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Money transfer credit cards

COMPARE MONEY TRANSFER CARDS

Search deals without harming your credit score 

 

MoneySuperMarket is a credit broker not a lender. You must be 18 or over and a UK resident.

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Our goal is to find you a great money transfer credit card as easily as possible. 

Thousands of customers have been able to get the right credit cards with our help.

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What are money transfer credit cards? 

Knowing where to get cash to pay off an overdraft or debt off can be stressful, but there are solutions available.

A money transfer credit card lets you move cash straight into your current account and, providing you can find an interest-free period, it can be one of the cheapest ways to borrow a modest sum of money over the course of a year or so.

But the search for the right deal can be frustrating, with quite a few money transfer cards on the market it can be hard to know which deals are right for you. That’s where MSM can help: our eligibility checker searches the market and shows your chances of being accepted – so you know where you stand before you apply.

How does a money transfer credit card work? 

  • Ask your lender to transfer the money

    There’s usually a time window of a few months for you to complete the transaction. Check the small print for details
  • Pay a small fee when the transfer goes through

    Your lender will take a small percentage of the transfer as a fee – usually between about 1% and 4% of the total sum

  • Repay at least the agreed minimum each month

     If you don’t make the minimum payment each month you may lose your low interest rate or be charged a penalty fee

  • Pay off the whole debt you owe over time

    The low-interest period could be fixed for up to two years. After that, your rate – the APR - will rise so aim to clear the balance 

What are the pros and cons of cash 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:

  • 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

  • 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

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.

  • Credit Monitor image

    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.

How to choose the best money transfer card for me 

There are several considerations when it comes to picking the best money transfer card...

  • 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.

  • 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.

  • 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.

  • 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.

What are my other options for borrowing money?

Money transfer credit cards are a useful way to borrow money cheaply in the short term, but they’re not suitable for everyone. Other borrowing options are available, including:

 

 

Personal loans

 

A traditional loan will let you borrow a more substantial sum over a longer period. You may be offered a higher interest rate, but if you need more cash than you can borrow on a credit card, loans are one solution 

 

Balance transfer credit cards

 

If you have outstanding debts on one or more credit cards, a balance transfer card will allow you to transfer them to one card at a lower rate. This lets you consolidate debts and pay less back overall

 

Debt consolidation loans

 

If you’re looking to pay down significant debts, a debt consolidation loan could be helpful. These pay off your outstanding debts and replace them with a single monthly repayment at a manageable interest rate

Compare credit cards with MoneySuperMarket

If you feel that a money transfer credit card could be right for you, the MoneySuperMarket Eligibility Checker can help you see what cards are available – and which you’re most likely to be approved for.

  • clipboard image

    Tell us about yourself

    We’ll ask you some simple questions about you and your financial circumstances, and what you need from a credit card

  • search icon

    We browse the market

    We’ll sift through dozens of credit card offers from across the market, and then show you the cards we think will suit you best

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    Pick the card you want

    You’ll be shown a range of credit cards, which you’ll be able to sort according to interest rate, features and your chances of being approved

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.

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.

When you search for a money transfer credit card with MoneySuperMarket, our Eligibility Checker will run a ‘soft search’ on your finances to tell you your chances of being approved for different cards. It will also show you any cards you’re pre-approved for  - all without leaving a mark on your credit rating.

Balance transfer and money transfer cards work in a similar way – helping you move expensive debts onto a cheaper and more manageable rate or 0% interest for a limited time. The difference is that they’re used for different types of debts. A balance transfer card lets you move debt onto it from another credit card or cards, while a money transfer card lets you move debt from your bank account instead.

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. 

A credit card lets you borrow money from a bank or building society which you can use to pay for goods or services upfront. 

You then pay the money you’ve spent on the credit card – known as the balance – on a monthly basis. If you pay back your balance in full each month, you won’t pay any interest on what you borrowed. If you can’t afford to pay the whole balance back, you make monthly repayments, but you will often be charged interest on the outstanding balance. 

