The best 0% money transfer credit cards

Are you paying painfully high interest on your overdraft? A top money transfer credit card could cut your interest rate to zero.

Overdrafts on current accounts can be painfully expensive.

The Financial Conduct Authority (FCA) in its review of the high-cost credit market said in some cases this sort of borrowing can be more expensive than payday loans - yet the FCA has yet to cap charges on overdrafts, unlike personal loans.

Meanwhile, banks like Lloyds have been criticised by MPs for having overdraft charges equivalent to a 61% interest rate.

Stop the rip-offs this year with a money transfer card.

These cards give you up to two years or more where you don't get charged interest on your overdraft debt. That means your debt isn't getting bigger and your repayments become a lot cheaper.

If you've also got credit card debt, consider getting a balance transfer card

What are money transfer cards?

These work by letting you transfer money from your credit card to your current account. Once you’ve transferred the money, you can use it to pay off your overdraft.

Credit card companies usually charge very high rates of interest on this sort of cash advance, higher than you would pay with most overdrafts.

However, 0% money transfer credit cards allow you to transfer money from your card at 0% interest for an introductory period.

This is very similar to a 0% balance transfer. There are only two differences:

1. You’re transferring money from a card to a bank account, instead of transferring a debt from a card to another card.

2. The fee is often higher for a money transfer than for a balance transfer. Money transfer fees are usually around 4% whereas balance transfer fees are typically between 1.5% and 3%.

Got an overdraft you can't shift? Read our guide to getting out of debt here

The longest 0% money transfer deals

Unfortunately, the duration of the top money transfer cards has fallen from up to 41 months in 2017 to just 28 this year.

Here are the longest lasting 0% money transfer deals around:

Credit card

0% money transfer period

Money transfer fee

Cost of moving £1,000

Representative APR after 0% period ends

MBNA Long 0% Money Transfer Mastercard 28 months 2.99% £29.99 19.9%

Tesco Bank Money Transfer Mastercard

28 months




MBNA 0% Transfers and Purchases* 28 months 4% £40 19.9%

Virgin 26 Month All Round Mastercard

26 months




*also provides 28-months 0% interest on purchases

Compare and apply for money transfer credit cards on loveMONEY

The cheapest 0% money transfer deals

If you’re able to clear your debt in less time you could benefit from a cheaper 0% money transfer deal.

Here are the top deals charging 2% or less on 0% money transfers.


0% money transfer period

0% money transfer fee

Cost of moving £1,000


Virgin Money Travel Credit card

12 months




*minimum £5

Other options to clear overdraft debt

If a money transfer isn’t for you, another option is to take out a personal loan. See The cheapest personal loans for the best rates right now.

The rates on offer are significantly less than an overdraft or credit card at 19%, but again you’ll only be accepted at this rate if your credit score is good. 

If your credit rating isn’t perfect, you may be offered a loan at a higher rate but if it’s below the amount attached to an overdraft then it is still worth going for.

In the long term, consider switching to a bank account with a bank account with a cheaper or interest-free overdraft see the top options here.

We've also put together a full guide on how to get out of debt, however far into the red you are.

Compare the market-leading credit cards

This article is regularly updated to reflect the best deals

More on credit cards:

The best reward credit cards

The best cashback credit cards

The best 0% purchase credit cards

The best credit cards to use abroad

The best 0% balance transfer credit cards


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