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Compare our best 0% money transfer credit cards

Money transfer credit cards

Money transfer cards offer 0% interest periods for transferring money from your credit card to your current account.
Find a 0% interest money transfer card
See what's available and check your eligibility before applying with our card finder tool
Tesco BankVirgin MoneyHSBCVirgin AtlanticSainsbury's BankTesco BankVirgin MoneyHSBCVirgin AtlanticSainsbury's Bank
Last updated
January 09, 2023
37 results found, sorted by longest money transfer period.
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What is a money transfer credit card?

A money transfer card allows you to transfer money from your credit card to your bank account.

It's effectively the same as a cash loan.

It can be useful if you're paying a high rate of interest on your bank overdraft and you want to clear it, where the interest rate on your credit card is lower.

You can also use a money transfer credit card to add a cash sum to your current account as a short term loan to use for whatever you like.

Money transfer cards frequently come with a 0% interest period - but they're not entirely free, as they generally have money transfer fees attached.

However, as long as you clear your balance on time, they might well work out cheaper than a personal loan for small amounts.

Average interest charged on a £5k personal loan[1]
8.39%

How do money transfer credit cards work?

A money transfer card moves cash from your credit card to your bank account. This is how the process works in detail:
Apply for a money transfer card

Your first step is to compare deals and find a money transfer credit card.

Look for the right balance of fees and 0% interest periods to find your ideal card.

Using an eligibility checker will mean you can see how likely you are to get an offer before applying.

Nominate a bank account

You need to tell your credit card provider where you want the money you transfer to end up.

You can't simply withdraw the money from a cash machine or spend on the card, as that would mean interest (and potentially cash transaction fees).

Make the transfer

Once your card arrives, you'll have a limited window to make the transfer to your nominated bank account.

This is typically within the first 30 or 60 days of opening the account

Simply log in to your new account then tell your card provider how much you'd like to transfer across.

Pay a fee

Money transfers might be 0% interest for a set period, but they're not free.

All current providers charge a money transfer fee, which is typically 4% of the amount of cash you move across.

This is generally added to your credit card balance.

Set up your repayments

It's incredibly important to make sure you've set up repayments for the card.

That's because if you miss a payment, you could sacrifice your 0% deal, seeing you charged interest on anything left on your balance.

A direct debit to cover at least the minimum is the easiest way to stop this happening to you.

How can I find the best money transfer card?

The right money transfer credit card deal for you is one that best fits your very personal financial needs.

If it’s going to take a long time to sort out your finances, compare the money transfer credit cards with the longest interest free periods.

To cut the cost of your debt, consider a money transfer credit card with the lowest transfer fee. You can see the different options in our comparison tables.

Money transfer cards usually trade off the length of the interest free period against the transfer fee. The longer the 0% period, the bigger the transfer fee and vice versa.

The best money transfer credit card for you ultimately depends on how long you think it will take you to pay off the debt.

If you think you can pay off the debt in a brief time, you could get a card with a short interest free period and a low transfer fee.

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How can I use a money transfer card to save money?

A money transfer card can help you save money that you otherwise would have paid in interest on current debt.

For example: 

  • You have a debt of £1,500. The annual percentage rate (APR)on your debt is 20%. This adds £25 a month to your debt (£300 a year).

  • You decide to use a money transfer fee to pay off the debt. The offer on the card is 0% on money transfers for 24 months.

  • The cost to transfer money into your bank account is 4%, which is £60.

Although your debt is now £1,560, you will not have to pay any interest on it for 24 months, potentially saving you £100s.

You must meet your minimum monthly repayments or risk losing your 0% interest offer."

Average 0% interest free periods on UK credit cards
How many months interest free different sordts of credit cards are offering on average.

Source: Defaqto and Uswitch data, correct as of December 19, 2022

Money transfer credit cards FAQs

Do money transfers hurt your credit score?

Not on their own.

But there are two things that might affect your credit worthiness about the process if you're not careful.

Firstly, applying for a new credit card is always recorded on your credit history and applying for a lot of cards in a short space of time can make you look desperate for cash.

Card finder and eligibility checker tools don't show up to other lenders on your credit score, however, so it's wise to use one before applying to limit the number of applications you'll have to make.

Secondly, lenders look at something called your "total available credit" before making a decision. This is worked out by adding up all your credit card and overdraft limits.

A new card adds to this total, but unless you've already got a large number of cards with high credit limits - for example equal to your annual salary - it probably won't be a problem.