There are different types of credit cards, and each is designed for different spending needs.

  • Balance transfer credit card: transfer an existing balance to lower interest rates on your repayments.
  • 0% purchase credit card: low and interest free spending to spread the cost of a large purchase over a longer period.
  • All-rounder credit card: transfer an existing balance and spend interest free for lower interest rates and interest free spending for a specified period.
  • Credit cards for bad credit: improve your credit rating by meeting monthly credit card repayments and building your credit score.
  • Rewards and airmiles credit cards: earn rewards on your spending such as cashback, airmiles, and vouchers.
  • Travel credit card: a credit card to avoid overseas charges when you use your card abroad.

There are many different types of credit cards. Some of the most popular include

0% purchase cards – which let you buy large purchases up front and you pay back what you’ve borrowed without incurring interest over a set period.

Balance transfer cards – so you can transfer the outstanding balance from one card to a new card at either a lower or no interest rate for a set period. There is often an upfront fee pay for the transfer.

Reward cards offer cashback, loyalty points or Air Miles if you pay off your balance each month. The interest rates are higher but if you can spend responsibly you can earn decent savings.

Credit cards are useful to pay for goods and services, and you can use them in a similar way to an interest-free loan as you can in essence borrow money for free, providing you pay it back in full each month. Using a credit card for purchases will mean you’re covered under Section 75 of the Consumer Credit Act which means you can get your money back if a product you buy is faulty or doesn’t arrive.

However, it is easy to rack up a large debt with a credit card, especially if you make only the minimum repayment each month as interest will be charged on what’s left. If you miss a payment, make a late payment, or go over your credit limit, you will often be charged a penalty fee.

Choosing the right credit card depends on many factors including what you are using the card for, how likely you are to pay off your balance in full, and your credit rating.

Our Eligibility Checker will ask questions to determine which type of card suits your needs, and because it uses a ‘soft search’, it won’t affect your credit report. There are hundreds of different credit card deals, but you can compare our leading offers quickly and easily with MoneySuperMarket.

MoneySuperMarket is a credit broker – this means we’ll show you products offered by lenders. We never take a fee from customers for this service. Instead we are usually paid a fee by the lenders, but the size of that payment doesn’t affect how we show products to customers.

APR stands for Annual Percentage Rate and it represents how much it’ll cost to borrow money on a particular credit card. It’s calculated by taking into account:

  • Your interest rate
  • Additional fees and charges.

However, you might see the term ‘representative APR’ on adverts for credit cards – this means that the interest rate quoted only has to be offered to at least 51% of successful applicants, so it may not be the actual rate you get when you apply.

Credit card providers can change interest rates at any time, so it’s always a good idea to stay on top of your credit balance. If you have a 0% offer on your credit card, this will only be for a set number of months so you should make sure you clear your balance before it ends, or transfer your remaining balance to another 0% card.

You can apply for credit cards online, either using MoneySuperMarket or going directly to the provider, or by calling them up or through the post. You can also stop by your bank or building society branch and apply in person.

First consider what you want to use the credit card for – cards come with different features that are useful for different purposes.

If you have a large purchase coming up, you might want to spread the cost with a 0% purchase card, if you fly a lot you might want an airmiles card, and if you want to transfer a balance to avoid interest payments, a balance transfer card could be ideal.

By comparing on MoneySuperMarket, you’ll be able to see a list of credit cards, so you can browse at will and choose which one suits you best.

You’ll get a cooling off period of two weeks from when you receive your card, and you’ll have 30 days to pay off your balance. You can cancel by contacting your provider, either by post, phone, online, or in-branch.

However, if you want to cancel your credit card after the cooling off period, your account balance generally must be zero.

Your credit score is a number that represents your creditworthiness to credit lenders, based on an analysis of your credit history (your history of borrowing and paying back credit).

