Understanding Money Transfer Credit Cards – Get Things Right

May 5th, 2020
Understanding

How to Use Money Transfer Credit Cards?

What exactly are money transfer credit cards?

These are special type of credit cards that transfer money from your credit card directly into your bank account. Most of the companies offer 0% interest on this cash for a fixed period of time. All you have to do is pay the transfer fee which is a nominal amount. These cards can be a good option if you want a low cost loan or want to make big purchases. These are also a big solution for cash advances which may cost you a lot if you withdraw through a credit card.

Why money transfer credit cards?

Use these cards to:

  • Repay higher interest credit
  • Pay for big expenses that cannot be paid by standard credit card
  • Spread the cost of big purchases or annual expenses
  • Get cash advances without transfer fees or high interest
  • Pay off expensive overdrafts
  • Pay off the payday loans

While making purchases through the money transfer cards, it should be kept in mind that it will not have section 75 protection. By this, one will not be entitled to a refund or replacement if the purchased goods and services are not up to the mark. However, this type of card proves much cheaper than buying goods with a credit card that has a higher rate of interest over the same period.

What’s more, if you have taken advantage of a promotional offer which does not charge any interest then make sure you repay the amount of credit taken within the time frame of the offer. Otherwise, standard interest rate would be charged on the remaining amount.

Things to remember when buying money transfer credit cards:

  • The transfers need approval from the provider and the bank
  • One can transfer up to 95% of the credit limit
  • Most providers ensure that the transfer is made to a UK bank only
  • One cannot cancel it after the transfer is already done
  • Transfer fees won’t be returned in any case

To sum up, money transfer cards are an easy way to get cash in your bank account and then managing that money well. It saves you money as you do not pay higher interest as with your standard credit cards. For information on which companies offer these cards and the best deals available, check our website www.freepricecompare.com. You can also call us on 02034757476.

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