How To Do a Discover Balance Transfer
Key Takeaways:
- Discover currently offers interest-free periods for up to 15 months on balance transfers for select cards.
- If you transfer a balance to a Discover card, you may be subject to a balance transfer fee of up to 5% of the amount of each transfer.
- You can’t transfer a balance from one Discover credit card to another Discover card.
Moving debt from a high-interest credit card to one with a 0% introductory APR via a balance transfer is one of the best tools available for getting out of debt more quickly. A balance transfer can also help you save hundreds to thousands of dollars in interest charges.
Discover issues several cards with balance transfer offers. So if you’re carrying a large amount of debt on an existing credit card, doing a balance transfer with Discover could give you a window of time to pay off what you owe with no interest charges.
What you need to know before getting started
Before initiating a balance transfer, it’s important to create a plan to pay off your entire transferred amount within the promotional period. You should calculate how much you’ll need to pay each month in order to pay your balance in full before the regular APR kicks in.
To figure this out, divide the total amount you owe (including any balance transfer fees) by the length of the interest-free period. For example, if you want to transfer a total of $8,000 to a card with a 15-month introductory interest-free period, you’ll need to pay around $533 each month for 15 months to pay off the balance.
$8,000 / 15 months = $533.33
Note, Discover has a balance transfer calculator that can help you figure this out. Just remember to factor the balance transfer fee into the total balance.
Tip
How to do a balance transfer with Discover
To get started, you’ll need the following:
- A Discover credit card. This might be a new Discover card you opened for the purpose of doing a balance transfer or it might be an existing Discover credit card with a balance transfer offer available.
- The amount of debt you wish to transfer.
- Your old account information. You will have to enter the credit card number of the account you’re moving the balance from so Discover can pay it off.
How to do a Discover balance transfer for new applicants
After deciding which Discover balance transfer card is best for you, you can request a balance transfer during the application process.
- When applying online, you’ll first be asked to select a card design.
- Next, enter information about yourself, including your name, home address, date of birth, employment status, monthly housing payments, total gross income and email address.
- You’ll then see an option to “Get a great balance transfer off and transfer up to three balances.” Click on that text.
- On the next page, you’ll see what balance transfer offer may be available to you. To request a transfer, enter your existing account number, the amount you want to transfer from that account and the name of the creditor. (You can add up to three transfer requests.) Click “Save Balance Transfer.”
- On the next page, agree to Discover’s terms and conditions and submit your application.
It's important to note
Once you receive your physical card in the mail, you can also call the number on the back to request a transfer over the phone. Just be sure to check if there’s a deadline that you need to complete the balance transfer in order to take advantage of the 0% intro APR offer, and request the transfer as promptly as possible.
How to do a Discover balance transfer for existing cardholders
If you’re already a Discover cardholder, follow these steps:
- Log in to your Discover account online.
- From the menu, click on “Card Services,” then “Balance Transfers.”
- From there, you’ll be taken to a page that shows which balance transfer offers are available to you (if any).
- Decide which offer is best for you, and click “Select This Offer.”
- Next, provide details about the balance you want to transfer, including the account number and amount you want to transfer.
Note, you can also check your available balance transfer offers and request a balance transfer by calling the number on the back of your card and speaking directly with a representative.
How long does a balance transfer take with Discover?
Most Discover balance transfers are processed within four days. Just know, your balance transfer won’t begin processing until the account has been open for at least 14 days.
In the meantime, be sure to continue making monthly payments on your existing accounts until you receive confirmation that payment has been received by your old creditors. Otherwise, you’ll risk incurring late charges or delinquencies on those accounts.
What types of debt can you transfer?
Though balance transfers are commonly thought of as paying off one credit card with another, oftentimes you can transfer other types of debt to a balance transfer card. Discover lets you transfer the following:
- Credit cards
- Auto loans
- Gas cards
- Store cards
That said, do the math before requesting a balance transfer, and be realistic about whether you’ll pay off the full amount of your debt before your card’s 0% intro APR period ends and the regular APR kicks in.
For example, using a balance transfer credit card to pay off an auto loan isn’t a smart move if the interest charges you’ll face on the card are more expensive than what you’d incur just by continuing to pay on the loan.
Discover balance transfer credit cards
Is a Discover balance transfer worth it?
A Discover balance transfer can definitely be worth it if you have a large amount of existing high-interest credit card debt. Because there are Discover cards that offer 0% intro APRs for more than a year on balance transfers, they can potentially help you save hundreds to thousands of dollars in interest charges. Plus, they allow you to consolidate multiple balances into one monthly credit card payment — making it easier to keep track of your monthly bills.
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