If you need to borrow for a cash purchase or to clear an expensive overdraft, a 0% money transfer credit card can help. Read on to find out how they work and the best deals.

Just make sure that you check the card’s features, interest and terms carefully before you apply.

Best credit card providers for 0% money transfer deals

When comparing 0% money transfer deals, it’s hard to know what a provider is like to deal with, or how quickly issues are resolved.

To help you choose the right card for your circumstances, Which? has reviewed 26 credit card companies and scored them on deals and customer service.

Find out how the top 0% money transfer credit card providers like Tesco BankVirgin Money and MBNA  stack up in our best and worst credit card companies reviews.

Money transfer credit card golden rules

When you use a 0% money transfer credit card, there are some things you need to know and pitfalls to avoid. We’ve set out the golden rules below.

1. Only borrow what you need

The credit limit on your 0% money transfer deal is not a target. Remember to only borrow what you need to avoid falling into a debt spiral. If you’re having debt troubles you should contact a charity like StepChange or National Debtline which can give you free guidance.

2. Make the minimum repayment each month

You need to make at least the minimum repayment on your money transfer card. If you don’t, the provider may take away the 0% money transfer promotional rate, so that interest will apply immediately. A missed payment could also be recorded on your credit report.

3. Don’t use at an ATM to withdraw cash

Withdrawing cash from an ATM on a credit card is a big no-no – even on a 0% money transfer credit card.

Cash withdrawals are classed differently from money transfers and will attract a higher rate of interest. Your 0% period for money transfers won’t apply, so you’ll start paying interest straight away on these transactions.

4. Have a plan to repay before interest kicks in

Make sure you have a plan for how to pay back your balance before the 0% period ends and you need to start paying interest.