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Discover IT Balance Transfer Card

December 12, 2017 by Leave a Comment

Discover IT Balance Transfer Card 1

Discover IT Balance Transfer Card

0% introductory offer for 18 months – an extremely strong offer from a very highly rated company.   Ideal for applicants with a 700 FICO score or higher, but as low as 680 can qualify if you have sufficient income.

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4.9
Our Score

  • The Good
  • The Bad
  • The Summary
  • Reviews

Home › Review › Credit Cards › Balance Transfer › Discover IT Balance Transfer Card

The Good

  • 0% APR introductory offer for 18 months
  • 0% on purchases
  • Earn 5% cash back on some purchases
  • FICO credit score for free

    The Discover IT card will not only offer you 0% on your balance transfer, but any purchases you make in the first 18 months will also incur 0%.  During the period that you are paying down debt, we strongly advise on not making any purchases that you cannot make in cash.  But if the need arises, 0% interest is a nice option.   Discover also offers a lot of tools to card holders, such as a free FICO score.  If you’re using CreditKarma or MyFICO to monitor your credit score, you might find that Discover’s tools are as good if not better and at zero cost to you.   Discover also waives the first last fee, but obviously, you should try not to use this benefit.  They offer 5% cash back on some purchases as well, but again, try to use this card only to pay down debt and not create new debt.

The Bad

  • 3% transfer fee
  • Late fee of $37 if you miss a payment
  • No annual fee
  • Cannot transfer debt from another Discover card

  If your current debt is with Discover on a credit card, then this card is not for you.  You cannot transfer debt from another Discover card, and you should look at some of our other balance transfer card options.  

The Summary

Discover is one of the strongest brands in consumer finance.  They consistently have great customer service ratings, and all customer service representatives are in the USA.  So this card is a great option for people with at least a 700 FICO score (at 680 you might still qualify if you have enough income).   The Discover IT Card offers a 0% introductory offer for 18 months which is longer than most, and this is one of the best offers you could ask for.  This gives you extra time to pay down your debt and take advantage of the no-interest savings.  You’ll pay a one-time 3% balance transfer fee in order to take advantage of this – but then no interest for 18 months.  This can save you hundreds of dollars.   If you had $4,000 outstanding in debt at a 15% interest rate, you’d be paying $275 per month in interest.  Over the course of 18 months, that is $4,950 if you only pay the minimum payments.  This card has big potential for savings, and more importantly, can give you the breathing room to hopefully pay down much more than just the minimum payments on your path to debt free.   It is important to remember that with any balance transfer card, you should continue paying the monthly payments on your old debt until the balance transfer is confirmed.  This can take up to three weeks.

Ratings Breakdown

Credit Score680+
APR Range11.99% to 23.99%
AvailabilityAll 50 states
Monthly Fee$0
Upfront Fee3% balance transfer fee
HeadquartersRiverwoods, IL
Year Founded1985

Review Last Updated: December 12, 2017

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If you see a fact that is misprepresented, please contact us.

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THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge any application fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lending platforms and attempt to match you with a lending platform. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that you will be matched with a lending platform or approved for a loan. The lending platform may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lending platforms can provide you with the loan amount you requested. Loan amounts are determined by the lending platform based on individual creditworthiness. All financial terms of the loan will be provided to you by the lending platform. Loan terms, conditions, and policies vary by lending platform, state, and applicant qualifications. For details, questions, or concerns regarding your loan please contact your lending platform directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lending platforms and may depend on your individual financial institution. Loan repayment periods could vary by lending platform and location. Not all applicants will meet the lending criteria to qualify for a loan. Borrow Responsibly – A short-term loan is ideally used for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may be subject to increased fees and interest rates. lending platforms may use collection services for nonpayment of loans. We recommend seeking credit counseling if you have financial difficulties.