Credit Card Transfers

Make the most of Credit Card Transfers

Do you need to transfer money from a credit card to your bank account to cover the cost of a purchase? A money transfer credit card could be an option. Here, we bring you our guide to money transfer credit cards.

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  • capitalone logo
  • msbank logo
  • natwest logo
  • onmo logo
  • rbs logo
  • santander logo
  • 118money logo
  • capitalone logo
  • msbank logo
  • natwest logo
  • onmo logo
  • rbs logo
  • santander logo

What are money transfer credit cards?

Money transfer credit cards - which may also be referred to as bank transfer credit cards and cash transfer credit cards - allow you to transfer money from your credit card balance to your bank account.

You could be charged a money transfer fee; this varies depending on the credit card provider but is typically a small percentage of the transferred amount.

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money transfer credit cards

How do money transfer credit cards work?

1. Use your credit card to move money to your current account.
Be aware that you may be charged a money transfer fee.

2. Use the funds to make a purchase where a credit card payment is not accepted.

3. Make at least the minimum repayment amount due on time each month until the balance on your credit card account is cleared.

Can you tell me a bit more about transfer fees?

We've provided a brief breakdown below.

1. You're planning to move £1,000 from your credit card into your current account.

2. The balance transfer fee is 2%.

3. 2% of £1,000 is £20, meaning the balance outstanding on your credit card account would be £1,020. Remember, this does not include any additional interest, fees or charges you could incur.

You can only transfer a percentage of your available credit limit; you should refer to the terms and conditions of your credit card account for full information.

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balance transfer credit card

Who can apply for a money transfer credit card?

Generally, you must meet the following eligibility criteria to apply for a credit card:

  • Be a UK resident with 3 years' UK address history;
  • Have a UK-issued bank account with a valid debit card;
  • Have a regular income paid directly into your UK bank account; and
  • Be over the age of 18.

Alternatives to money transfer credit cards

There are a number of things to consider when looking for the best credit card deals for you.

If you are currently paying interest on one or more credit card accounts, a balance transfer credit card could be an option. Many balance transfer credit cards offer new customers a promotional interest-free period from the date the credit card account is opened, meaning you can focus on repaying your balance without being charged interest.

Alternatively, if you're planning to make a large, one-off purchase, you may be interested in a 0% purchase credit card. These credit cards offer 0% on purchases during a promotional period; any balance outstanding after your promotional period ends will be charged interest at your standard interest rate.

Click here to see if you're eligible to apply for a balance transfer credit card or a 0% purchase credit card

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The Compare Credit Cards process

Checking your eligibility for a credit card is simple and straightforward.

Complete our online Eligibility Checker. This should take no longer than five minutes.

It will take less than 60 seconds to run our soft search and scan our panel of providers for a match.

If we've been able to match you with one or more suitable credit cards, we will show you your results.

We'll include essential information about each credit card, including the Annual Percentage Rate (APR), helping you make the right decision for you. For further peace of mind, we'll also let you know how likely you are to be approved for each product.

To make a full application for a credit card, click through to the provider's website. The provider will carry out some additional checks, including a hard credit search that will be visible on your credit report.

Choosing the best money transfer credit card for you

  • You may want to look for a money transfer credit card with an introductory interest-free period.
  • Look for the best APR. It's important to remember that you might not necessarily be offered the advertised APR. The interest rate you are offered could be higher or lower and will depend on several factors, including your credit score and how well you've managed credit in the past.
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