Compare our best 0% money transfer credit cards

Withdrawing funds from an ATM using your credit card. This attracts a specific fee and daily interest charged from the moment you take the money out. Be aware that providers often apply these same expensive rules to "cash-like" transactions — such as buying foreign currency, stocks, or placing bets — categorising them exactly the same as an ATM withdrawal.

Your credit limit is the amount you can borrow on your credit card at any one time. If you exceed this amount, you can be charged a fee — typically £12 — and it can leave a mark on your credit report. You won’t usually find out your credit limit until the end of an application process, although you can ask your provider to increase — or decrease — your credit limit at any time.

Credit limits are set based on your credit history and your earnings. Once you've reached your credit limit, you need to make a payment to bring down your balance before you can use the card again. Find out more in our guide to credit limits.

Your credit score is calculated based on your credit history. Each credit reference agency has its own method of calculating this. Your credit score will go up for things like making payments on time and down for things like being late or defaulting on a loan. Typically, the higher your score, the more likely you are to be offered a lower rate of interest or higher credit limit.

There is no absolute pass or fail mark attached to a credit score, with each lender making its own decision on what it considers acceptable.

This occurs when the relationship between you and the lender has broken down due to unpaid debt. It typically happens after 3-6 months of missed payments. You will receive a warning letter 14 days prior; if you do not pay, the account is defaulted. This blocks you from using the card and significantly damages your credit rating for six years.

The minimum standards you need to satisfy before a provider will consider your application. This typically involves your age, employment status, and salary. You should check these carefully before applying to avoid unnecessary rejections, though meeting them does not automatically guarantee you will get the card.

If you’ve made an application for credit, such as a credit card, loan or mortgage, lenders will carry out an in-depth check of your credit report, known as a hard credit check.

This is a detailed look into your financial history, especially your borrowing history, so a lender can see your track record of repaying money you've previously borrowed.

A hard check will show any negative marks on your credit report, like overdue payments, missed payments, previous credit applications and even bankruptcies.

Every time a hard check is carried out, it leaves a mark on your credit report, which can hurt your credit score.

Interest-free credit cards allow you to either transfer a balance, make purchases or transfer cash to a current account without paying any interest on your balance for a set period. However, you must keep making at least the minimum monthly repayment during this time.

Once the 0% deal is over, you will be charged interest on any remaining debt at your standard APR. With balance transfers and money transfers, you will usually have to pay a transfer fee. 

Credit card introductory offers include bonus reward points, extra cashback, 0% on balance transfers or 0% on purchases.

Introductory offers are used to attract new customers, but once they expire, they revert to the standard offer or rate. When this happens, you should check if you’re still getting the best deal or whether you need to switch to a different credit card.

A soft credit check is a top-level view of your financial history. It lets lenders assess you for their offers and can show you what you could be eligible for.

Although a soft credit check is recorded, it doesn’t leave a mark on your credit file. This means that while you can see soft checks when you look at your own report, lenders can't. A soft credit check won’t impact your credit score, but you’ll be able to see if anyone has checked your credit history.

In certain industries, some employers will perform a soft credit check if you’ve recently applied for a job with them.

A fee charged by providers for the service of moving debt. This is added to your account balance automatically when the transfer goes through. Fees typically range from 1% to 3.5% for balance transfers, but you should expect to pay slightly more — usually between 3% and 5% — for money transfers.

The annual percentage rate (APR) is the interest rate at which you will borrow money on your credit card. It's typically stated as a yearly interest rate and includes any fees and costs associated with the card. In most cases you can avoid paying interest by paying off your credit card balance in full by the due date of every billing cycle.

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

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

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

The best way to do this is to pay by Direct Debit as you’ll never miss a payment. Here is how to decide how much to pay each month.

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

The amount of money you can transfer from your money transfer card depends on your credit limit.

The time it takes for the money from your money transfer credit card to reach your bank account will depend on the card provider. Check the information during the application process and any information you receive if approved. It may be transferred instantly, or you may have to wait a few days.

A money transfer credit card can be a good way to borrow and access cash quickly. For example if you need to pay a tradesman, friend or family member for something in cash as they cannot accept payment via credit card. It can also be a helpful option in paying off an overdraft, especially if that's something you find you rely on regularly and the fees and interest rates are getting expensive.

But interest-free periods can be shorter than with other credit cards out there, and you'll need a good credit score to be approved. If you're looking for a credit card to make in-store or online purchases then you may find other credit cards are more appropriate.