The best 0% money transfer credit cards: clear your overdraft

Want to clear your current account debt cheaply? A 0% money transfer credit card could be a great option. We reveal the longest money transfer deals currently available.

Overdrafts are generally an extremely expensive way to borrow, with many banks charging current account customers interest rates of up to 40%.

Sure, there are a handful of accounts that still offer cheap or free overdrafts on the market you could switch to, but these aren't of much use for existing debt.

You could instead look into a 0% money transfer credit card if you want to avoid rip-off overdrafts.

These cards give you up to 12 months to clear your debt without incurring any interest charges.

That means your debt isn't getting bigger and your repayments become more manageable.

If you've got existing credit card debt, consider getting a 0% balance transfer card instead.

Find the right credit card for your needs with Moneysupermarket

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 high rates of interest on this sort of cash advance.

But 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 card. There are only two differences:

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

2. The fee is often higher for a money transfer than for a balance transfer. Money transfer fees are usually around 4%, while 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 interest-free period offered on money transfer credit cards has fallen dramatically in recent years.

In the past, you could bag a 41-month 0% credit card, but the longest offer currently available is just 12 months.

Nonetheless, this could still provide you with vital breathing space and let you get on top of your current account debt for good.

Below are the longest-lasting 0% money transfer deals around. Do note that these are generally reserved for borrowers with the very best credit rating and any unsuccessful application will only further reduce your rating. 

If you aren't confident that you'll be approved, it's worth using an eligibility checker (like this one from Moneysupermarket) to let you see which cards you're likely to get without leaving a mark on your credit report. 

Jump straight in and compare top money transfer credit cards now with Moneysupermarket

Other options to clear overdraft debt

If a money transfer card isn’t for you, another option is to take out a 0% purchase or long-term low-rate credit card and put some new spend on that while whittling away your overdraft.

Failing that you could go for a personal loan if you have sizeable debt racked up. These aren't interest-free – rates can vary depending on how much you want to borrow – but they will still be cheaper than a typical bank's overdraft.

We've also put together a full guide to clearing debt to help you get on top of your money worries for good.

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The best 0% purchase credit cards

The best fee-free travel credit cards to use abroad

The longest 0% balance transfer credit cards