How do I balance transfer with Discover?

What is a balance transfer?

Balance transfers can save you a tonne of money on interest rate charges by moving your existing balance on one credit card to another with a lower interest rate. If you take advantage of an introductory 0% APR balance transfer offer, you may even be able to benefit from a period where you have to pay no interest for a specified amount of time.

So how do I do it?

Firstly, the amount you can transfer will depend on your new card. When you successfully receive your new card, it will still have a balance limit and you can only transfer up to that amount.

If you already own a Discover credit card:

1. Login to your account and choose the ‘transfer a balance’ option from your account page.
2. To begin the process: provide information about the card from which you wish to transfer a balance.
3. You can initiate balance transfer by phone, contacting the Discover team at 1-800-767-7339. Using the Discover mobile app, you are also able to commence a transfer request on your phone too.

If you are applying for a new Discover credit card:

1. Start the credit card application for the Discover card you are interested in.
2. During the process, you will be asked if you wish to transfer a balance from an existing card. Select this option.
3. Provide information about your existing card from which you wish to transfer your balance and state how much you wish to transfer. Remember: you will not be able to transfer an amount greater than the new Discover card’s credit limit granted to you. However, you will not know this until after approval.

How long does it take to process a balance transfer to my Discover card?

• Once requested, Discover makes a payment to your other creditor(s). This generally takes up to seven days unless you request a balance transfer when opening a new account. Typically, for new accounts, it takes 14 business working days to process balance transfers when you open a new account.
• Allow time for the creditor to receive the funds and to credit your other account. Importantly, continue to make payments to your other creditor to avoid late payment fees. 
• It is best to contact your other creditor(s) to confirm the receipt of the balance transfer.
• The transfer can be posted to your Discover account at any time within the two-week period. You can check this by logging into your Account through the Account center, selecting “Credit Options” and clicking on Track Status in the drop-down menu.