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Updated: 4 May 2023

Best 0% money transfer credit cards

If you need to borrow for a cash purchase or to clear an expensive overdraft, a 0% money transfer credit card can help. Read on to find out how they work and the best deals.

Which? Money Team

In this article

What is a money transfer credit card?
How 0% money transfer credit cards work
Best 0% money transfer credit card deals
Best credit card providers for 0% money transfer deals
Money transfer credit card golden rules
0% money transfer credit card FAQs

What is a money transfer credit card?

A money transfer credit card allows you to shift cash from your credit card to your current account. You'll often be offered an interest-free period, during which you can try to repay the debt.

This type of credit card can help you:

clear an expensive overdraft or payday loan debt
get an interest-free loan for cash-only purchases.

Money transfer credit cards can serve a fairly similar purpose to balance transfer credit cards, but the key difference is that balance transfer cards only allow you to shift debt between credit cards.

Compare credit cards

Find the right credit card and check rates using the service provided by Experian.

Check eligibility

Which? has partnered with Experian to help you compare credit card deals from brands on its panel of lenders.

When you enter your details, The results you're offered may differ from those featured in our guides, as not all providers and products are available through Experian.

In addition, your results will be based on the information you provide to Experian and its own eligibility calculations, so may not include every available deal.

How 0% money transfer credit cards work

Your credit card provider may charge a one-off fee to transfer the money (typically around 4%) and will normally charge you interest on the balance, unless you get an offer with a 0% interest period.

The best money transfer credit card deals allow you to shift a balance for a fee, while the debt left on the card remains interest-free for as long as 14 months.

Say you held an 14-month 0% money transfer credit card with a limit of £2,000. You could request a money transfer of £1,000 into your bank account - at a typical 4% fee, you would owe £1,040 on your credit card and have £1,000 in your bank account to spend straight away. You'd have just over a year to clear the credit balance before interest was charged.

If your current account was overdrawn, and the fees were costing you £30 a month, you may be better off clearing it with a money transfer and making repayments on your credit card, especially if you can repay it before interest kicks in.

Before you apply for a money transfer credit card, make sure it's right for you. Essentially, you'll need to establish whether you can afford to pay off the debts before the 0% period is up or you risk hefty interest fees.

Find out more: how to pay off your debts

Best 0% money transfer credit card deals

We've picked out some of the current market-leading offers below. The table is ordered by the length of the 0% period.

Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms & conditions of a credit card provider before committing to any financial products.

Credit card	Introductory 0% money transfer period	Money transfer fee	Cost of moving £2,000	Representative APR
MBNA Limited Long 0% Money Transfer Credit Card Mastercard	14 months	3.49%	£69.80	22.9% Representative example: assumed borrowing of £1,200 at an interest rate on purchases of 22.9% per annum variable, 22.9% APR representative variable. Credit subject to status. Terms apply.
MBNA Limited Platinum Visa	12 months	0%	£0	12.9% Representative example: assumed borrowing of £1,200 at an interest rate on purchases of 12.9% per annum variable, 12.9% APR representative variable. Credit subject to status. Terms apply.
Tesco Bank All Round Clubcard Credit Card Mastercard	12 months	3.99%	£79.80	22.9% Representative example: assumed borrowing of £1,200 at an interest rate on purchases of 22.9% per annum variable, 22.9% APR representative variable. Credit subject to status. Terms apply.

Table correct as of 2 May 2023

Best credit card providers for 0% money transfer deals

When comparing 0% money transfer deals, it's hard to know what a provider is like to deal with, or how quickly issues are resolved.

To help you choose the right card for your circumstances, Which? has reviewed 25 credit card companies and scored them on deals and customer service.

Find out how the top 0% money transfer credit card companies like Tesco Bank, Virgin Money and MBNA stack up in our best and worst credit card providers.

Money transfer credit card golden rules

When you use a 0% money transfer credit card, there are some things you need to know and pitfalls to avoid. We've set out the golden rules below.

1. Only borrow what you need

The credit limit on your 0% money transfer deal is not a target. Remember to only borrow what you need to avoid falling into a debt spiral. If you're having debt troubles you can contact a charity like StepChange or National Debtline which can give you free guidance.

2. Make the minimum repayment each month

You need to make at least the minimum repayment on your money transfer card. If you don't, the provider may take away the 0% money transfer promotional rate, so that interest will apply immediately. A missed payment could also be recorded on your credit report.

3. Don't use it to withdraw cash

Withdrawing cash from an ATM on a credit card is a big no-no - even on a 0% money transfer credit card.

Cash withdrawals are classed differently from money transfers and will attract a higher rate of interest. Your 0% period for money transfers won't apply, so you'll start paying interest straight away on these transactions.

4. Have a plan to repay before interest kicks in

Make sure you have a plan for how to pay back your balance before the 0% period ends and you need to start paying interest. You can use our credit card repayment calculator to work out how much you'd need to pay off each month to clear the debt in time.