This study examined how transfer students perceived the value of the associate's degree in the context of reverse credit transfer. Five student focus groups of transfer students provided individual and collective discourses on the perceptions of the associate's degree. The findings show that transfer students perceived the associate's degree to be both beneficial and limiting. The results show the potential of the associate's degree via reverse credit transfer as a way to support students' progress toward the bachelor's degree. However, the findings suggest that all transfer students do not equally value or understand the purpose of the associate's degree, and we provide recommendations for policy, practice, and future research.