Discover it balance transfer credit limit

Discover®¹ has lots of credit cards to suit different customer needs, including the Discover it Miles Travel Card, and popular options for balance transfer like the Discover it Cash Back Card.

Credit card balance transfers allow you to move debt from one credit card to another - to get a better interest rate for example.

However, there can be fees involved which you’ll need to think about, and there’s a balance transfer credit limit to consider too. This guide to the Discover it balance transfer credit limit covers all this and more.

What are your Discover It balance transfer limits?

Different card issuers set their own balance transfer limits. Your limit will not be more than the credit limit for your card, and the remaining credit limit for spending will then be the credit limit minus any balance you transfer².

Discover offers a lot of different balance transfer cards³ for customers to choose from, which can have great introductory offers on interest, including some with no interest to pay on transferred balances for a fixed period.

As with most credit card transactions, other fees do apply which you’ll need to be aware of. This guide walks through some key points - but you’ll also need to do your own research to decide if a Discover it balance transfer is right for you.

Making a balance transfer with Discover It

Many Discover cards let you make a balance transfer once you’ve been approved. Credit checks will be carried out when you apply for your card in the first place and then you’ll be notified if you’re eligible for a card, and what - if any - balance you can transfer.

Bear in mind that there’s a fee to pay for a Discover it balance transfer. We’ll look at that a little later in more detail. If you’re looking for more on Discover’s features and fees you can learn about Discover foreign transaction fees here - or get a guide to international wires with Discover in this handy article.

Who can make Discover It balance transfers?

Discover will assess each new customer on their creditworthiness, based on a credit score from one of the major issuing organizations in the US, and other factors such as your income. This will determine if you’re able to make a balance transfer.

If you’re an existing customer with a Discover card that accepts balance transfers, you’ll be able to transfer a balance from another card, up to your fixed balance transfer limit. This is always less than your remaining unspent credit limit at any given time.

What are Discover's balance transfer fees?

The Discover balance transfer fees may vary depending on the card you select and any promotional offers at the time. At the time of research (May 14th 2024), customers looking for a Discover it Cash Back Card, for example, can transfer a balance under a promotional offer with a 3% fee.

There’s no interest for a fixed period. Once this offer expires, balance transfers revert to costing 5%, with interest set in the range of the purchase interest rate for the card⁴.

If you decide Discover isn’t right for you, you may want to use a debit card option instead, such as the Wise debit card. There’s more on that coming up - and you can learn about Wise limits, in this full guide.

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What are your Discover It card credit limits?

Discover offers credit limits which are set according to the credit score of the individual customer, as well as other factors.

This means there’s no single credit limit - it’s all down to your credit history, your relationship with Discover, your income, and how you manage your money.

You can find the credit limits you’ll get with Discover in your card offer letter, or by logging into your account online.

What can influence your credit limit with Discover?

To get a better credit limit one thing you’ll need to do is to build a better credit score. Discover recommends taking actions like paying off your card bills on time, and limiting the amount of credit you use to help with this⁵.

You can also review your credit score from a major credit bureau in the US like FICO⁶, to check for any inaccuracies or fraud which may damage your score unfairly.

What's the average credit limit for new cardholders?

Discover does not publish its average credit limit. Limits can vary enormously, from a secured card which may only have a 200 USD line of credit to a card with thousands of dollars of available credit. It all depends on the individual customer.

Where can you check your credit limit?

Check your credit limit on the card offer letter or notification you received when you applied for your Discover card. You can also check in your Discover online or mobile banking service to learn more.

Can you change your Discover It credit limit?

Discover sets credit limits according to an individual customer’s personal situation including their credit score, income, pre-existing debt, and more.

If your personal situation has changed significantly since your Discover credit limit was set, you might want to reach out to the customer service team to ask if your credit limit can be reassessed based on your changed circumstances.

What can you do if your transfer amount exceeds your credit limit?

You will not be able to transfer a balance to your Discover card that is higher than the credit limit assigned to you by Discover. Your balance transfer will be rejected.

If you need to transfer a higher balance you’ll need to apply for a different card, improve your credit score, or seek further advice from a professional to help manage your money most effectively.

Common questions about Discover It balance transfers

Is there a fee for balance transfers with Discover It?

Yes. Under promotional offers you might find that the one off transfer fee is set around 3% of the balance being transferred. Without a promotion you’ll likely find a charge of around 5%.

However, as fees do vary from card to card, you’ll need to carefully review the options available for you when you apply.

What is the maximum balance transfer I can make with Discover It?

When you’re offered a Discover card you’ll be set a credit limit, which may also have a separate balance transfer limit.

The balance transfer limit will not be more than the available credit within your set credit limit.

Credit limits vary between customers and are assessed based on credit score, income, customer debt and other factors.

How long does it take to process a balance transfer with Discover It?

If you’re already a Discover customer your application for a Discover balance transfer could be processed in around 4 days.

New customers must wait 14 days before their request can be processed - after that the processing time is usually around 4 days.

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Discover offers lots of different credit card options, including a few which can be used to make a balance transfer. This can allow you to consolidate your card debt in one place, often with a better interest rate.

Use this guide to how discover balance transfer credit limits are set to figure out whether getting a Discover card - or transferring a balance to your existing card - is worthwhile.

This guide is for information only. If you’re struggling to decide what’s best for your specific situation, take professional advice to make sure you’re managing your money in the optimal way for you.

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Sources:

Discover it cash back card
2. Discover frequently asked questions - balance transfers
3. Discover balance transfer cards
4. Discover it Cash Back fee disclosure
5. Discover - building good credit habits
6. FICO

Sources checked on 05.23.2024