Save money on credit card interest
If you transfer a balance from a high-interest credit card to a Discover Card with an
introductory 0% APR balance transfer offer, you can use the money you save on interest charges to pay down your debt.
How can balance transfer offers help you?
How to choose the best balance transfer credit card offer
If you’re planning to take a credit card balance transfer for debt consolidation, there are three important factors to look for. Compare these three offer areas from each credit card issuer to find the best balance transfer offer for your debt.
A good balance transfer offer should have an intro APR that is a lower interest rate than what you pay on your current debt. Compare offers to see which has the longest intro rate period before your balance converts to a regular APR: once the intro period ends, you’ll be subject to a standard interest charge on any remaining balance.
Questions about credit card balance transfers
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.
Opening a balance transfer credit card may affect your credit scores for a number of reasons. Just like applying for other credit cards, it can trigger a hard inquiry that can cause a small but temporary drop in your credit scores. Balance transfers could also lower the average age of your credit accounts, which is something lenders look at when assessing your creditworthiness.
But when done responsibly, using a balance transfer card to pay down credit card debt can have a positive impact on your credit scores by decreasing the total amount you owe on your accounts.
What happens to an old credit card after a balance transfer depends on several factors.
If the entire balance was transferred to a new card, your old credit card will have a $0 balance. You can then decide if you’d like to keep the card or if you want to close the account.
Sometimes, however, you can’t transfer the entire balance of your old card(s) to a new card because the credit limit on your new card may not be high enough. In that case, your old card may still have a balance on it and you should have a plan in place to help pay off that credit card debt as soon as possible.
Like many financial decisions, only you can be sure if a balance transfer is right for you. Different credit card companies have different introductory interest rate offers and transfer fees on their balance transfers, so it’s up to you to do your research and determine if there’s a best credit card balance transfer offer for you.
Learn more about balance transfer credit card offers
Rates And Fees Information
The offer terms presented on this page (including, but not limited to, APR rates) may be different than offer terms displayed if you navigate away from this page. Check the terms of your specific offer before you move forward with submitting an application.
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