What is a Money Transfer?
Some credit cards offer a Money Transfer feature which allows you to transfer money from your credit card into a bank account. In this guide we explain why you might want to consider to Money Transfer using a credit card along with the subtle differences between the way a money transfer works and the way a Balance Transfer works.
Do we offer this service?
Yes, Creation Credit cards offer Money Transfers, in fact, on the Everyday Credit card there is no fee charged for completing a Money Transfer, however you will be charged interest from the day you make the transfer.
Why would you use a Money Transfer?
There are several reasons for making use of a Money Transfer. You might be transferring the money to pay off an existing overdraft or an outstanding loan. Alternatively it can be used to make sure you have a little extra spending money for an upcoming holiday or maybe contribute towards any emergency repair you may have. Please note that any purchases made with the transferred money are not protected under Section 75 of the Consumer Credit Act as purchases are covered when made with a credit card.
What’s the difference between a Balance Transfer and a Money Transfer?
A Balance Transfer is when you transfer an existing balance on a credit or store card to another credit card provider. A Money Transfer is when you use a credit card transfer to move money from the credit card into a bank account.
Will I get charged for making a Money Transfer?
Every company has separate policies when it comes to different rates for their services. It is likely though that when you make a Money Transfer you will be charged a handling fee. With the Creation Everyday Credit card there is no Money Transfer fee charged for making a Money Transfer.