Individuals tend to accrue debt throughout their lifetime. As a matter of fact, statistics reveal that the average credit card debt per household comes to a whopping $16,883.
With the living costs constantly increasing year after year, paying off debt seems to be a challenge many people face. Because of this, availing a Discover it® Balance Transfer Card is a great solution for many.
This card allows users to pay off their debts faster. At the same time, it also reduces payments and tracks your finances. Interested in clearing your debt sooner rather than later? This guide will let you in on all the best tips for using this card.
What is the Discover it® Balance Transfer Card?
Discover it® offers a wide range of credit cards designed to help ease the struggle of debt repayment. There are a number of credit cards that offer this balance transfer facility, including cashback credit cards.
A Discover it® card with a Balance Transfer focus provides cardholders access with a 0% balance transfer option. Through this, you can consolidate your outstanding debt into one account and by extension, save money when you make payments.
While the 0% balance transfer rate is only for a limited time, you can take advantage of this offering by paying for your existing debt on other credit cards. This way, you can avoid accruing further charges and interest on your new account.
Avail a Discover it® Balance Transfer Card
The first step you should take is to apply for a Discover it® Balance Transfer Card. This allows you to consolidate your debt into one place, thereby managing your finances efficiently. With the help of this card, you can reduce the interest payments made on your current credit card.
If you would like to apply for this card, simply visit the Discover website and be prepared to provide a variety of personal and financial information.
Make a Balance Transfer
The next logical step would be to make a balance transfer. The Balance Transfer Card allows cardholders to make balance transfers at 0% interest.
By taking on this special offer, users can bring their current balance from another to their new card and enjoy a lower interest rate. However, these promotional offers only last from three to 18 months, and transfers must be made within 30 to 60 days of account opening.
Opt for a Lower Rate Payment Plan
Individuals who have incurred a lot of credit debt over their lifetime intend to pay as much as they can every month.
However, when your monthly income and your payment plan simply seems unmanageable, approach your bank and ask for a lower rate payment and installment plan. Apart from paying significantly less interest, you can also slash your debt.
Take note that there are different types of plans under Discover. Make sure to work with an agent or a bank representative to find out what works with your income and your lifestyle.
Fees and Charges
After the initial interest-free period, which lasts 18 months, this card carries a variable APR of 11.99% to 22.99%. In addition, this card as no annual fee.
This first time you miss a payment, the fee will be waived. However, every time after that, you will incur a $40 charge.
If you would like to learn more about this offer you can contact Discover directly at 1-800-DISCOVER. You can also find this main office at 502 E. Market Street Greenwood, Delaware 19950.
Paying off your debt at a faster rate is possible with the Discover it® Balance Transfer Card. Alongside paying your credit card on time every month, applying for this card will help you lower and pay off your credit card and debts entirely in a few months or years.
Note: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information.