How does a money transfer credit card work and which UK credit card companies provide money transfer credit cards?
These are a couple of the most common questions that we see here at 0% Credit Card Expert, on the topic of money transfer credit cards.
A money transfer credit card allows a customer to make a money transfer from their credit card to their bank account.
A money transfer is similar to a balance transfer, but where a balance transfer will pay off the outstanding balance on another credit card, with a money transfer credit card the funds are transferred directly into your bank account.
Money Transfer Credit Card
Customers are often looking for money transfer credit card offers, because credit cards that offer 0% money transfers allow a customer to transfer money to their bank account and pay no interest for the duration of the 0% money transfer offer period.
With a money transfer credit card to bank account transaction this can allow a customer to use the funds transferred into their bank account to pay off an overdraft or a loan, for example.
Using a 0% money transfer can also allow a customer to use the funds to pay the deposit on a new or used car, for example, as often car dealers are reluctant to allow a customer to a make a large payment on a credit card due to the fees involved.
There are currently interest fee money transfer credit card offers available with 0% deals, offering customers the opportunity to make large savings on interest.
Money Transfer Credit Cards
Not all credit cards have money transfer credit card offers because only some credit card companies offer 0% money transfers.The following featured cards do all currently offer 0% money transfers:-
As with any balance transfer, a customer who make a money transfer via a credit card will have to make monthly payments to repay the outstanding balance. For each money transfer using a credit card the credit card company will charge a fee, which can be up to 4% of the amount transferred.
The money transfer credit cards above are issued as a MasterCard credit card allowing these cards to be used to make purchases in millions of shops, restaurants and hotels worldwide.
A customer can make both a balance transfer and a money transfer on the same credit card provided you do not exceed your overall credit card limit with the total amount transferred.