Money Transfers Shift loans or overdrafts with 0% money transfers

Is it a bird? A plane? No, a Super Balance Transfer! Normal balance transfers let you shift debt from other credit cards. But when you use 'Money Transfers' - as they're actually called - you can shift it from your bank account, moving overdrafts or loans onto 0% for up to 24 months or 5.9% for life, saving £1,000s.

What is a Super Balance Transfer?

A balance transfer is a credit card transaction that lets you shift debts from one provider to another, so you now owe the new card the money, hopefully at a much cheaper rate.

These are designed for people with existing debts on credit cards, allowing you to slash the interest you pay, possibly saving £1,000s over the life of the debt. Read the full guide to Balance Transfers.

A Super Balance Transfer is a much rarer beast

On top of allowing standard balance transfers, a few credit cards permit you to pay money straight into your bank account for a fee, yet you still get the special cheap balance transfer interest rates.

Therefore, you now have the cheap debt on the card and the cash in your bank account. This opens all types of opportunities, hence why we call them Super Balance Transfers. It's crucially important though that you then set up paying off the 0% debt before the intro period ends.

Example uses include...

• Pay off expensive overdrafts. This effectively shifts the overdraft to the card (alternatively see bank accounts with 0% overdrafts below).
  
  When doing this, it's important you are disciplined and don't just drift back into the red, leaving yourself in more debt than originally. Do a budget so you're in control of your spending.
  
  
• Paying off nasty payday loans. Once the money's in your bank account, then use the cash to pay your payday loan off (also see the Cut Existing Loan Costs guide). But make sure you then pay off the card - and DON'T take out any more payday loans.
  
  
• Making a big purchase. As the money is in cash it's a way of paying for something where credit cards won't usually be accepted. Ensure you borrow as little as possible, and do a budget to check repayments are affordable.
  
  
• Stoozing. This is an advanced technique for making free cash from credit cards (see the Stoozing guide).
  

The top Super Balance Transfers

First and foremost, a huge warning. Many cards allow you to pay cash into your bank account; the difference is most charge a fortune for it. The key to a super balance transfer is that you're charged the special promotional interest rate.

So, to get this, never ever withdraw cash and never spend on the credit card. Instead, just ask the card provider to...

"Do a money transfer to my current account"

This way you'll get the cheap transfer deal, and the cash will end up in your bank. For double surety, you can even explain exactly what you think will happen, and get them to confirm.

Don't use the term "super balance transfer". That's a term we've coined and unless they use this site, the customer service rep won't have heard of it.

Also, it's crucial you set up a direct debit to make AT LEAST the Minimum Repayment each month. if not you'll lose the special deal and pay the 20%+ APR on all debts.

Though try to pay more than the minimum amount, so the debt is cleared by the end of the intro deal, or you'll pay that 20+% APR on the debt that's left.

Which cards let you do this?

The cards below are the current best options for doing this (and not many cards allow it at all). Always treble-check the details before making any payment, as terms and conditions can be changed at any time.

Plus just like when applying for any card, you'll need to pass a a credit check (see the Credit Rating guide). We've developed a tool to help you see which cards you could be eligible for.

Pay it off or shift the debt before the 0% ends.

Of course, once you've got the cash in the bank, you can use it for whatever you intended. Yet as well as always meeting the minimum repayments, remember to ensure the debt is cleared before the end of the 0% period, or use the life-of-balance card if it'll take you longer.

There are two simple ways to do this. Hopefully you can simply repay it. If not, six weeks before it ends, apply for a new 0% Balance Transfer card to shift the debt again. If you want a free text or email reminder to do this, use the Tart Alert.

Other ways to cut overdraft costs

Overdrafts are debts, and often much more expensive than credit cards, especially when the latter are handled well. Avoid paying overdraft interest by using the free Budget Planner, give yourself a Money Makeover and check tips to avoid charges in Bank Charges Compared tool.

If you have already run an overdraft up, as well as trying the Super BT route above, there's other things to try...

Get a 0% overdraft

Spend on a 0% card

Spending your way out of your overdraft might sound dangerous, and it is if you aren't organised. The premise is simple - make your usual purchases on a 0% credit card, and let your earnings build up to pay down the overdraft. Follow these steps to the letter:

• Step 1. Apply for a cheap 0% card for spending.
  
  Apply for a 0% card for spending on so that everything you spend on that card is then at a cheap rate.
• Step 2. Use that credit card instead of a debit card/taking cash out.
  
  Now use the credit card for your normal day-to-day spending, making only the minimum monthly repayments on it. This means your monthly income pays off your overdraft as there's no money being taken out. Instead the debt builds up on the credit card, but at 0%.
• Step 3. Stop using the card once your bank account is in credit.
  
  Doing this is technically the best solution for those with self-discipline, but don't spend more on this card or build up more debt. Stop using the card once your account is in credit. The aim is to try to pay the card off by the end of the 0% period, or at the worst, shift it to a cheap balance transfer deal.