Best Money Transfer Credit Cards
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Money transfer cards allow you to effectively convert your available credit from a new credit card into cash, which is paid directly into your current account. With a 0% money transfer card, the loan remains interest-free for an agreed period of time. There’s usually an upfront fee, which is charged as a percentage of the amount you borrow and then added to the loan.
There’s not a huge number of money transfer credit cards on the market. But we carried out some research (July 2022) to identify the top offers which we’ve listed below. However, depending on your credit score and circumstances, you may not qualify for the deals advertised. Always use an eligibility checker to assess your chances of being accepted before officially applying.
How are the cards ranked?
To rank the 0% money transfer card offers, we used the following criteria:
- 0% money transfer duration
- Cost of money transfer fee
- Representative APR (the variable interest rate charged after the 0% period expires)
- Rewards, perks and benefits
We employed the ‘best case scenario’ to our rankings, assuming in all cases that an application is returned with the longest advertised 0% duration on money transfers, along with the lowest advertised money transfer fee and annual percentage rate (APR).
Will I qualify for one of these cards?
Not everyone will be offered the advertised 0% money transfer deal. The APR attached to the cards (that applies when the 0% deal ends) is only required to be offered to 51% of successful applicants. The APR you are offered could be higher.
Some 0% money transfer cards are advertised as ‘up to’ which means you could be offered a shorter term. It will depend on your circumstances and credit score.
What can the cards be used for?
You can use money paid into your bank account from a 0% money transfer card to pay off more expensive debt such as an overdraft, personal or car loan, or buy-now-pay-later credit.
The exception is if this debt is already on a credit card, in which case a 0% balance transfer card is a better option. There’s a wider choice of deals available too.
Bear in mind that some credit card providers won’t let you use money transfer cards to pay off other borrowing from the same lender, such as a loan, overdraft or mortgage.
If you use the cash to pay off several debts, you will have just one monthly payment to the card too, which can simplify your finances.
In any case, to avoid swapping one expensive debt for another, pay off what you owe on your money transfer card within the interest-free period.
The cash can also be used to fund a major purchase, such as a car or holiday, as you will be able to spread the cost over the term of the 0% deal.
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