If you get a Discover it® balance transfer credit card with a 0% APR offer, you pay no interest on transferred balances for a fixed time period. While transferring debt from cards issued by other creditors is possible, you may also be able to transfer outstanding balances from loans if you are issued balance transfer checks that can be mailed to your creditors. Show
You can submit your Discover balance transfer request online or over the phone. There is no guarantee of approval because Discover takes several different factors into account. If you don’t find success with your request, you may look at other options, such as personal loans and debt management plans. Carrying out a Discover balance transfer can help you consolidate debt from multiple cards so that you have fewer payments to make each month. While a balance transfer may positively impact your credit score, it also has the potential to do the opposite. On This Page:
MoneyGeek’s Takeaways  You may submit your Discover balance transfer request online or over the phone. The intro 0% APR on balance transfers stays in place for the first 15 months. 0% APR applies on balances transferred within a predetermined time period. How Does a Discover Balance Transfer Work?First, you need to choose from the different Discover it® balance transfer credit cards on offer. Discover lets you transfer any amount up to your card’s available limit for transfers. But keep in mind that this amount must include any balance transfer fees you incur. Submitting a balance transfer request — online or over the phone — requires you to provide the account number you wish to transfer a balance from, the creditor’s name, and the desired transfer amount. Discover processes most balance transfers within four days. New cardholders must wait an additional 14 days before the process can begin. Know How Much You OweKnowing how much you owe toward different credit cards and other forms of debt is important because it helps determine which debts to pay off first. Ideally, you should prioritize transferring and paying off debt with high interest charges. Discover does not have any preset guidelines surrounding how much money you may transfer. Still, it mentions that your total balance transfer limit might be lower than your total credit limit. Choose a Balance Transfer Credit CardIf you don’t have a Discover balance transfer card, you may consider applying for one. Choosing a suitable card requires you to look at different factors. Discover’s intro APR offers on balance transfers are largely the same across the different cards.
Since the 0% APR balance transfer offers that come with different Discover it® credit cards are largely the same, select a card after accounting for other factors such as rewards and benefits. You may also consider getting a balance transfer card with a 0% APR offer on purchases. Request a Balance TransferYou may submit your balance transfer request via Discover’s website or mobile app. To submit your request over the phone, you need to call the Discover card contact number on the back of your card. If you’re eligible, you might benefit through your card’s 0% or low APR offer on balance transfers. Whether you submit your request online or over the phone, the details you must provide are the same. These include the account numbers you want to transfer balances from, the name of the creditors in question and the amounts you wish to transfer. In most cases, Discover processes balance transfers within four days. Requesting a balance transfer might work well for you if you wish to save on interest charges or if you want to consolidate debt from multiple credit cards or other forms of credit. Prepare a Payment SchedulePreparing a payment schedule if you use a 0% APR balance transfer offer increases the likelihood of you being able to pay off the balance you transfer in a timely manner. Ideally, you should pay off the entire balance before the promo period ends to avoid paying interest charges. If this is not possible, you should aim to pay off as much as possible because any outstanding balance at the end of the promo period will start accruing interest charges at the card’s regular APR for balance transfers. MONEYGEEK EXPERT TIP You need to account for the balance transfer fees that will add to the total amount. For instance, if you transfer $12,000 and need to pay a 3% balance transfer fee, your card’s outstanding balance at the start would be $12,360, provided there are no other balances on the card. >>More: How to Transfer a Credit Card Balance to Another CardDiscover’s Best Balance Transfer Credit CardsYou get to do more with your Discover it® balance transfer credit card than transfer money from other cards. For instance, the card you get might come with cash back or reward miles.
