Discover It Balance – How to apply

By Marcos • 11/28/2024

The Discover Balance Transfer stands out as one of the best options for those who want to transfer balances from other credit cards, thanks to its initial annual interest rate highly competitive. 

During the promotional period, you can take advantage of 0% APR fee on balance transfers for up to 18 months, offering an excellent opportunity to eliminate debt without worrying about high interest rates. 

Additionally, the card offers a rewards program besides a 100% refund in the first year for new customers, which further enhances the advantages of its use. 

How does the Discover Balance work?

The Discover Balance It works in a very simple way, being an excellent choice for those who want to transfer debts from other cards to one place, with the advantage of paying 0% APR (annual interest rate) for 18 months. 

During this initial period, you can transfer balances from other cards and concentrate your payments on a single account, which makes debt management easier. 

In addition to balance transfers, Discover Balance offers rewards in the form of cashback, which makes it a good card for those who want to accumulate benefits while paying off their debts. 

Cashback varies depending on purchases made and the rewards program is an additional advantage as it allows you to earn cash back on your daily purchases.

Main Benefits of the Card Discover It

The card Discover It offers a series of benefits that make it an excellent choice for those looking to not only resolve debt on other credit cards, but also earn rewards on their everyday purchases. 

One of the biggest attractions is the cashback program, which allows you to earn 5% money back in rotating categories such as supermarkets, gas stations, restaurants and more, up to a quarterly limit. 

Another important benefit of Discover It is the money back without expiration, that is, the amounts you accumulate in cashback have no expiration date, which means you can use the money back whenever you prefer. 

And the flexibility of using the accumulated money to redeem products or even pay your card bill makes the program even more attractive. Furthermore, $1 cash back is exactly equivalent to $1 to redeem.

In addition to financial rewards, the credit card also offers a number of security and protection features. With the $0 Fraud Liability Guarantee, you will not be responsible for unauthorized purchases on your card. 

Another useful feature is the Freeze it®, a feature that allows you to quickly freeze your card if you lose it or have it stolen, preventing unwanted purchases. 

Cons of Discover Balance

The main downside associated with this card is the balance transfer fee, which ranges from 3% to 5%. Although this fee is quite common on balance transfer cards, it can impact those with a large balance to transfer, increasing the total amount of debt initially.

Another point to note is that the 5% cashback is only available in rotating categories, which change every quarter. This means that you need to pay attention to the categories to make the most of the benefit. 

And for those who don’t keep up with these changes or can’t adapt to the categories, cashback may be limited, as purchases that don’t fit into specific categories will only yield 1% cashback.

APR and Fees

An annual fee is $0, there is no charge for foreign transaction fee. Another important advantage is that there is no penalty for APR if you pay your bill after it is due for the first time. 

However, the card charges a 3% initial balance transfer fee, which can be a significant amount if you transfer a large balance. 

And after the promotional period, this rate increases to 5% on future balance transfers. 

Therefore, it is essential to plan to pay off the transferred balance during the 0% APR period to avoid incurring high interest charges later.

How to apply for the Discover It 

To get started, simply access the official Discover website or contact a customer service representative to make your request. 

The application process requires personal information such as name, address, income and credit history. Additionally, it is important to have a good credit score, as the card tends to be offered to consumers with a good financial history.

Once your request is approved, you will receive the card at your home within a few days. 

The next step is to transfer balances from other credit cards to the Discover Balance Transfer, taking advantage of 0% APR for the first 18 months.