Some credit cards let you transfer funds directly into your bank account using a money transfer. You can then repay the balance interest free over a set period, which can sometimes last more than three years.

You can use the money however you like, and they can be useful for:

  • Paying off an overdraft or loan interest free

  • Paying for a purchase you cannot put on your credit card

How to find a money transfer card

Not all credit cards let you transfer money to your bank account, and many will charge interest while you pay it off as well as high fees.

However, all of the cards in our table above offer money transfers with an interest free period for you to pay off the balance.

Use the table to set how much you want to transfer and to choose either:

  • The period you want to repay over

  • How much you can pay back per month

We will then show you the total amount you would have to repay with each deal so you can compare them and pick the best.

You can also read this guide to everything you need to know about money transfer credit cards to help you choose.

How much do they cost?

You will not pay any interest on your card if you repay it during the 0% period and always make at least the minimum payments each month.

However, you have to pay a fee to make a money transfer. This is usually 2% to 4% of the amount you transfer.

For example, a 3% fee on a 2,000 transfer to your bank account would come to 60. If the card had a long enough interest free period to clear the balance in full, this fee could be much cheaper than the interest you would pay on a loan.

The card you choose will also come with the same fees as normal credit cards.

How much can you transfer?

The amount you can transfer depends on the credit limit you are given by the card provider.

You will be able to transfer an amount usually between 90 and 100% of your credit limit.

Money transfer credit cards FAQs

Q

Should I just withdraw it as cash instead?

A

No, because withdrawing cash by credit card can be far more expensive. This guide explains the cost.

Q

Is there a time limit for me to make the transfer?

A

Yes, most providers give you around 60 days from the date you are accepted to set up the money transfer.

Q

How long do money transfers take?

A

This depends on the provider: some send the money to your account immediately after accepting your application, but others take a few days.

Q

Does my credit record matter?

A

Yes, looking at it helps lenders decide whether to accept you as well as what 0% period and credit limit they offer you.

Q

What credit limit will I get?

A

The provider will decide by looking at your finances and credit record after you apply. Here is how credit limits work and how they are decided.

Q

How do I repay my full balance?

A

Paying by direct debit means you never miss a payment. Here is how to decide how much to pay each month.

Q

How much will my credit card cost?

A

They have a range of charges you can usually avoid if you understand how they work. You will pay a money transfer fee but could get 0% interest.

Q

Can I transfer money to pay off my credit card instead?

A

Yes, using a balance transfer instead to pay off what you owe on a credit card. You then repay your new card, and many offer 0% interest periods.