Our Pick Of The Best Money Transfer Credit Cards

Editor,  Editor

Updated: Mar 01, 2024

Money transfer cards allow you to effectively convert your available credit from a new credit card into cash, which is paid directly into your current account. With a 0% money transfer card, the loan remains interest-free for an agreed period of time. There’s usually an upfront fee, which is charged as a percentage of the amount you borrow and then added to the loan.

There’s not a huge number of money transfer credit cards on the market. But we carried out some research (March 2024) to identify the top offers which we’ve listed below. However, depending on your credit score and circumstances, you may not qualify for the deals advertised. Always use an eligibility checker to assess your chances of being accepted before officially applying.

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Why you can trust Forbes Advisor’s ratings

Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate product providers, so all companies and products are measured equally. You can read more about our editorial guidelines and the methodology for the ratings below.

  • Market-wide survey of leading credit card companies
  • Rigorous assessment of card features and benefits
  • Thorough analysis of pros and cons

MBNA 0% Transfer and Purchase Credit Card

MBNA 0% Transfer and Purchase Credit Card
5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Representative APR

23.9%

(variable)

0% money transfer duration

Up to 12 months

Transfer fee (%)

4.0%

Representative Example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

At an assumed credit limit of £1,200, at a purchase rate of 23.9% p.a. (variable), the representative APR is 23.9% (variable). Credit available subject to status.

MBNA 0% Transfer and Purchase Credit Card

Representative APR

23.9%

(variable)

0% money transfer duration

Up to 12 months

Transfer fee (%)

4.0%

Representative Example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

At an assumed credit limit of £1,200, at a purchase rate of 23.9% p.a. (variable), the representative APR is 23.9% (variable). Credit available subject to status.

Why We Picked It

This deal offers 12 months at 0% interest for money transfers with a 4% fee.

However, for the money to remain interest-free, you will need to make all transfers within the first 60 days of opening the account.

This card also offers 0% on purchases for up to 20 months. Rates and deals may vary depending on your credit score.

Pros & Cons
  • 12 months 0% period
  • 0% interest on purchases
  • No annual fee
  • Could be offered a shorter 0% period
  • 4% transfer fee
  • APR of up to 23.9% (variable)

Virgin Money All Round Credit Card

Virgin Money All Round Credit Card
5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Representative APR

24.9%

(variable)

0% money transfer duration

12 months

Transfer fee (%)

4%

Representative Example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

At an assumed credit limit of £1,200, at a purchase rate of 24.9% p.a. (variable), the representative APR is 24.9% (variable). Credit available subject to status.

Virgin Money All Round Credit Card

Representative APR

24.9%

(variable)

0% money transfer duration

12 months

Transfer fee (%)

4%

Representative Example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

At an assumed credit limit of £1,200, at a purchase rate of 24.9% p.a. (variable), the representative APR is 24.9% (variable). Credit available subject to status.

Why We Picked It

If you are accepted for this card, you will be offered the advertised 0% duration – rather than a shorter alternative.

The 4% fee puts the cost of a £2,000 money transfer at £80 – although this will be all the charges you pay so long as you clear the balance before the representative APR of 25.9% (variable) kicks in.

You’ll need to make the transfer within the first 60 days to qualify for the interest-free borrowing.

Irrespective of the 0% duration, this card could be a handy long-term travelling companion as it unlocks access to Virgin customer lounges across the country.

There’s also 20% off Virgin Experience Days and other Virgin Group discounts.

Always use an eligibility checker to see your chances of being accepted for a card before you apply. This will avoid surprises and leave your credit score intact.

Pros & Cons
  • 12 months guaranteed if accepted
  • 16 months 0% on balance transfers and purchases
  • Free use of Virgin customer lounges
  • Relatively high money transfer fee
  • No balance transfers from Virgin or Clydesdale Bank credit cards

Tesco All Round Credit Card

Tesco All Round Credit Card
4.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Representative APR

24.9%

(variable)

0% money transfer duration

9 months

Transfer fee (%)

3.99%

Representative Example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

At an assumed credit limit of £1,200, at a purchase rate of 24.9% p.a. (variable), the representative APR is 24.9% (variable). Credit available subject to status.

Tesco All Round Credit Card

Representative APR

24.9%

(variable)

0% money transfer duration

9 months

Transfer fee (%)

3.99%

Representative Example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.

At an assumed credit limit of £1,200, at a purchase rate of 24.9% p.a. (variable), the representative APR is 24.9% (variable). Credit available subject to status.

Why We Picked It

Tesco’s 0% money transfer offering alone is pretty generous at nine months – but the card comes with other perks, too. You can also pick up Tesco Clubcard points even if you are shopping outside the store, albeit at a lower rate (5 Clubcard points for every £4 you spend in Tesco and 1 for every £8 you spend outside Tesco).

It offers a window of 90 days from opening your account in which to organise the money transfer and get access the interest-free borrowing. All transfers can total up to 95% of your available credit limit.

Pros & Cons
  • 90 days to make money transfers and get 0%
  • Collect Tesco Clubcard points on nearly all purchases
  • Longer 0% periods are available
  • Could be offered shorter 0% period

How are the cards ranked?

To rank the 0% money transfer card offers, we used the following criteria:

  • 0% money transfer duration
  • Cost of money transfer fee
  • Representative APR (the variable interest rate charged after the 0% period expires)
  • Rewards, perks and benefits.

We employed the ‘best case scenario’ to our rankings, assuming in all cases that an application is returned with the longest advertised 0% duration on money transfers, along with the lowest advertised money transfer fee and annual percentage rate (APR).

Will I qualify for one of these cards?

Not everyone will be offered the advertised 0% money transfer deal. The APR attached to the cards (that applies when the 0% deal ends) is only required to be offered to 51% of successful applicants. The APR you are offered could be higher.

Some 0% money transfer cards are advertised as ‘up to’ which means you could be offered a shorter term. It will depend on your circumstances and credit score.

What can the cards be used for?

You can use money paid into your bank account from a 0% money transfer card to pay off more expensive debt such as an overdraft, personal or car loan, or buy-now-pay-later credit.

The exception is if this debt is already on a credit card, in which case a 0% balance transfer card is a better option. There’s a wider choice of deals available too.

Bear in mind that some credit card providers won’t let you use money transfer cards to pay off other borrowing from the same lender, such as a loan, overdraft or mortgage.

If you use the cash to pay off several debts, you will have just one monthly payment to the card too, which can simplify your finances.

In any case, to avoid swapping one expensive debt for another, pay off what you owe on your money transfer card within the interest-free period.

The cash can also be used to fund a major purchase, such as a car or holiday, as you will be able to spread the cost over the term of the 0% deal.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

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What type of credit card is best for me?

What happens after the 0% rate expires?

When the promotional 0% offer ends, you’ll be charged interest on the money you owe. This is often set slightly higher than the APR (annual percentage rate) charged on standard credit cards.

To avoid paying interest, repay your total balance within the promotional period.

How do the fees work?

How are the cards different to 0% balance transfer cards?

How much can I borrow?

Can I simply withdraw the money as cash?

Can I also spend on a 0% money transfer card?

How can I get the best from the card?

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The comparison service on our site is provided by Experian Limited on a non-advised basis. Forbes Advisor has selected Experian Limited to compare a wide range of credit cards in a way designed to be the most helpful to the widest variety of readers.