Discover it Balance Transfer Offer

A credit card balance transfer offer is the terms you receive from a lender that allows you to consolidate debt and transfer a balance – or multiple balances – to a single account. Some factors to consider are the interest rate (APR) for the introductory or promotional period, the standard APR after the intro period expires, the balance transfer fee, and the length of the promo period.

Yes, potential new cardholders can apply for a Discover it Cash Back Card and take advantage of a balance transfer offer. This lets you move balances from your existing credit card accounts to a new Discover credit card account.

Review your balance transfer offer to learn how long it takes for your other debts to be moved to your new account. The timing may depend on factors including the status of your debt accounts or the ways that they are paid.

Once you take a balance transfer offer, you have a set amount of time that the balance is subject to the intro promo APR. That amount of time is defined with the original balance transfer offer. Once that time is up, if you haven’t repaid the transferred amount, it’s subject to the standard APR.

When you originally transfer the balance, you may pay a balance transfer fee. This charge is a percentage of the total transferred balance and is added to your total balance. There may be an intro balance transfer fee for a limited period of time from when the initial balance is transferred, which may be different than the standard balance transfer fee that would be applied to other offers.

For example, if you have $1,000 of debt that you want to transfer to a balance transfer credit card, and the offer includes a 5% transfer fee, that would equal $50. So, the initial amount that you will need to repay on the new credit card is $1,050.