Can I transfer money from a credit card into a bank account?
Yes, it’s possible to transfer money into your current account using a specially designed money transfer credit card. But think carefully before doing this as you'll be taking on new debt which will need to be repaid.
While some money transfer credit cards charge interest from the start, some offer a 0% interest period. With a 0% money transfer card:
You won’t be charged interest on your balance for a set time
However, you’ll still be charged a one-off money transfer fee of around 3-5% (this will also apply on an interest-charging card)
Usually, the longer the 0% period, the higher the fee will be
Once the interest-free window ends, any remaining balance on the card will start racking up interest, so try and pay it off in full before this happens.
And do bear in mind, the 0% interest rate may only apply to money transfers, not purchases. Always double-check a card's T&Cs before applying to check it's the right product for you.
How much money can I transfer from my credit card to my bank account?
The amount you can move over depends on the available credit limit given to you by your credit card provider.
You can typically transfer up to 90-95% of your overall credit limit – but this may vary depending on your provider, credit limit, and existing balance.
There’s often also a minimum amount that can be transferred – usually £100.
The size of your credit limit will depend on several things. These include:
Your credit history
How much you earn
Your repayment history
How much debt you already have relative to your income.
How to transfer money from a credit card to a bank account
If you successfully apply for a money transfer credit card, it‘s usually a straightforward process to move the money into your bank account. Here’s how it works, step by step:
Log in to your online banking portal, app or credit card account. If you don’t use online banking, you can also usually call your bank and an adviser will talk you through the process.
Choose the credit card you want to transfer from and look for an option to ask for a money transfer. If you’re stuck, check the help section or use the chat function on your online banking.
Put in the amount of money you want to transfer to your bank. Your card provider should tell you the maximum you can transfer, depending on how much credit you have available on the card.
Give details of the bank account you want to transfer to. You’ll usually need the six-digit sort code and eight-digit account number.
Your provider will confirm any transfer fees. It'll also share the terms and conditions you’ll need to accept to complete the request.
Your provider will then need to approve the request. It might complete extra security checks to make sure it’s really you.
The money transfer is approved. Once your request gets a green light, the money should land in your account by the next working day.
How long do money transfers take?
The time taken for a money transfer depends on when you ask for the transfer as well as the provider itself:
Some providers may offer instant transfers
Most transfers are made within one or two working days
But it can take longer if:
You ask for a transfer outside the lender’s business hours – for example, past a certain time in the evening, at the weekend or on a bank holiday
More checks need to be carried out first to make sure it’s genuine.
Can I just withdraw cash using a credit card?
Yes, you can withdraw cash from a credit card at an ATM (this is known as a cash advance), but it's best avoided unless it’s an emergency. This is because:
You’ll usually pay a high withdrawal fee of around 2-3% of the amount you take out
Daily interest (often at a high rate) is charged from the moment you take out the money until you pay off the balance. This applies even if you have a 0% interest deal
Some ATMs may charge you an additional fee.
If you withdraw cash on a credit card from an ATM, it can also leave a record on your credit file and potentially damage your credit score.
What are the alternatives to money transfer credit cards?
There are other ways to raise cash without using a credit card:
Overdrafts
An arranged overdraft could help in a tight spot if you need emergency funds. Some banks offer an interest-free overdraft up to a certain amount.
But be extremely careful as, outside of any interest-free buffer, overdraft rates can be very high (usually between 30% and 40% AER). So you could find your debt gets expensive very quickly.
If you are offered an interest-free amount, it may be fairly small so a loan or credit card might be more appropriate depending on how much you need to borrow.
Bear in mind...
If you do decide to use your overdraft, don’t go above the agreed limit as this could harm your credit score.
Purchase credit cards
If you need money for something that you could buy using a credit card, for example a sofa from a shop, a 0% purchase card could be a cheaper solution than a money transfer card.
With a 0% purchase card, provided you meet all your minimum monthly repayments and clear the balance in full before the interest-free period ends, it's free to borrow. With a 0% money transfer card, on the other hand, you'll have to pay a fee to transfer cash into your account.
Loans
A personal loan lets you borrow a fixed amount of money – typically up to £25,000 – over a fixed term. This could be an option if you need a larger amount of money for a new car or major home improvements, for example.
But if you need less than £5,000, a credit card could work out cheaper than a loan.
Always compare the total cost of borrowing before making any decisions.
FAQs
Can I transfer money from a credit card to a debit card?
With a money transfer, you transfer funds from your credit to your current account – your debit card is linked to this account.
Once the money is in your bank account you can spend it as you wish, either by:
Withdrawing the cash
Transferring it, or
Using your debit card.
Bear in mind that any goods and services you buy with your debit card don’t have the same purchase protection as those made with credit cards. But you may be able to dispute payments through the chargeback process instead.
What happens when the interest-free deal on my credit card ends?
Once the 0% interest period ends, any remaining balance on your credit card will start being charged interest.
The rate you’ll pay depends on what you agreed with your provider when you took out your card, but it can be expensive. Try to clear your balance before the deal ends.
Check our tips on how to pay off your credit card.
Can I transfer money from my credit card to someone else’s bank account?
No, you usually can’t transfer money from your credit card to someone else’s bank account.
Most providers will only let you transfer the funds to a UK current account in your own name, with the same registered address as your credit card. This is to protect against fraud and coercion.
What’s the best way to pay off my balance on a money transfer credit card?
One tip is to split the payments evenly across the interest-free (or low-interest) period. This way, you’ll clear the balance before any interest kicks in.
Here’s a simple way to spread the repayments equally:
Add up the total you’ve transferred, plus any fees or charges
Divide this amount by the number of months in your promotional deal
Set up a direct debit to repay this sum so it’s automatically cleared each month.
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Allie has spent her career helping people quickly understand complicated topics, to help them save money and focus on what matters. With almost 10 years’ experience writing, leading and managing content, she is an expert in personal finance and insurance products.
Ele Clark is an award-winning editor who has held leadership roles at Which? and news-stand publications in London and Dubai. She’s appeared across the press and media, including BBC’s Panorama. With almost 20 years’ experience in personal finance, insurance and consumer journalism, she leads a talented team at Compare the Market, creating insightful, accessible content to help people make informed financial decisions.
Sajni is passionate about finding money products to help you make great financial decisions. She keeps track of the latest trends and evolving markets to find new ways to help you save money.
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What our expert says...
"Moving money from a credit card into a bank account can sound like a quick fix when cash feels tight, but it’s rarely just about access to funds. Fees, interest and the repayment plan all shape whether that short-term option still feels workable once the balance starts needing to be cleared."