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Money Transfer credit cards
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MoneySuperMarket is a credit broker not a lender. You must be 18 or over and a UK resident.
What is a money transfer credit card?
A money transfer credit card lets you transfer money from your credit card directly to your current account. They usually come with 0% interest for a set period, though you may have to pay a money transfer fee – this is typically around 1%-4%.
As long as you clear any outstanding debt before the interest period kicks in, a money transfer credit card can be one of the cheapest ways to borrow a modest sum of money over the course of a year or so.
What is the difference between a money transfer card and a balance transfer card?
A balance transfer card lets you move credit card debt from one card to another, often with a lower interest rate or promotional period.
A money transfer card, on the other hand, allows you to transfer cash from your credit card into your bank account. This could be used to pay off other debts, like an overdraft, or for general cash needs.
How do they work?
After being approved, ask your lender to transfer the money - there’s usually a time window of a few months for you to complete the transaction, so check the small print for details.
You'll pay a fee when the money transfer goes through - this is usually between 1% and 4% of the amount you're transferring.
Money transfer cards often feature an introductory rate, which applies to balances transferred to your current account until the rate period expires.
What can I use a money transfer card for?
You could use a money transfer to:
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Pay off a personal loan
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Settle an overdraft
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Buy a car
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Emergency expenses
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Medical bills
How do I choose the best money transfer card for me?
There are several considerations when it comes to picking the best money transfer card...
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How long is the interest-free period?
A card with an interest-free period gives you time to pay back what you owe at no extra cost. But check when the interest-free period ends.
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What fees will you have to pay?
You’ll typically be charged a one-off fee for the money transfer. This is usually around 1.5% to 4% of the balance you want to transfer.
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Can you borrow enough?
If you need to clear an expensive overdraft, will the card allow you to borrow enough to repay this debt? The limit will depend on your credit score.
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Are there any other perks?
While the main reason to get a money transfer card is to pay off debts, some cards offer extra features, such as low-interest-rate purchases.
How much do money transfer cards cost?
Money-transfer credit cards typically offer 0% interest for a limited period. However, you’re likely to be charged a transfer fee, which is typically somewhere between 1%-4%.
So supposing you transferred £3,000, you’re likely to pay a charge of between £30-£120 and no more interest on the sum for about 12 months (length of any 0% term depends on your lender).
The upshot is that a 0% money-transfer card, if used sensibly, can be a cost-effective way to borrow.
In the table opposite, you can compare the cost of borrowing £3,000 over 12 months for a personal loan, a standard credit card and money-transfer with a 0% introductory rate.
Personal loan (20% APR) | Standard credit card (24.9% APR) | Money-transfer card (4% transfer fee & 0% for 12-months) |
|---|---|---|
£306.85 | £377 | £120 |
NB: Assumes monthly repayments for loan and standard credit card are fixed at £282.42 pm.
What are the pros and cons of money transfer cards?
Money transfer cards can be useful, particularly for borrowing at very low interest to clear a bank overdraft or other expensive debt. They’re less useful for making purchases or earning rewards. Here are the advantages and disadvantages:
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Pros:
Cheap borrowing. Interest rates are low or even 0% for a fixed period, giving you chance to pay off debts quicker. There will usually be a transfer fee.
Pay off your overdraft. Overdrafts often charge high rates of interest, so a money transfer card could be a smart way to clear this debt and save money.
Pay off other loans. Most types of loan will have a higher interest rate than a money transfer credit card so they can be a cheaper way to pay off loans.
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Cons:
Expensive for purchases. Tend to have high standard interest rates on new purchases, so they’re not ideal for new spending. Consider a purchase card for this.
High cost of cash withdrawal. Using a credit card to withdraw cash from a cash machine could lead to high interest charges so it’s best avoided.
Lower credit limit. May have a lower credit limit - typically just a few thousand pounds - so they’re not helpful if you need to borrow a larger sum.
Am I eligible for a money transfer card?
To be eligible for a money transfer credit card, you need to be:
A UK resident
Aged 18 or over
Have a regular income
And have a good credit score
You'll also need to provide at least three years' UK address history, an email address, phone number, and your main bank account details.
Can I get a money transfer card with bad credit?
You might be able to get a money transfer credit card with bad credit, however you may not be able to get an interest-free or low interest rate deal and your credit limit may be lower than you’d like. You may find bad credit credit cards are more accessible.
These are aimed at those with poor credit scores. If you use the card carefully and repay your balance each month, it can help you build your credit rating.
It’s also worth taking other steps to see how you can improve your credit rating, which will help you not just get a better deal on credit cards, but any type of borrowing including loans and mortgages.
How long does a credit card money transfer take?
The time it takes for money to be moved from the card to your bank account depends on the provider. Some offer instant transfers, while others take a few days.
As with most banking transactions, the timeframe to complete the transfer could be affected by your bank's working hours and whether you lodged your request on a week day or weekend.
Do I need a credit check to get a money transfer card?
Yes, a credit check is generally required to obtain a money transfer credit card. These cards, which allow you to transfer funds from your credit card to your bank account, are considered a type of credit and require lenders to assess your creditworthiness. The credit check helps determine your eligibility for the card and the terms offered.
How do I make the most out of a money transfer card?
Pay off high interest borrowing, like overdrafts and other loans
Overdrafts often charge high interest rates, so a money transfer card could be a smart way to clear this debt and save money.