Discover it® Cash Back Credit CardThe no-annual-fee card Discover it® Cash Back Credit Card lets you earn up to 5% cash back through different bonus categories that you must activate each quarter, on up to a quarterly maximum. At the end of the first year, Discover matches the cash back you earn during the preceding 12 months. Some of the bonus categories include grocery stores, gym memberships, gas stations and restaurants. Purchases that don’t fall into any bonus category earn 1% cash back. Discover it® Miles Credit CardThe Discover it® Miles Credit Card comes with no annual fees. You earn 1.5X miles per dollar on all purchases. Discover automatically matches all the miles you’ve earned at the end of the first year. You may redeem the miles you earn as a statement credit for travel purchases that may come in the form of flight tickets, hotel stays, dining out and more. You may also redeem your miles when paying through PayPal or to shop at Amazon.com. Discover it® Chrome Gas & Restaurants Credit CardYou pay no annual fees to use the Discover it® Chrome Gas & Restaurants Card. You get 2% cash back on combined spending of up to $1,000 at gas stations and restaurants every quarter. All other purchases earn 1% cash back. Discover matches the total cash back you earn at the end of the first year. NHL Discover it® Credit CardThe no-annual-fee NHL Discover it® Credit Card lets you choose the logo of any NHL team as your card’s face. You earn 5% cash back up to a predetermined maximum limit on revolving categories that you need to activate each quarter. All other purchases earn 1% cash back. Discover matches the cash back you earn during the first 12 months at the end of the year. Discover it® Student Cash Back Credit CardThe Discover it® Student Cash Back Card charges no annual fees. It lets you earn up to 5% cash back up to a predetermined maximum limit of bonus categories that you need to activate every quarter. All other purchases earn 1% cash back. At the end of the first year, Discover matches the cash back you’ve earned through the course of the year. Discover it® Student Chrome Credit CardThe no-annual-fee Discover it® Student Chrome Card offers 2% cash back on combined spending of up to $1,000 at gas stations and restaurants every quarter. All other purchases earn 1% cash back. As a bonus, you get to double the cash back you earn throughout the first year. More Balance Transfer CardsMONEYGEEK EXPERT TIP Take a close look at your creditworthiness and payment history in advance because Discover will do this when you apply for a new card. Remember that people with excellent credit tend to qualify for the lowest ongoing APRs. How Much You Can Save With a Balance TransferWhile a balance transfer may lead to monetary savings, how much you save depends on the intro APR offer, the amount you transfer, the time you take to repay it completely, the debt’s existing APR and the new card’s regular APR.
>>More: How Much Money Could a Balance Transfer Save You? MONEYGEEK EXPERT TIP Discover offers several variations of its credit cards with 0% APR balance transfer options. Unlike other banks, all of these cards earn valuable rewards, so customers can continue using the card for everyday purchases after they’ve paid off their balance transfer. — Lee Huffman, credit card expert at BaldThoughts.com What to Know Before Requesting a Balance Transfer With DiscoverBalance transfers work in the same basic manner across different credit card issuers, although some differences exist. As a result, it’s best to know what to expect from your Discover card balance transfer before getting started.
You may increase the possibility of paying off your debt in a timely manner by adhering to some basic principles. In addition, using a balance transfer card can help quicken the process and may also lead to savings.
Pros and Cons of Doing a Balance TransferWhile a Discover balance transfer might work well for you, there are potential pitfalls that need your attention too. Pros and Cons of Doing a Balance Transfer Pros
Cons
What if My Balance Transfer Request Is Denied?If Discover denies your balance transfer request, you have other options. For example, if you wish to consolidate balances from different types of debt, you may think about getting a personal loan. People experiencing financial hardship may benefit by getting on debt management plans. Using a cash advance to pay off credit card debt, on the other hand, is not the best idea.
Other Questions You May Have About Balance Transfers With DiscoverNext StepsLearn More About Credit Card Balance Transfer PagesExplore Topics Find Your Best sources
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available. Can I ask Discover for a balance transfer?For example, with Discover a new account must be open for 14 days before your balance transfer request can be processed. After that, most transfers are processed within 4 days. You should continue to make all payments to your other creditor until you confirm that the balance transfer was completed.
Do balance transfers hurt your credit?A balance transfer can affect your credit score, depending on 1) if you open a new card to transfer a balance and 2) what you do once your balances have been transferred. If you simply move your balances around on your existing cards, your credit score likely won't be impacted.
Does Discover charge for balance transfers?Balance transfer fee: 3% Intro fee on balances transferred by January 10, 2023 and up to 5% fee for future balance transfers will apply. Annual Fee: None. Rates as of September 30, 2022.
Can I get balance transfer fee waived?The only way to avoid balance transfer fees is to find a card that waives the fee entirely. It's possible that you'll come across a credit card with an intro balance transfer fee offer. In that case, the issuer will waive the fee on transfers completed within a certain timeframe.
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Discover card balance transfer offers for existing customers
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