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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 from 2 companies below.

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MBNA Long 0% Money Transfer Card

MBNA Long 0% Money Transfer Card
24 months
0% interest on money transfers
2.99%
Money transfer fee
12 months
0% interest on balance transfers
22.9% APR
Representative APR (variable)
Apply
Representative example: When you spend £1,200 at a rate of 22.93% (variable) per annum, your representative APR is 22.90% APR (variable)

Virgin Money 23 Month All Round Credit Card

Virgin Money 23 Month All Round Credit Card
23 months
0% interest on money transfers
4%
Money transfer fee
23 months
0% interest on balance transfers
21.9% APR
Representative APR (variable)
Apply
Representative example: When you spend £1,200 at a rate of 21.90% (variable) per annum, your representative APR is 21.90% APR (variable)

Virgin Money 23 Month All Round Credit Card APR 23.9%

Virgin Money 23 Month All Round Credit Card APR 23.9%
23 months
0% interest on money transfers
4%
Money transfer fee
23 months
0% interest on balance transfers
23.9% APR
Representative APR (variable)
Apply
Representative example: When you spend £1,200 at a rate of 23.90% (variable) per annum, your representative APR is 23.90% APR (variable)

Virgin Money 23 Month All Round Credit Card APR 25.9%

Virgin Money 23 Month All Round Credit Card APR 25.9%
23 months
0% interest on money transfers
4%
Money transfer fee
23 months
0% interest on balance transfers
25.9% APR
Representative APR (variable)
Apply
Representative example: When you spend £1,200 at a rate of 25.90% (variable) per annum, your representative APR is 25.90% APR (variable)

Virgin Money 29 Month Balance Transfer Credit Card

Virgin Money 29 Month Balance Transfer Credit Card
20 months
0% interest on money transfers
4%
Money transfer fee
29 months
0% interest on balance transfers
21.9% APR
Representative APR (variable)
Apply
Representative example: When you spend £1,200 at a rate of 21.90% (variable) per annum, your representative APR is 21.90% APR (variable)

Virgin Money 20 Month All Round Credit Card APR 27.9%

Virgin Money 20 Month All Round Credit Card APR 27.9%
20 months
0% interest on money transfers
4%
Money transfer fee
20 months
0% interest on balance transfers
27.9% APR
Representative APR (variable)
Apply
Representative example: When you spend £1,200 at a rate of 27.90% (variable) per annum, your representative APR is 27.90% APR (variable)

Virgin Money 27 Month Balance Transfer Credit Card

Virgin Money 27 Month Balance Transfer Credit Card
20 months
0% interest on money transfers
4%
Money transfer fee
27 months
0% interest on balance transfers
21.9% APR
Representative APR (variable)
Apply
Representative example: When you spend £1,200 at a rate of 21.90% (variable) per annum, your representative APR is 21.90% APR (variable)

Virgin Money 29 Month Balance Transfer Card APR 23.9%

Virgin Money 29 Month Balance Transfer Card APR 23.9%
20 months
0% interest on money transfers
4%
Money transfer fee
29 months
0% interest on balance transfers
23.9% APR
Representative APR (variable)
Apply
Representative example: When you spend £1,200 at a rate of 23.90% (variable) per annum, your representative APR is 23.90% APR (variable)

Virgin Money 27 Month Balance Transfer Card APR 25.9%

Virgin Money 27 Month Balance Transfer Card APR 25.9%
20 months
0% interest on money transfers
4%
Money transfer fee
27 months
0% interest on balance transfers
25.9% APR
Representative APR (variable)
Apply
Representative example: When you spend £1,200 at a rate of 25.90% (variable) per annum, your representative APR is 25.90% APR (variable)

Virgin Money 29 Month Balance Transfer Card APR 25.9%

Virgin Money 29 Month Balance Transfer Card APR 25.9%
20 months
0% interest on money transfers
4%
Money transfer fee
29 months
0% interest on balance transfers
25.9% APR
Representative APR (variable)
Apply
Representative example: When you spend £1,200 at a rate of 25.90% (variable) per annum, your representative APR is 25.90% APR (variable)

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Frequently asked questions

What is a money transfer credit card?

A money transfer card allows you to transfer money from your credit card to your bank account, effectively giving you a small cash loan.

How does a money transfer credit card work?

A credit card money transfer works by transferring money into your bank account. You will then be in debt on your money transfer card.

You can avoid paying any interest on your 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.

You will have to pay a fee to transfer the money. This is usually around 1% to 3% of the money transferred.

What is the difference between money transfer and balance transfer?

Balance transfer cards work in a similar way to credit card money transfers. But instead of paying money into your bank account, you transfer money from one credit card to another.

A money transfer card is better if you need cash, or want to pay off an overdraft.

A balance transfer card is better for paying off an existing credit card debt. Or consolidating debts from multiple cards onto one.

Find out more about balance transfer cards.

You could use a money transfer card to pay off overdrafts, loans or to get access to cash

You can use a money transfer credit card to pay off overdrafts that are becoming expensive. Or get access to cash if you need to make a purchase that requires cash rather than credit.

You can also use the money from your current account to pay off loans that have high interest rates.

The 0% interest period on money transfer credit cards allows you to delay paying interest on your debt. If you can pay back the balance before the interest free period expires you can avoid paying interest all together.

Things to consider before applying for a money transfer credit card

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 will depend on how long it'll take you to pay off the debt. If you think you can pay off the debt in a shorter time you’d be better off going for the cheaper transfer fees.

But if you'd rather spread out your repayments, a longer interest period might be your best option.

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

You save money if you use your money transfer credit card in the right way.

For example

You have a debt of £1500. The annual percentage rate (APR)on your debt is 20%. This will add £25 a month to your debt (or £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%. This will cost you £60.

You've paid £60 in fees. But by using the money you transferred into your account to pay off the debt, you've given yourself 24 months of no interest to pay off your debt. This could potentially save you £100s.

Remember you will need to meet your minimum monthly repayments or you risk losing your interest free period.

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 the short term without paying interest.

Typically you will need a good credit rating to get one. And will need to make sure you meet the minimum repayments.

If you do not repay the card before the interest free period expires, you will be charged the full interest on your remaining debt.