Money transfer credit cards pay cash straight into your current account. And some even charge 0% interest on that cash for an agreed period – although there’s usually a fee to pay. So if you are after a low-cost loan to make a major purchase, or pay off existing debts, these cards are an option worth considering.
Featured money transfer credit cards - sorted by longest money transfer offer
Chance of approval{{sliderProduct.productScoring.productLikelihood}}/10
Chance of approvalNot rated
Chance of approvalNot eligible
Being pre-approved means you’re an ideal customer for this lender and you’re guaranteed to get this card, provided you use the same details as you gave us, and you pass the lender’s ID checks.
We can’t give you a rating for this card either because we can’t match your details to your credit report, or we don’t have enough information about the lender’s acceptance criteria for this card.
You won’t get this card. This is usually because you don’t meet the lender’s acceptance criteria – for example, your income may not be high enough, you have credit problems, or you already have one of this lender’s cards.
This means there’s a good chance you’ll be accepted for this card. For every 100 applications from people in a similar financial situation to you, between 70 and 95 of them will get the card.
This score means it’s around fifty-fifty whether you’ll be accepted for the card or not. It’s worth a go if this is your highest score, and you need the credit for a specific purpose.
It’s unlikely you’ll get this card. For every 100 people in a similar financial situation to you who apply, only between 10 and 30 get accepted for the card. There’s still a chance, but rejection’s more likely than acceptance.
Every time you apply for a credit card, a mark is left on your credit score. That means it's better to get it right the first time. Your scores help you understand which cards you have the strongest chance of getting. The higher the score, the stronger chance you have of getting the card. If you see a very low score, you're probably better off choosing a different card.
Chance of approval scale
10/10 = Pre-approved
Chance of approval10/10 GUARANTEED
10/10 GUARANTEED
10/10 = Pre-approved
Being pre-approved means you’re an ideal customer for this lender and you’re guaranteed to get this card, provided you use the same details as you gave us, and you pass the lender’s ID checks.
9.5/10 - 7/10 = Good chance
Chance of approval9.5/10
9.5/10
Chance of approval9/10
9/10
Chance of approval8/10
8/10
Chance of approval7/10
7/10
9.5/10 - 7/10 = Good chance
This means there’s a good chance you’ll be accepted for this card. For every 100 applications from people in a similar financial situation to you, between 70 and 95 of them will get the card.
6/10 - 4/10 = Fair chance
Chance of approval6/10
6/10
Chance of approval5/10
5/10
Chance of approval4/10
4/10
6/10 - 4/10 = Fair chance
This score means it’s around fifty-fifty whether you’ll be accepted for the card or not. It’s worth a go if this is your highest score, and you need the credit for a specific purpose.
3/10 - 1/10 = Low chance
Chance of approval3/10
3/10
Chance of approval2/10
2/10
Chance of approval1/10
1/10
3/10 - 1/10 = Low chance
It’s unlikely you’ll get this card. For every 100 people in a similar financial situation to you who apply, only between 10 and 30 get accepted for the card. There’s still a chance, but rejection’s more likely than acceptance.
Not eligible = Consider a different card
Chance of approvalNot eligible
Not eligible
Not eligible = Consider a different card
You won’t get this card. This is usually because you don’t meet the lender’s acceptance criteria – for example, your income may not be high enough, you have credit problems, or you already have one of this lender’s cards.
Not rated = We don’t have enough infoinformation
Chance of approvalNot rated
Not rated
Not rated = We don’t have enough infoinformation
We can’t give you a rating for this card either because we can’t match your details to your credit report, or we don’t have enough information about the lender’s acceptance criteria for this card.
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Your monthly minimum payment will be the greater of:
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{{sliderProduct.productAttributes.repaymentDetails.percentageOfBalanceToPayAfterMissedPayment}}% of the outstanding balance plus interest, plus fees, plus any insurance premium, plus the amount of any arrears which are payable immediately.
Money transfer credit cards pay money into your current account, and some even charge 0% interest for an agreed period – though there’s usually a fee to pay. So if you need a low-cost loan to make a major purchase or pay off debts, they are worth considering.
How do money transfer credit cards work?
