Best for: Borrowing a cash lump sum

Looking to borrow cash? That doesn’t necessarily mean you need a loan. Money transfer credit cards pay cash into your bank account – in many cases, interest-free. So what’s the best deal?

MBNA’s Platinum credit card sits top of the tables in the 0% money transfer stakes. Here’s why.

Not only will you not be charged any interest on cash transferred into your current account for a leading 24 months, but the fee on money transfers has also been reduced to just 1.94% (if, that is, you apply through MoneySuperMarket). Everywhere else, aside from MBNA direct, you’ll pay 4%.

The card also offers a great deal on balances transferred from another card – at 32 months interest-free and the same decent 2.2% fee.

After the introductory periods end on either balance transfers or the transfer of cash, this MBMA card charges a representative annual percentage rate (APR) of 18.9% (variable).

Any money transfers must also be made within the first 60 days of the account opening – the same rule applies to balance transfers too.

The MBNA card can be used for contactless payments, which means you don’t have to enter your PIN for purchases costing less than £20.

Who’s it good for?

This is a great deal for anyone who needs cash in their bank, perhaps instead of a loan. For example, to clear an expensive overdraft or to purchase something that you can’t pay for with a credit card.

Any catches?

As with all introductory 0% card deals, you must be certain you can pay off your money and balance transfers within the 24 and 32-month respective introductory periods, otherwise you’ll be hit with interest at a hefty 18.9% APR.

If you already have an MBNA card you won’t be eligible for either part of the deal.

What’s the verdict?

“This card is the best bet for anyone looking for a cash injection into their current account..”

This card is the best bet for anyone who wants a cash injection into their current account. If you have been sitting in your overdraft for a while for example, and your bank is charging you high rates of interest, you’ll probably be better off using a 0% money transfer deal like this one to pay it off – but again, so long as you clear your debt within 24 months.

If you are just looking for a balance transfer service though - while this is a good deal in terms of its fee and 0% duration - there are other options to consider. Barclaycard’s Platinum Card with Extended Balance Transfer has undergone improvements over Christmas to offer a BEST-EVER 35 months (that's almost three years!) at 0% on transferred debt, albeit with a fee. 

And Santander’s 123 card, which has also upped its game during December, now offers 23 months on balance transfers with no balance transfer fee at all.

Top tip!

Remember that these 0% perks ONLY apply if  you stick to the MBNA's terms and conditions.

In other words, you will have to pay on time each month and you mustn’t exceed your credit limit. If you do break the rules, then the credit card provider can withdraw the promotional rate, and – bang! – you will usually be hit with fees as well as the card’s standard interest charges.

You’ll also need an excellent credit score to be accepted for this leading card so, especially if you think yours might not be up to scratch, get a copy of your report via our credit monitoring channel.

If you would prefer set fixed monthly repayments for your borrowing for the peace of mind it will all paid off within a given term OR you know you won't be able to clear your debt in 24 months, a personal loan could be a better option.

Rates on these have been plummeting too with Sainsbury's now offering a fixed APR of just 3.8% over lending of between one and three years. As ever, there are conditions. You'll need to borrow between £7,500 and £15,000 to grab this market-leading rate, have a Nectar card and a great credit score.

Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

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