Discover Relaunches Balance Transfer Card

Gregory Karp
By Gregory Karp 
Edited by Kenley Young

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The offer described below has ended.

Discover's balance-transfer credit card, which has been unavailable recently, is again taking applications. And for now, NerdWallet is the only place it's available online.

The Discover it® Balance Transfer has a long introductory interest-free period for balance transfers. A transfer can save you money if you move high-interest debt to a card with a lower rate or an 0% APR period. The money saved on interest can go toward paying down the debt more quickly.

The current APR offer on the Discover it® Balance Transfer is as follows: 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 17.24%-28.24% Variable APR.

Note that the card does charge a fee of 3% on introductory balance transfers and up to 5% on future balance transfers (see terms).

The Discover it® Balance Transfer also offers something rare for a balance transfer card: elevated cash-back rewards on everyday spending. That gives you a reason to keep the card long after the 0% period runs out.

NerdWallet exclusive

Many credit card issuers have sought to reduce their business risk during the pandemic by cutting back on balance-transfer offerings, although those offers have slowly started to return. In the case of the Discover it® Balance Transfer, its return will be limited initially to one online marketplace, NerdWallet.

🤓Nerdy Tip

Discover offers a similar card with the same rewards structure but an introductory APR period that's longer for purchases and shorter for balance transfers. That card is the Discover it® Cash Back.

Details: Discover it® Balance Transfer

Annual fee: $0.

Intro APR: 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 17.24%-28.24% Variable APR.

Balance transfer fee: 3% introductory balance transfer fee; up to 5% on future balance transfers (see terms).

Ongoing rewards:

  • 5% cash back on rotating quarterly categories on up to $1,500 in purchases each quarter (requires activation); 1% after that. Bonus categories in the past have included gas stations, wholesale clubs, restaurants and more. (See below for current bonus categories.)

  • 1% cash back on all other purchases.

  • Note: Rewards are earned on purchases only, not on balance transfers.

Bonus offer: Discover offers a unique and potentially lucrative bonus for new cardmembers, which the issuer phrases this way: "INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300."

Foreign transaction fees: None.

Discover bonus rewards categories for 2024

Q1 (Jan. 1–March 31)

  • Restaurants.

  • Drugstores.

Q2 (April 1–June 30)

  • Gas stations/EV charging stations.

  • Home improvement stores.

  • Public transit.

Q3 (July 1–Sept. 30)

  • TBD (In 2023: Gas stations; digital wallets).

Q4 (Oct. 1–Dec. 31)

  • TBD (In 2023: Amazon, Target).

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