A money transfer credit card is a credit card from which you can take money and transfer it straight into your bank account.
How do money transfer credit cards work?
By getting a money transfer credit card, you’ll be able to move cash directly into your bank account from the card. You can repay the balance of your money transfer card interest free, over an agreed period of time. This could be two years or more.
By doing this, you’re essentially using a money transfer card to get an interest-free cash loan. There’s usually a fee to pay for the service offered by your 0% money transfer credit card, called a money transfer fee.
How could a money transfer credit card help me?
Money transfer credit cards can be useful for paying off an overdraft or loan, interest free. So if you’ve ever wondered about how to repay your overdraft, then a cash credit card could be the answer.
A 0% money transfer card could also be used to pay for something large that you can’t put on your credit card.
You can read about how to use your 0% money transfer credit card here.
How to find a money transfer card
Credit cards don’t always let you transfer money to your bank account, unless they’re special money transfer cards. Many credit cards also charge interest while you pay them off, as well as high fees.
But it’s worth remembering that every card we’re sharing on this page is a 0% money transfer credit card. That means they all offer money transfers with an interest-free period so you can pay off the balance.
If you’re going to compare money transfer credit cards at the top of this table, use the ‘refine results’ button to set how much you want to transfer. Then choose either the period over which you’d like to pay it back or how much you can pay back each month. You’ll then get a list of options for your new cash transfer credit card. We’ll show you the total amount you’d have to pay with each deal so you can pick the best.
Read this guide to money transfer credit cards to help you choose the best money transfer credit card for you.
How much does a 0% money transfer credit card cost?
With a bank transfer credit card, you don’t pay any interest if you repay it during the 0% period and always make at least the minimum payments each month. But you’ll have to pay to do a money transfer. That usually costs 2%-4% of the amount you transfer.
For example, a 3% fee on a £2,000 transfer will cost you £60. If the card’s interest-free period is long enough for you to pay the balance in full, the fee could be a lot less than the interest you’d pay on a loan.
A money transfer credit card comes with the same other types of fees as normal credit cards. You can avoid some charges if you understand how they work.
The best money transfer cards are the ones that cost the least overall and have the longest 0% periods.
Should I get a money transfer credit card?
Before you get a money transfer credit card, it’s important to decide whether it’s the best product for you. When you compare money transfer credit cards, consider the following:
0% interest period: The interest free period for money transfer cards isn’t always as long as what you might find for balance transfer or purchase case cards.So be sure to know when the interest free period ends or you’ll end up paying the standard variable rate, which is much higher.
The money transfer fee: Most money transfer credit cards charge a fee to transfer money into your account. Typically, this fee ranges from 2% to 4% of the balance transferred. It’s important to factor this in when comparing money transfer credit cards
Time window for transfers: Many money transfer cards require you to make our transfer within 60 days of getting your card. If you fail to do so, you’ll lose out on the 0% period.
Fees: Most cards charge fees for late payment, exceeding the credit limit or foreign transaction fees. Keep that mind when comparing credit cards.