s policies as well as those of its competitors.
Here’s how the Discover balance transfer fee compares:
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%
Other Discover balance transfer policies:
Discover’s balance transfer fee is added to the amount you transfer, becoming part of the balance you owe Discover.
Discover often requires cardholders to transfer a balance by a certain date to be eligible for a 0% APR. Check your Discover card’s terms and conditions for details.
Transferring a balance to a Discover credit card can take up to two weeks.
Discover balance transfers do not earn rewards.
Discover accepts balance transfers from other issuers’ credit cards and loans. Discover does not allow balance transfers from other Discover accounts.
If you are transferring balances from multiple accounts to a Discover card, they will be treated as separate transfers, triggering separate 3% fees.
The best Discover credit card for balance transfers is the Discover it – 18 Month 0% Transfer offer. Discover it Cashback Match and Discover it Chrome are good options, too, offering 0% APR for 14 months.
If there are any payments due on the account(s) you’re transferring a balance from, make sure to pay your current creditor(s) on time to avoid any late fees. You’ll be credited that amount after the transfer. In addition, you can only transfer up to your credit limit. So make sure you account for fees. Balance transfers exceeding your available credit will be processed up to your allowed credit limit in the order requested.
The Discover it Balance Transfer credit card has a 3% balance transfer fee.
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