The Savvy Savers’ Guide to Balance Transfers
A balance transfer is an easy way to save money on interest—and it’s one thing savvy savers do to lower their interest payments on debt.
Consider a balance transfer your saving secret weapon
Let’s say you’re juggling balances on 5 different credit cards and spending a lot on interest. So you transfer those balances to Discover. We pay off your debt, and then you pay us back.
With a balance transfer, you get 3 things:
Here’s what you need to do:
Decide which balances to pay off
Determining which balances charge the highest interest is a good place to start. You can pay off other credit cards, store cards, loans, medical bills, and more.
Savvy Tip: Make a plan to pay it all off
Your promo rate will expire and you’ll be charged your standard APR on any remaining balances. So try to make payments that will pay off your debt—or at least pay it way down—before it expires.
Find the balance transfer offer that matches your goals
When you log in to review your balance transfer offers, there are three things to consider:
A low promo APR on transferred balances
How long your promo rate will last
A percentage of your total transfer
Savvy Tip: Ask yourself what’s more important
This can help you choose the right offer. Are you looking for the lowest rate? Don’t want to pay a fee? Do you need more time to pay us back?
Start paying less interest
We’ll pay off your creditors directly so you can start saving on interest.
Savvy Tip: Don’t rack up new charges
That low promo rate only applies to transferred balances. New purchases will be charged your standard purchase APR—and will ultimately add to your debt.
If you usually pay for purchases in full each month to avoid interest, transferring a balance will change that. You will be charged interest on purchases unless you choose to pay your entire balance in full, including any transferred balances, by the first payment due date.