If you are looking to move cash directly into a bank account and pay off the balance with no interest, a money transfer credit card may be right for you. This type of card essentially provides the customer with a cash loan that is interest-free. However, a fee of 2% to 4% of the money you transfer is usually paid in order to have access to this loan.
If your money transfer credit card application is successful, it is possible to use the money as you wish. However, many customers use their card for the following:
To make a purchase that is not possible to put on an existing credit card.
To pay off an outstanding overdraft.
To pay off an existing loan without incurring interest.
To pay off existing debts with low interest.
Our table provides a simple way to help you compare money transfer cards. To make it most cost-effective for you, look at how long you want to borrow for and how much you want to pay back. The same credit card fees apply for normal credit cards including going missing monthly payments or going into your overdraft.
We aim to be as approachable as possible for our customers, and will always do our very best to assist you with any and all queries you may have concerning any part of our application process and more.
Our online application only takes minutes to complete, with decisions being made very quickly after this. A member of staff will contact you to help you proceed with the final steps.
Each and every one of the providers we work with are fully checked to ensure their reputability, their trustworthiness, and furthermore their competency in helping to provide you with the financial services you require.
The Proper Finance comparison site is free to use and there are no upfront fees for filling in our online application.
The exact amount will be based on the credit limit that you are provided by your credit card lender. Typically you can transfer around 90% or in some cases, 100% of the entire credit limit.
Yes, you will usually need to complete the money transfer within a time limit of 60 days. The start date is when you were accepted for the transfer.
Many cards available charge 0% interest provided that you pay off the entire balance during the introductory period. However, if you do not pay the entire balance after this period of time, you will incur interest, which is usually around 20% APR or less.
Yes. In most cases, this will be the equivalent of 2% to 4% of the total amount you will be transferring. Based on transferring £500 at 2%, you will pay just £10.
Yes, your credit record will usually determine whether the car issuer will accept or decline your application for this type of card. Your credit status will also influence your credit limit and how long the 0% period will be if you are approved.
This can sometimes be immediately after, whilst with other credit card providers it can take 3-4 days in total.