0% Balance Transfer Credit Cards

The best Discover balance transfer promotion right now is 0% intro for 14 months, with an introductory balance transfer fee of 3% (up to 5% after that) and a regular APR of 11.99% - 22.99% Variable. The Discover it Cash Back, Discover it chrome and NHL Discover it cards are the best Discover cards for balance transfers because all three offer this intro APR of 0% for 14 months to new applicants (followed by the standard variable rate). All three cards also have $0 annual fees and require good credit or better for approval, so rewards will have to be the tiebreaker in terms of choosing which Discover card to transfer a balance to.

It is worth noting, though: what was once the clear choice for Discover balance transfers is not accepting applications at the moment. Previously, the Discover it Balance Transfer card offered a 0% introductory APR for as long as 18 months. But that offer went away during the coronavirus pandemic, and there’s no telling whether it will return. Some offers are not currently available on WalletHub and may be out of date.

You cannot transfer a balance from your Discover credit card to a checking account. A credit card balance is a debt that you owe. A checking account balance is an asset that you own. And a credit card balance transfer is when you use a credit card to pay off an existing debt, from another credit card or loan, in order to get a reduced interest rate.

If you're talking about transferring money, you can do that with cash advances, convenience checks, money-transfer services, PayPal and via Square’s Cash App. Also, by paying a friend through Venmo or Amazon Pay, if they are Amazon merchants. They could then return the money to your chosen bank account.

Keep in mind, though, that cash advances are costly. You’d be paying a 5% (min $10) cash advance fee, plus an 24.99% (V) APR on the advance amount that kicks in immediately.

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 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 -14 days to process balance transfers.

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

1. Log in to your Discover account and click “Balance Transfers” or begin filling out a Discover credit card application.
2. Provide the account number to transfer the balance from.
3. Request to transfer a specific dollar amount of the balance.
4. Get approved to transfer a certain amount, up to the amount requested.
5. See Discover pay the existing creditor for the approved amount.
6. 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.

Even if it is possible to do a balance transfer on the Discover it Secured Credit Card, you shouldn't. With a secured card, you won’t be able to transfer more than you can afford to put down as a security deposit. And if you have the money, why not pay down your debt directly?

Instead, you should focus on paying the bill on time every single month and using it responsibly in order to expedite your credit building efforts. Eventually, you will reach good credit, which is where a balance transfer offer starts to get interesting. To get a better picture of credit cards that favor balance transfers, you can go over these recommendations.  

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)* introductory transfer fee on balance transfers completed within the first 90 days that you have the card. After that, it’s 5%.

The 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 11.99% - 22.99% (V) will apply to any unpaid balance and all future purchases and balance transfers.

You can transfer a balance to your Discover credit card up to your available credit.

Keep in mind that Discover does charge a fee for balance transfers. And any offers of zero percent interest do come with limits, so check the materials that were mailed with your card or call the number on the back of your card for more info.

Yes, you can transfer a balance to Discover it Cash Back. You also get an intro APR of 0% for 14 months from the date of first transfer.

After the intro APR expires, your APR will be 11.99% to 22.99% Variable based on your creditworthiness.

Keep in mind that there is an intro balance transfer fee of 3% of the amount of each transfer. After that expires, the fee rises to 5%.

The Discover it chrome card’s balance transfer limit is 95% of the credit limit (fees included) for new accounts. If you’re an existing cardholder, you may be able to use your whole credit limit for balance transfers, as long as the credit is available.