Discover It Balance – How to apply
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The Discover it Balance Transfer helps manage debt while earning cashback on new purchases.
The Discover it® Balance Transfer card is a smart choice for individuals looking to manage debt while earning cashback on new purchases.
Key Features of the Discover it® Balance Transfer:
- 0% Intro APR on Balance Transfers: The card offers an introductory 0% APR for 18 months on balance transfers, making it a great option for those looking to consolidate high-interest debt from other cards. After the introductory period, a variable APR applies based on creditworthiness.
- Cashback on Purchases: In addition to the balance transfer offer, the Discover it® Balance Transfer provides 1% unlimited cashback on all purchases, ensuring that you earn rewards while managing your debt.
- Generous Balance Transfer Terms: The card allows for balance transfers with a 3% fee (or $5, whichever is greater), which is relatively low compared to many other balance transfer cards. This helps minimize the cost of transferring your debt and allows for significant savings on interest.
Discover It Balance
5% cash back No annualHow Does the Discover it® Balance Transfer Work?
The Discover it® Balance Transfer starts by offering new cardholders a 0% introductory APR on balance transfers for the first 18 months.
This allows you to move high-interest debt from other credit cards to this account and save on interest payments during the introductory period.
A balance transfer fee applies, which is typically 3% of the transferred amount.
In addition to its balance transfer benefits, the card features a competitive cashback program.
Cardholders earn 5% cashback on rotating categories, such as groceries, gas stations, and online shopping, up to $1,500 in purchases per quarter after activation.
All other purchases earn unlimited 1% cashback. Discover’s Cashback Match doubles all rewards earned in your first year, significantly enhancing your earning potential.
With no annual fee, no foreign transaction fees, and tools like free FICO® score monitoring, the Discover it® Balance Transfer is a comprehensive financial tool for managing debt and maximizing rewards.
Main Benefits for the Discover it® Balance Transfer
The Discover it® Balance Transfer offers a combination of debt management and rewards that sets it apart.
The 0% introductory APR for 18 months provides ample time to pay off transferred balances without incurring additional interest, making it an excellent choice for debt consolidation.
The cashback program is another major benefit, with 5% rewards on rotating categories and 1% on all other purchases.
The first-year Cashback Match adds even more value, effectively doubling your rewards and making the card especially rewarding for new users.
Finally, the no-annual-fee structure ensures that you can focus on paying down debt and earning rewards without worrying about extra costs.
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Cons for the Discover it® Balance Transfer
While the Discover it® Balance Transfer is a strong option for many, it does have some limitations. The balance transfer feature, while generous, comes with a fee, which may reduce the overall savings depending on the transferred amount.
Additionally, the cashback program’s rotating categories require activation each quarter, which may not suit users who prefer simpler rewards structures.
The high APR after the introductory period also means the card is best suited for those who can pay off their balance within the 18-month window or avoid carrying a balance altogether.
APR and Fees
The card features a 0% introductory APR on balance transfers for the first 18 months, followed by a variable APR based on creditworthiness.
A balance transfer fee of 3% applies. The card has no annual fee, and there are no foreign transaction fees, making it a cost-effective option for both domestic and international use.
How to Apply for the Discover it® Balance Transfer
Applying for the Discover it® Balance Transfer is straightforward. Here’s how:
- Visit the Website: Head to Discover’s official website or mobile app and locate the Discover it® Balance Transfer page. Click “Apply Now” to begin.
- Provide Your Information: Enter your personal and financial details, including your name, address, Social Security number, and income. This helps Discover assess your eligibility.
- Submit Your Application: Review your details for accuracy and hit submit. Most applicants receive an instant decision, but some cases may require additional review.
- Activate Your Card: Once approved, your card will arrive in the mail within 7–10 business days. Activate it online or through Discover’s app, and start managing your debt and earning rewards right away!
The Discover it® Balance Transfer combines powerful debt management tools with rewarding everyday spending, making it a practical choice for those looking to regain financial control while still enjoying cashback benefits.