Once the money is in your bank account, a money transfer card can help you to pay off debt. If you’re being charged interest on a debt, this could help you to cut your interest bill.
For example, if you have a debt of £2,000 and the APR on that debt is 15%, this will cost £25 a month in addition to what you already owe (or £300 a year).
However, you could consider a money transfer card to pay off this debt. While you might need to pay a one-off fee of say 4%, which will cost you £80 in this example, you could pay off the outstanding balance on the money transfer card with no additional interest. You’d need to make sure you pay off the balance before the 0% period ends, though, and make the minimum payment each month.