Money transfer credit cards

Get cash on credit with a money transfer card

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Unlock your credit limit

Turn available credit into usable cash in your bank account

Press pause on interest

A 0% deal could cut the cost of borrowing, but a fee usually applies

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What is a money transfer credit card?

A money transfer credit card lets you move cash from your card straight into your bank account. This can be handy for:

  • Covering bigger costs

  • Clearing pricier debt such as an overdraft

Some cards offer 0% interest on money transfers, often for up to a year depending on your credit score and the lender. Just make sure you clear the balance before interest kicks in.

Even with interest-free deals, there’s usually a small fee to pay – generally up to 5% of the amount you transfer.

Did you know?

On average, our customers say they'd like to transfer £5,095 when they apply for a money transfer card2.

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Making the most of 0% money transfer offers

If you think a money transfer credit card could be right for you, try to find one with the longest 0% interest period you can – they’re less common but do come up. The idea is simple:

  • Make the transfer within the lender’s transfer window (if there is one) to get your 0% rate – this might be within 60-90 days of opening the account

  • Pay off the full amount transferred before the interest-free period ends, and you won’t pay a penny in interest

  • If you don’t clear it in full, you’ll pay interest on what you still owe.

To keep your 0% deal, stick to the rules:

Bear in mind...

Moving money from the card to your current account can be a useful way to deal with short-term debts.

But always have a repayment plan before you make the transfer.

What to watch out for with money transfer credit cards

A money transfer credit card can help short-term – but only if you stay in control.

Check your credit card eligibility

Have a clear repayment plan

Don’t transfer unless you know how you’ll pay it back

Clear the balance before the 0% rate ends

Otherwise, interest will be added to what’s left

Always make at least the minimum payment

Missing one could damage your credit rating and cancel your 0% deal, making the debt more expensive

Avoid making multiple applications

Applying for lots of cards at once can hurt your credit score, especially if you keep getting turned down

You can find out which cards you’re likely to be offered before you apply by using our credit card eligibility check.

Check your credit card eligibility
Charlie Evans

What our expert says...

"Used sensibly, money transfer cards can be a useful way of avoiding paying interest on overdrafts or loans attached to your bank account.

"However, they can also lead to charges if you fail to pay back the money within the interest-free period. Make sure you only transfer an amount you know you can pay back."

Charlie Evans, Personal finance expert

Pros and cons of money transfer credit cards

Whether you should get a money transfer credit card depends on your financial situation. Here are some of the pros and cons for getting a cash transfer credit card.

Advantages

  • Useful for clearing existing higher-interest debts such as overdrafts and loans

  • Can be an alternative to higher-cost loans if you’re making a big purchase which can't be paid for by a regular credit card

  • You might be able to get a 0% interest deal for a set time

  • Your transferred cash can pay for goods and services where credit cards aren’t accepted

  • Transfers are normally quick. If you’re approved, the money could be in your bank account by the next working day.

Disadvantages

  • Even if a card has 0% interest, you'll still usually need to pay a fee of up to 5% of the amount you're transferring

  • The amount you can borrow on the card at the introductory rate (and for how long) are usually limited – and you may not get the full 0% interest period advertised

  • Once the interest-free deal ends, any leftover balance will start racking up interest at your lender’s standard rate

  • Use the money transfer card in other ways e.g. for everyday spending and you could also be charged interest. Rates and fees vary, so double-check when comparing money transfer credit cards

  • You’ll need to meet the minimum repayment amounts each month or risk losing your 0% rate.

Bear in mind...

If you transfer money into your bank account and pay in cash for an item, you won’t be protected under Section 75 of the Consumer Credit Act.

How can I find out if I'm eligible for a money transfer credit card?

Not everyone is eligible for a transfer credit card. Lenders will want to be sure that you:

Use our credit card eligibility checker to find out if you’re likely to be accepted for a cash transfer credit card. It’s a soft credit check, so won’t affect your credit score or leave a mark on your credit history.

It can help you to get a good idea of what’s on offer, including the interest rates, additional fees and any credit limits.

Compare the Market Limited acts as a credit broker, not a lender. To apply you must be a UK resident and aged 18 or over. Credit is subject to status and eligibility.

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FAQs

Are money transfer credit cards the best way to borrow cash?

If you need a short-term cash injection, a money transfer credit card could be a good way to borrow quickly. But it may not be the best or cheapest available option for you.

Keep in mind:

  • You need a good credit score to qualify for a 0% money transfer credit card

  • Once the 0% period ends, the card’s interest rate can jump and make it a costly way to borrow cash if you still have an outstanding balance.

What’s the charge for a credit card money transfer?

Money transfer credit card charges are worked out as a percentage of the amount you transfer and get added to your card balance.

Rates vary between lenders and card deals, but you can expect to pay anywhere up to about 5% of the amount shifted over.

For example:

  • Transfer £1,000 from the card to your bank account

  • Pay up to £50 in fees

  • Total to repay on your balance (without interest) is £1,050.

Looking for something else?

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Charlie Evans
Reviewed 22 Jul 2026 by Charlie Evans Personal finance expert

Charlie is a senior commercial leader with close to a decade of experience across the UK’s leading personal-finance and comparison platforms. Before joining Compare the Market as Head of Commercial in 2024, he held senior commercial roles at TotallyMoney and MoneySuperMarket Group.

Methodology

1 Based on Trustpilot ratings (July 2026).

2Correct as of June 2026.

Based on transferring £1,410 at 36% APR to a 0% BT card with 2.5% transfer fee, over 20 months with 3% monthly payments. Actual savings will vary. Market data (Moneyfacts, The Money Charity) June 2026. Representative example: Borrowing £1,200 for 1 year, at a purchase rate of 24.9% (variable), representative 24.9% (variable).