Likewise, most loans will have a higher interest rate than a money transfer credit card so they can be a cheaper way to pay off loans.
Repay at least the minimum each month
If you don’t make the minimum monthly repayment each month you may lose your promotional low interest rate or be charged a penalty fee
Repay the debt during the interest-free period
Aim to repay the debt during the interest free period, otherwise you'll have to start paying interest on any outstanding debt
Avoid using it to make purchases
A money transfer card will charge interest if you use it to buy things, so they're unsuitable for spending.
For interest-free purchasing, a 0% interest credit card is a better option.
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Is a money transfer card better than an overdraft?
Both are convenient ways to borrow money quickly, whether that’s to fund a major purchase or pay for everyday expenses. The best option for you depends on your situation.
A money transfer card is better suited for any one-off spending that you plan to pay back gradually. It can be cheaper than going into your overdraft, as there are plenty of promotional 0% interest deals on offer.
However, not all money transfer cards let you access money immediately.
An overdraft offers better access to cash, as you can use it to withdraw cash and make cash payments. Unlike money transfer cards, it can be used to pay direct debits and standing orders.
If you need instant access to money, an overdraft is generally faster than a money transfer card. However, interest rates are typically higher, with lenders charging up to 40%. The maximum amount you can borrow on overdraft tends to be smaller, too, and your bank can take away your overdraft at any time.
Know where you stand with a pre-approved credit card
Applying for a credit card can sometimes feel daunting, because it’s not always clear what deal you’ll get, or if you’ll be accepted. But when you’re pre-approved for a credit card you can relax, because you know the deal you see is the deal you’ll get. You’ll know where you stand, with the facts at your fingertips to help you make the right choice for you.
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Apply with confidence
When you’re pre-approved, the interest rate, interest-free period and fee (if there is one) are all confirmed – the only thing not guaranteed is your credit limit.
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Tailored to you
You’ll see your unique, personalised chance of being approved for all credit cards, so you can easily compare all your options at a glance.
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You’re in safe hands
Knowing all this upfront puts you in the driving seat. You’re less likely to be turned down when you apply, so your credit score is protected.
Will interest rate cuts make borrowing cheaper?
As of December 2025, the base rate stands at 4%, after the Bank of England voted for 0.25% reduction on 7th of August, the third of the year.
While credit card interest rates aren't directly tied to the base rate, they often track it to some extent. A lower base rate can encourage lenders to reduce the interest rates they charge on credit cards, making borrowing more affordable. You may therefore see interest start to come down for money transfer credit cards in the coming months, particularly if more rate cuts are announced.
However, it is still worth noting that interest rates, and therefore borrowing costs, are still high compared to recent times, with the base rate being as low as 0.1% just 3 years ago.
Are money transfer credit cards the best way to borrow cash?
Money transfer cards are a good option if:
You need cash in your bank account, not on a credit card.
You qualify for a 0% interest deal (ideally 12+ months).
You’re disciplined enough to repay before the 0% period ends.
You want to pay off expensive overdrafts or loans.
In these cases, it can beat personal loans, overdrafts, or payday loans, especially if you're only borrowing for the short term.
What are the best alternatives to money transfer cards?
If you're unsure whether or not a money transfer card is the right option for you, here are some alternatives:
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Purchase credit cards
These cards are ideal for making bigger purchases like furniture or family holiday and spreading the cost over time without incurring interest.
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Balance transfer card
Move existing credit card debt to a 0% balance transfer credit card for a set period.
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Personal loans
If you need to borrow a larger amount over a longer period, a loan may be a better choice. Fixed monthly instalments will often have lower interest rates than overdrafts.
Our expert says…
Money transfer cards can be a cost-effective way to pay off more expensive forms of borrowing, such as overdrafts, personal loans and buy-now, pay-later debts. You can normally get a 0% interest deal on a money transfer card, although you’ll need to pay a money transfer fee. Just be sure to make a plan for how you will repay the debt in the 0% period and don’t miss any payments.
Kara Gammell Personal Finance & Insurance Expert
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MoneySuperMarket has won the Feefo Platinum Trusted Service Award, an independent seal of excellence, which recognises businesses that consistently deliver a world-class customer experience.
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What can I spend the money on once it has reached my account?
Once you receive the money from the money transfer card in your account, you’re free to spend it on whatever you want. You can use it to pay off an overdraft, clear a debt, make a big purchase, or any other expenses.
However, you can’t withdraw the money as cash or make any cash payments. You also can’t use it to pay off any standing orders or direct debits.
What does APR mean?
APR stands for ‘annual percentage rate’ and refers to the proportion of interest you agree to pay back on the loan every year. It’s important to be aware that the headline APR on a credit card may differ to the one you are offered when you apply. Before you apply for a credit card, the APRs you are shown are ‘representative’ – equivalent to the lowest interest rate the lender will offer 51% of the people it accepts for its card. The actual APR you’re offered could be different according to your personal credit score.
Can I get a money transfer credit card with 0% interest?
You might be able to get a money transfer card with 0% interest, but it will depend on a few factors including your credit score. Zero per cent interest deals are usually available to those who have a strong credit rating. The better your credit score, the more likely you’ll be able to get a higher credit limit and have a longer introductory 0% interest period too.
Reviewed on 8 Dec 2025 by
