The downside is that you have to pay attention to which card you’re using for certain purchases and proactively enroll for cash back in bonus categories. If you enjoy strategizing about when and where you buy to maximize rewards, this card’s unique cash back program might be right up your alley and could make perfect sense as a supplement to other rewards cards that offer more consistent rewards year-round. You’ll also earn 1% back on general purchases. With 5% cash back on purchases in rotating categories, this is an excellent card to keep on hand for both everyday errands and seasonal extras. Upon activation, you’ll earn a whopping 5% back on purchases in rotating categories like grocery stores and gas stations based on Discover’s cash back calendar (on up to $1,500 in purchases per quarter, then 1% back).
One of the best-known 5% cash back bonus cards, the Discover it® Balance Transfer card offers terrific variety and flexibility via its quarterly rotating categories. The card has one of the longest 0% introductory APR periods available for balance transfers, as well as a unique welcome offer that allows cardholders to create a personalized sign-up bonus at the end of the first year of using the card, which can potentially result in higher cash back earnings. Why you might want the Discover it® Balance Transfer cardĭiscover it® Balance Transfer is an excellent choice if you want to pay off a credit card debt over an extended period and still get cash back on new purchases. Users are required to track quarterly activation periods and spending limits as the rewards categories rotate.While not uncommon for a balance transfer credit card, the list of features outside of its rewards program is slim.Its intro APR period on purchases is short for a balance transfer card, which may undercut its key advantage of earning rewards over other balance transfer cards.Depending on how much time you need to pay down your new purchases or transferred balance, a different cash back card offering an intro APR may be a better fit. The only catch is that you’ll need to track and enroll in bonus categories each quarter to earn at the maximum cash back rate, and the card’s categories may not always line up with your spending habits. This card offers the best of both worlds, giving you not only an impressive 18 months to pay off a transferred balance without accruing any interest ( 17.24% - 28.24% Variable APR after that) but also a generous cash back program and unique first-year sign up bonus that matches all the cash back you’ve earned at the end of your first year – an offer that could easily beat out some of the best credit card sign-up bonuses if you use your card for everyday purchases. That’s what makes the Discover it® Balance Transfer card such a game-changer. Indeed, most dedicated balance transfer cards offer next to nothing in the way of rewards and benefits aside from their lengthy intro APR periods, and rewards cards that come with an intro APR usually cap their balance transfer periods at 12 to 15 months.
In that case, you’ll typically have to sacrifice extras like rewards programs, cardholder perks and sign-up bonuses. Suppose you’re in the market for a balance transfer credit card that offers a long introductory APR period and charges no annual fee.
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