The Discover it® Balance Transfer offer is not currently in market.
If you have credit card debt, you're not alone. On average, Americans carry $6,194 in credit card debt, according to the 2019 Experian Consumer Credit Review. And Alaskans have the highest credit card balance, on average $8,026.
Plus, U.S. credit card debt hit a record high of $930 billion in the final quarter of 2019, according to the latest data from the Federal Reserve Bank of New York.
Carrying a balance month to month can be costly, especially if it's on a high interest credit card. But you don't have to struggle with debt forever. If you have good or excellent credit (scores 670 and above), you may qualify for a balance transfer credit card, like the Citi Simplicity® Card which offers no interest for 18 months on balance transfers (then 14.74% to 24.74% variable APR).
While the average credit card balance is $6,194, Americans living in certain states carry much more. Alaskans take the top spot with an average credit card balance of $8,026. Meanwhile, many states on the East Coast have balances above the national average.
The further you live from the coasts, the lower the average credit card balance, which is partially due to a lower cost of living. On average, Iowans have the lowest balance at $4,774.
A balance transfer is a smart way to ease the burden of paying off your credit card debt. Balance transfers can add up to substantial savings if you're carrying a balance on a high interest credit card, where a portion of your payment goes toward interest charges.
Balance transfer cards often have set limits on the amount of debt you can transfer, and you can't complete a transfer between cards issued from the same bank. Also make sure you read the fine print before requesting a transfer and consider any balance transfer fees.
If the average American with a $6,194 balance on their credit card pays $200 each month toward their debt, it will take them 42 months — more than three years — to pay off that debt. And they will spend $2,012 in additional interest, assuming an average 16.97% APR.
If you complete a balance transfer with promotional 0% APR period, you could save hundreds on interest. Keep in mind that most balance transfer credit cards have a one-time 3% fee.
Here is additional information on some popular balance transfer cards.
0% for the first 18 months on purchases and balance transfers
14.74% to 24.74% variable
3%, minimum $5
5% cash back at different places each quarter after you activate bonus categories (on up to $1,500 in purchases, then 1%). Plus, unlimited 1% cash back on all other purchases.
At the end of your first year, Discover automatically matches all the cash back you earned
*See rates and fees, terms apply.