For individuals seeking a powerful tool to tackle their credit card debt without sacrificing reward opportunities, the Discover it® Balance Transfer Credit Card stands out with its unique combination of an extended introductory APR period and rewarding cashback incentives.
$0
1%-5%
Cashback Match™
690-850 (Good – Excellent)
CreditFinder’s Rating: 4.7/5
Overview of the Discover it® Balance Transfer Credit Card
The Discover it® Balance Transfer card is not just another balance transfer credit card. While most cards in this category focus solely on debt management features, Discover enhances the deal with a cash back rewards program, making it an excellent long-term companion for financially savvy users.
Rewards Structure
- 5% cash back on rotating categories each quarter, like gas stations, grocery stores, restaurants, and Amazon.com, on up to $1,500 in purchases upon activation.
- 1% cash back on all other purchases.
This structured reward system encourages both strategic spending and significant savings on everyday purchases, maximizing the potential benefits for cardholders.
Key Benefits and Features
- Introductory Offers: 0% APR for 18 months on balance transfers and 6 months on purchases, followed by a standard APR of 17.24% to 28.24%.
- Cashback Match: At the end of the first year, Discover will match all the cash back you’ve earned, effectively doubling your rewards.
- No Annual Fee: Enhancing its value, the card comes without the burden of an annual fee.
Advanced Cardholder Perks
- Flexible Redemption Options: Rewards can be redeemed at any amount for cash back, gift cards, and more.
- Free Credit Score: Access to your FICO® Credit Score for free, helping you monitor and manage your credit health.
- U.S.-based Customer Service: Award-winning customer service, available 24/7.
Why Choose the Discover it® Balance Transfer Card?
- For Debt Management: The lengthy 0% intro APR period on balance transfers allows you to pay down debt without accruing interest, providing a significant financial breather.
- For Everyday Rewards: Unlike many balance transfer cards, you continue to earn valuable cash back as you pay down your balances, making every dollar you spend work harder for you.
- For Simplicity and Value: With no annual fee and a straightforward rewards program, this card keeps things simple yet effective, offering great value without complicating your finances.
Potential Drawbacks
- Rotating Categories: The need to activate categories each quarter can be a hassle for those who prefer a more hands-off approach to their credit card rewards.
- Shorter Intro APR on Purchases: Compared to some other cards, the six-month 0% APR on purchases may be less appealing for new purchases.
In-Depth Comparison
When pitted against competitors like the Citi Double Cash Card or the Chase Slate, the Discover it® Balance Transfer holds its own by offering superior cash back rewards and a first-year cashback match that can significantly enhance its value. Moreover, its lower transfer fee after the introductory period can be more appealing for those with ongoing balance transfer needs.
Ideal Pairings
Pairing the Discover it® Balance Transfer with a high-yield everyday spending card such as the Discover it® Cash Back for non-rotating categories or a travel rewards card can optimize both cash back and travel benefits, making a comprehensive spending strategy.
Conclusion
The Discover it® Balance Transfer Credit Card is a standout choice for those looking to manage debt while still enjoying the perks of a rewards credit card.
Its combination of balance transfer features and cash back rewards makes it an excellent choice for both immediate financial relief and ongoing benefits.
