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Money transfer credit cards

You could use a money transfer credit card pay off a stubborn overdraft or get an interest free cash loan. Money transfer cards offer 0% interest periods for transferring money from your credit card to your current account. Compare money transfer cards, additional results may be available with an eligibility check.

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37 results found, sorted by longest money transfer period.

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 for a short term loan.

It's likely to be cheaper than a formal credit loan.

Spreading out your repayments over a longer period means you can pay less each month. A longer interest period might be your best option, even if the transfer fee is higher.

How do money transfer credit cards work?

A credit card money transfer card, moves money from your credit card into your bank account. You'll then be in debt on your money transfer card.

But because some money transfer cards don't charge any interest on the debt, it’s often cheaper than having an overdraft.

The Financial Conduct Authority (FCA) introduced new legislation forcing banks to be transparent with their fees. Despite this, you’ll still be charged interest. That’s why money transfer credit cards can be useful if you need a cash loan for a short time.
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Things to consider about money transfer credit cards

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. This great way to save some money could become very expensive.

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 credit cards FAQs

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Help is at hand

Check your eligibility for credit cards

  • 1Improve your chances of being accepted
  • 2It won't affect your credit score
  • 3It's quick, free and easy

Uswitch Limited is a credit broker, not a lender, for consumer credit.

Our services are provided at no cost to you. We may receive a commission from the companies we refer you to, but this does not affect what you will pay for the product you choose.