Discover announced today that it will lower the balance transfer fee on its Discover® More Card to 4% from 5%, effective December 1.
Consider it an early holiday gift if you’re in the market to transfer a balance.
The Discover® More Card is one of the most aggressive balance transfer credit cards out there at the moment.
It comes with 0% APR for up to 18 months on balance transfers and 0% APR on purchases for six months.
This holiday season, you get 5% cash back at restaurants, department stores and clothing stores, and up to 1% cash back on all other purchases, all with no annual fee.
Let’s take a look at what the balance transfer fee will cost under a typical scenario:
Credit card balance: $3,000
Balance transfer fee: 4%
In this scenario, you would pay $120 under the new terms – previously it would have cost $150 to transfer the same balance.
So that’s a $30 savings, and certainly nothing to take for granted.
Of course, a no fee balance transfer is still the most lucrative deal out there, but none of those come with 0% APR nowadays.
The trade-off to no fees is paying credit card finance charges, which can add up quickly and make the balance transfer fee seem like a drop in the bucket.
Anyways, if you’re interested in the balance transfer credit card, you can apply here.
