Discover it® Balance Transfer Review: One of the Best Balance Transfer Cards

Before it was discontinued in May 2024, the Discover it® Balance Transfer credit card helped cardholders save on interest and pay off debt faster. Though it's no longer available, we're preserving this archived Discover it® Balance Transfer review.

This credit card was a good fit for: Consumers who want to pay off debt more quickly and at a lower cost with a long intro APR balance transfer offer.

Top perks

The Discover it® Balance Transfer credit card had several high-value benefits.

0% intro APR offer

This card offered a 0% introductory APR lasting 18 months on balance transfers. That's one of the longest intro periods you'll find, even among the best balance transfer cards. For those dealing with high-interest debt, such as credit card debt, the Discover it® Balance Transfer gave you plenty of time to pay it down interest free during the intro period. This card also offered a 0% introductory APR on purchases for 6 months. The go-to rate of 17.24% - 28.24% Variable APR applied after the 0% intro APR periods expired.

To learn more about how these cards are used, read our guide on how a balance transfer works.

Up to 5% cash back

Some balance transfer cards are light on rewards, but that wasn't the case with the Discover it® Balance Transfer. Cardholders earned a 5% Cashback Bonus® on everyday purchases on rotating categories each quarter like grocery stores, restaurants, and gas stations, up to the quarterly maximum of $1,500 on purchases, when you activate. Other purchases earned 1% cash back.

COMPARE MORE OPTIONS: Best Rewards Credit Cards

Unlimited Cashback Match sign-up bonus

Discover will match all the cash back you’ve earned at the end of your first year. This sign-up bonus was only available during the first year and for new cardholders, but it could be particularly lucrative since the match was unlimited. For example, if you maxed out its quarterly bonus categories and earn $300 in rewards in the first year, you'd receive another $300 to match it.

SEE MORE: Best Sign-Up Bonus Credit Cards

FICO® Score for free

As a Discover cardholder, you have access to a free credit score tool, Discover Credit Scorecard. What makes it special is that it provides your FICO® Score, the type of credit score most widely used by lenders. Many other card issuers have free credit score tools that provide other types of credit scores, which aren't used nearly as often. It's helpful to have access to your FICO® Score, since that's what's commonly used when you apply for everything from credit cards to car loans and mortgages.

No minimum rewards redemptions

An underrated perk of Discover credit cards is that they have no minimum threshold for cash back redemptions. You could redeem as little as $0.01. Other cash back cards have stricter minimum redemption amounts, such as $25.

Read our complete guide to Discover credit card benefits to learn more about what these cards offer.

What could be improved

There weren't any major issues with the Discover it® Balance Transfer card, but there were a couple of areas with room for improvement.

Short intro APR on purchases

This card only had a six-month 0% intro APR on purchases. As mentioned, the go-to variable rate applied after the intro period. Some balance transfer cards also have a long 0% intro APR on purchases, which is helpful if you need that feature. This Discover card, on the other hand, is best used for balance transfers.

RELATED: Best 0% Intro APR Credit Cards

Balance transfer fee

You'd pay a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. To be fair, this type of fee is common with most balance transfer credit cards. It would have been nice to see Discover stick with the intro fee, though, instead of raising it later.

You had credit card debt that would take you at least six months or longer to pay off. If so, the Discover it® Balance Transfer would almost certainly help you save money on interest charges. And if both of the following were true, this card could have been an especially good fit:

• You had good credit. The Discover it® Balance Transfer offered a long 0% intro APR period, so it was designed for people who had few, if any, blemishes on their credit report. If your only credit problem was having high balances on other cards, the Discover it® Balance Transfer was a good choice.
• You wanted a card to keep after the balance transfer intro period. Even without the balance transfer offer, the Discover it® Balance Transfer card had lucrative credit card rewards. Its rotating bonus categories made it a favorite among cash back card users.

If you want to compare more options, head over to our list of the best credit cards to see what else is out there.

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.