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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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.

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.

What you might love about a money transfer credit card

Some money transfer credit cards come with a 0% introductory period, meaning you can make a money transfer without incurring any interest on that transaction.
Using a money transfer credit card to transfer money to your bank account could be an alternative to using your credit card to withdraw cash from an ATM.

Things to consider before applying for a money transfer card

Transferring your balance is likely to incur a fee - this is typically a small percentage of the transferred balance. There may also be a minimum or a maximum amount you can transfer.
If you do not make at least your minimum repayment amount on time each month you could lose access to any promotional offers, such as an interest-free period. You could also be charged a late payment fee, and your credit score could be affected.
You are unable to transfer money to either a foreign bank account or a bank account that does not belong to you.
Similar to a balance transfer, you can usually only transfer a percentage of your available credit limit.
If you have a 0% promotional offer, any outstanding balance on your credit card account will be charged interest at your standard interest rate(s) once your promotional period comes to an end.

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.

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.

Digitonomy Limited trading as Compare Credit Cards is not a lender but is a fully regulated and authorised credit broker which introduces borrowers and lenders for the purposes of entering into consumer credit agreements.

Compare Credit Cards does not charge customers a fee for using its broker services, but it receives a commission from lenders or other brokers if a customer enters into a consumer credit agreement with a lender or broker following an introduction through this website.

Compare Credit Cards will provide every effort to present you with Credit Cards you may be eligible for. If we are not able to do this, we may present you with alternative credit products. You are under no obligation to proceed with these if you feel they are not suitable for your circumstances.

Compare Credit Cards is a registered Trading Name of Digitonomy Limited, Registered in England and Wales (Company number 08385135), Registered Office; Steam Mill Business Centre, Steam Mill Street, Chester, Cheshire, CH3 5AN. Digitonomy Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 690249. Licenced by the Information Commissioners Office, (registration number ZA007309).