The difference between money transfer and balance transfer cards

Money transfer cards and balance transfer cards are similar because they both involve shifting debt from one place to another.

With a balance transfer card, you can move debt from a card charging you interest, to one with lower or no interest. It can be a good way to pay off existing credit card debt or to consolidate your debts.

A money transfer card lets you transfer money (credit) from the card to your bank account, where it’s considered cash. Many people use these cards to pay off an overdraft.

It’s like releasing a cash sum to clear debts or provide a quick cash boost.

Are money transfer credit cards the best way to borrow cash?

Credit card transfers can be an effective way of borrowing small amounts of money over a short term without paying interest. But they may not be the best way for you to borrow cash.

Typically, you need a good credit rating to get one. If you have a bad rating and apply anyway, you risk being rejected by the card provider. A rejection will damage your score even further.

To avoid paying interest on the credit card debt, you need to be sure you can at least meet the minimum repayments.

If you don't repay the card before the interest free period expires, you’ll be charged interest on the remaining debt. This is the card's APR, or annual percentage rate.

How can I find the best money transfer card?

The right money transfer credit card deal for you is one that best fits your very personal financial needs.

If it’s going to take a long time to sort out your finances, compare the money transfer credit cards with the longest interest free periods.

To cut the cost of your debt, consider a money transfer credit card with the lowest transfer fee. You can see the different options in our comparison tables.

How to transfer money from credit card to bank account

To transfer money from a credit card to your bank account, you need a card designed for that purpose. You can apply online, over the phone or in branch.

To be sure you get the best one for you, it is good practice to compare money transfer cards first. You can do this using comparison tables like the one above.

After your application has been approved, the card provider will send you the physical card in the post. This may take around 5 working days.

Once you have your card, you can transfer credit into your bank account. When the cash arrives in your current account you can spend it in the same way as you normally would with your debit card or by withdrawing cash. You can do this without incurring any fees or charge (as long as it is an ATM that provides free cash withdrawals).

This is a much better option than trying to withdraw cash using a credit card. Technically, you can take out money using your credit card. But it's best avoided because it shows up in your credit file and damages your credit score.

Can I transfer money from a credit card to a bank account?

Yes, you can transfer money from a credit card to a bank account. But your money transfer card application must be approved first.

One advantage is that by transferring a sum of money to your current account, you can avoid paying any interest on your debt.

Not all credit cards are designed to let you switch money from your credit card to your current account. Those that are, will charge you a small fee.

The transfer fee is usually around 1% to 3% of the money transferred. You need to factor this into your calculations when working out whether it’s worth making the transfer.

Compare the cost of the transfer fee with the cost of continuing to pay the charges on your overdraft. Although overdraft fees are no longer allowed, banks can charge a fixed interest rate. Some previously introduced rates of up to 40%, which the FCA looked into.

So, moving money from your money transfer credit card into your bank account may help you sort out your finances in the short term.

Remember to think about how you're going to pay off the debt on your money transfer credit card. For example, you could set up a monthly payment from your current account to gradually clear the debt.

The best money transfer cards have 0% interest periods lasting over 2 years. If you pay back your balance in full during this interest free period, you will not pay any interest.

What does 'most popular and ‘popularity’ mean?

When we use the term ‘most popular or ‘popularity’ on Uswitch in reference to credit cards, these cards are ranked by the number of clicks they have received on the site in the past 48 hours.

The most clicked on cards are at the top, with the least at the bottom. This reflects how popular they are with visitors to Uswitch.com. Consequently, this is a good table to look at if you’re interested in seeing which cards most people think are worth getting.

Does Uswitch compare all the credit cards on the market?

We compare credit over 100 credit cards from all of the major banks and credit card providers.

However, we do not compare all the credit cards that are available in the UK.

This is because some credit card providers have offers that are only available exclusively through their own website or branch, or through other comparison websites - in the same way some credit cards are exclusively available through Uswitch.

There are also many credit cards that are only available to people in member organisations and clubs.

Credit card guides

Find out more about how credit cards work with our in-depth guides
How many credit cards can you have?
How many credit cards can you have?
How to use a credit card
How to use a credit card
What are the differences between credit and debit card?
What are the differences between credit and debit card?

About the author

Salman Haqqi
Salman Haqqi has over a decade of experience as a journalist in several countries around the world. In recent years, he has turned his focus to helping people make confident financial decisions and regularly comments in the media about personal finance.

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References
1. Bank of England lending statistics: Data from September 2022