A balance transfer is when you transfer debt from an existing credit card (or cards) to a new one, to benefit from a lower rate of interest.
A money transfer involves transferring funds from your new credit card to your current account. It could be useful in a variety of situations – perhaps if you need to pay people in cash or if you’re consistently in your overdraft. You can organise it the same way you would arrange a balance transfer (over the phone or online).
Both options usually involve a one-off fee per transfer, expressed as a percentage of the money transferred. Money transfer fees are commonly a little higher than balance transfer fees.
Don’t forget that the longest 0% deals tend to have the highest fees, so you might not necessarily go for them. In fact, if it gives you long enough to clear your debt without paying interest, a no balance transfer fee option is a good place to start.
As you’ll see from the table above, Virgin Money offers a better selection of 0% deals than most card issuers. Plus, all its 0% balance transfer cards come with money transfer deals as standard too.