The higher your score, the more likely you are to be accepted for future credit applications. If your score is low, there are ways to improve it. MoneySuperMarket’s Credit Monitor lets you check your credit score for free and gives you tips on how to improve it.

A soft credit search is a way of finding out which credit cards you’re most likely to be accepted for without your credit score being affected. This is usually done via a website such as MoneySuperMarket.

A hard search on your credit report is a mark left by a lender who has assessed your credit rating after you have applied for a credit card. Too many hard searches (often through multiple applications) may make lenders think you are desperate for credit so it’s best to limit your applications for credit in a short space of time.

If you have a bad credit rating or you don’t have a credit history because you’ve never borrowed before, you might not qualify for the very best credit card deals. However, some credit cards are designed specifically for those who need to build up their credit score. Just be aware they often come with low credit limits and high interest rates.

However, if you use this type of card sensibly and always pay off your balance in full, you can improve your credit score so you’ll eventually be eligible for better credit cards.

Representative 34.9% APR

If you miss a repayment on your credit card balance, you likely have to pay a penalty fee. What’s more, if you have any type of promotional offer with your card, such as an interest-free deal, this may be cancelled, and a missed payment may have a negative effect on your credit score.

If you get rejected for a credit card, this will leave a mark on your credit report and could lead to further rejections in the future. It’s a good idea to use MoneySuperMarket’s Eligibility Checker to see how likely you are to be accepted for a card before applying to get it, and it won’t affect your credit score.

You might be able to get more credit from your provider if you prove yourself to be a responsible borrower by repaying on time and never missing payments. Once you’ve established a good credit history, you might be successful when asking for a higher credit limit.

Unlike many loans and mortgages, you generally won’t be charged for making early repayments on your credit card – which means it’s a good way to get ahead of your balance.

You can’t get joint credit cards in the same way as bank accounts and mortgages, but you can add additional users to your own credit cards. However, you should remember that it’s still the primary cardholder’s responsibility to pay off the balance.

The Consumer Credit Act was established in 1974, and under Section 75 the credit card lender is jointly responsible with the retailer or supplier for any goods or services you purchase with your credit card.

This means if those products are faulty, or if there was any contract breach or misrepresentation on the retailer’s part, you can claim from your credit card company as well as the retailer.

However, you can’t recover money from both sides, so it’s useful for when the retailer has gone bust or they won’t respond to your communication. You should be aware the purchase value must be more than £100 and not more than £30,000 for you to be able to claim.

You can cancel your credit card by contacting your lender, by phone, email, online, post, or in person if they have a local branch.

Understanding Credit Cards

Bad Credit

Choosing a Credit Card

Managing a Credit Card

If you’re applying for a credit card, you might be able to find a better deal if you look through offers from different providers before taking one out. With MoneySuperMarket you’ll be able to search through multiple credit cards and compare them by a range of factors, including their interest rates and any benefits and rewards they come with.

All you need to do is answer a few questions about yourself and your financial situation, and our Eligibility Checker will show your chances of being accepted for different credit cards. This won’t affect your credit score, so you can run a check without any worries.

Once you know which card you want, you can normally apply by phone, online, or in person if the provider has a high street branch. However, when you do apply, the provider will usually run a hard credit check – which will show up on your credit report – to confirm whether they’ll give you the card. If you’re accepted they’ll tell you your credit limit and interest rate, and soon you’ll be ready to start using your credit card.

 

MoneySuperMarket gives you lots of clever ways to save a lot, by doing very little.

  • Take control of your credit score by checking and improving it for free with Credit Monitor
  • Never overpay again with Energy Monitor, our energy monitoring service
  • Over 50 ways to Get Money Calm

So how do we make our money? In a nutshell, when you use us to buy a product, we get a reward from the company you’re buying from.

But you might have other questions. Do we provide access to all the companies operating in a given market? Do we have commercial relationships or ownership ties that might make us feature one company above another?

We commit to providing you with clear and informative answers on all points such as this, so we have gathered the relevant information on this page.