Money transfer credit cards are similar to balance transfer cards, but instead of transferring an outstanding balance between credit cards, you transfer money from your credit card to your bank account. People usually do this to pay off an overdraft or another debt.
Many money transfer credit cards offer low or zero interest for a given period, though there’ll often be a fee for making the transfer. This is usually a percentage of the total amount, and it’ll be added to the outstanding balance on your credit card.
For example, if the fee is 4% and you transfer £1,000, £40 will be added to your credit card balance, for a total repayment of £1,040.
The amount you’ll be able to transfer will depend on your financial situation – it will usually be given as a percentage of your overall credit limit. Your credit limit is decided by your lender after it examines your credit file.
Once you have an outstanding debt on your money transfer credit card, you will need to make at least the minimum repayment each month – which will be indicated on your credit card statement.
If you fail to make this minimum repayment you will be charged late fees, and the zero-interest offer will probably be cancelled. Missing your minimum payments may also affect your credit score.
According to MoneySuperMarket data correct as of June 2019
What should I use a money transfer credit card for?
Money transfers cards are normally used to pay off other non-credit card debts, such as:
An overdraft on your current account
A personal loan
Payday loans
Store credit
If you need to pay off existing credit card debts, you’ll be better off with a balance transfer credit card.
Keep in mind that while many money transfer credit cards will also offer a low or zero-interest rate for purchases, this may not apply for the same length of time as money transfers or balance transfers.
When you receive your money transfer credit card, make sure the money you need is transferred to your current account. Don’t use the card to withdraw cash from an ATM, which will involve high fees and interest charges.
Do money transfer credit cards affect my credit rating?
Like all credit products, a money transfer credit card is likely to have an impact on your credit rating. Here’s why:
Lenders who check your credit record will see that you have this line of credit available to you, which may affect how much they will lend you
If you use money transfer cards responsibly and make your repayments on time, using the card may have a positive impact on your credit rating
If you miss the minimum repayment on your card each month, there will almost certainly be a negative effect on your credit score. Late payments could also mean you lose your zero-interest rate
Should I get a money transfer credit card?
Here’s what you should consider before applying for a money transfer credit card:
The zero-interest period: The zero-interest period on a money transfer card may be shorter than that for balance transfers or purchases. Make sure you know when it ends, as you’ll likely be put on the lender’s standard rate – which is often much higher
The money transfer fee: There is very likely to be a fee for transferring a debt to a money transfer credit card, normally 3% or 4% of the balance transferred. Take this fee into account when comparing money transfer credit cards
Time limits for transfers: Most cards require you to make a money transfer within 60 days of opening the account in order to get the zero-interest applied
Other fees: There may also be charges for cash withdrawals, using the card abroad, late repayments and exceeding your credit limit. It’s best to avoid these things with a money transfer credit card – if you’re travelling abroad, use a credit card with no extra fees for foreign spending
Minimum repayments: You’ll need to make at least the minimum repayment each month. If you fail to do so, the lender is likely to cancel the zero-interest rate
Credit limit: This is the maximum amount you can borrow on the card. If your borrowing exceeds this figure, you’re likely to be charged a penalty fee and your zero-interest rate may be cancelled
Consumer credit: Keep in mind that as with all credit cards, any purchases you make between £100 and £30,000 are protected under Section 75 of the Consumer Credit Act
Compare credit cards with MoneySuperMarket
If you’re looking for a credit card, comparing deals on MoneySuperMarket is an easy way to find a card that’s right for you. All you need to do is tell us a little about yourself, your financial status, and what you’d like to use your new credit card for, and we’ll show you a list of cards tailored to your needs.
You’ll be able to sort them by their interest rates, any included incentives and your likelihood of you being approved. Thanks to MoneySuperMarket’s eligibility checker, you can reduce the risk of having your application for credit refused.
Once you’ve found the card you want, just click through to the provider to finalise your application. If it’s accepted, your provider will send you the card through the post as well as letting you know your credit limit and interest rate – remember the advertised rate may not be the one you get, as it only has to be offered to 51% of successful applicants.
Once you have your card, you just need to activate it and it will be ready to use.
