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Choosing between Discover it® Cash Back and Discover it® Balance Transfer can be difficult, as both cards feature the exact same rewards rate and welcome bonus, with the main difference being the introductory APR period.
Discover it Balance Transfer is no longer accepting new applications, but existing cardholders can still use it. To help you decide whether to keep your card or switch to Discover it Cash Back, we’ll go into detail about its key features, how much you could potentially earn with each card, and more.
Key details
| Features | Discover it® Cashback | Discover it® Balance Transfer |
|---|---|---|
| Welcome Bonus | Unlimited Cash Back Match – Discover will automatically match all of the cash back you earn at the end of your first year Sign-up offer: Unlimited Cash Back Match for all new cardholders – exclusive to Discover. Discover will automatically match all cash back you earn at the end of your first year. There’s no minimum spend or maximum rewards. Your $150 cash back can grow to $300. | Unlimited Cash Back Match – Discover will automatically match all of the cash back you earn at the end of your first year |
| Reward Rate |
|
|
| First APR | 0% for 15 months | 0% introductory APR for 6 months on purchases and 18 months on balance transfers. |
| Variable interest rate | 18.24% – 28.24% Variable APR | 18.24% to 28.24% |
| Annual Fee | $0 | $0 |
Discover it Cashback and Discover it Balance Transfer Highlights
With the exact same rewards structure and Discover’s fantastic cash back match welcome offer, the Discover it Cash Back and Discover it Balance Transfer are both great cards to have in your wallet. Here are the details on the two cards:
Welcome Bonus Winners
Payout Rate Winner
Balance Transfer Winners
Introductory APR Period Winner
Which card will earn you the most?
Both the Discover it® Cash Back and Discover it® Balance Transfer offer great rewards for a no annual fee credit card. Both cards offer the exact same rewards rate and welcome bonus, so you can’t go wrong with either one. Using either card exclusively for at least the first year gives you a great opportunity to earn a big cash back bonus after your first year of card ownership.
Discover it® Cash Back and Discover it® Balance Transfer
For example, let’s say you use your credit card for $1,500 in purchases each quarter. If you completely forget to activate the bonus categories each quarter, you’ll automatically get 1 percent cash back on all your purchases. This will give you $60 in cash back per year.
But you can boost your rewards significantly if you enable and max out the rotating bonus categories each quarter. With that same $1,500 in quarterly spending (or $6,000 per year), you could earn $300 in cash back per year from 5 percent rotating bonus category spending (up to $1,500 in purchases per quarter, 1 percent thereafter). Plus, with Discover’s Cashback Match welcome offer, you can essentially double that to $600 in cash back in the first year with either card.
Why you should get Discover it® Cash Back
Discover it® Cash Back is a great choice if you’re looking for a low-cost rewards card with the option to earn great rewards on everyday spending. With no annual fee and an introductory APR on both purchases and balance transfers, this card costs very little to maintain and has plenty of time to rack up cash back rewards (as long as you’re willing to activate the bonus categories each quarter).
Why Use Discover it® Balance Transfer?
Discover it® Balance Transfer is no longer available to new applicants, but you can still use the card if you already have it. If you’re looking to eliminate high-interest credit card debt, this card’s introductory APR on balance transfers makes it a great option to help you achieve that. If you already have this card, there’s little benefit to switching to a cash-back card, as it offers the same rewards structure as Discover it® Cash Back.
Conclusion
There’s no clear winner between Discover it Balance Transfer and Discover it Cash Back. Neither card has an annual fee, and both offer the same points earn rate and cash back match at the end of the first year.
If you’re an existing Discover it Balance Transfer cardholder, there’s little reason to switch, but if you’re looking for a new card, you’ll need to look elsewhere as this card is no longer available for new applications.
If you’re looking for a new card and need to make a large purchase that you can pay off over time, Discover it Cash Back is a solid choice, but if you’re looking to pay off existing credit card debt with a balance transfer, a card like the Discover it Chrome is a good alternative to Discover it Balance Transfer.
