The difference between balance and money transfer

What is a Money Transfer?

A Money Transfer lets you transfer money from your Credit Card to any of your own UK current accounts. 

Will I be charged for making a Money Transfer?

You will be charged interest from the date of the transaction and you may be charged an additional fee of up to 5% or £5, whichever is greater, for each transfer. For your individual interest rates and fees please see your Terms & Conditions for your credit card account. The rate of interest may be higher than for other transactions on your account.

Why would I use a Money Transfer?

You may choose to transfer the money to pay off an existing overdraft that is incurring interest at a higher rate. Or, you may want to make a Money Transfer for purchases where you cannot use your Credit Card, for example a cash transaction. 

Please note - any purchases made with the transferred money are not protected under Section 75 of the Consumer Credit Act and you will charged interest from the date of the transfer. You may also be charged a fee of up to 5% or £5, whichever is greater, for making the transfer.

How do I make a Money Transfer?

To transfer money to your bank account, you need to request a Money Transfer, which you can do by calling the number on the back of your card. Please note this is subject to account status. There may be a fee of up to 5% or £5 (whichever is greater) for each transfer; this will depend on which of our cards you have. Your individual interest rate and fees will be listed in your Terms and Conditions, or you can call us to confirm. A Money Transfer may be subject to a higher APR than other transactions on your account and interest will be payable from the date of the transfer.

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 to a bank account.