Money transfer cards and balance transfer cards are similar because they both involve shifting debt from one place to another. With a balance transfer card, you can move debt from a card charging you interest, to one with lower or no interest. It can be a good way to pay off existing credit card debt or to consolidate your debts. A money transfer card lets you transfer money (credit) from the card to your bank account, where it’s considered cash. Many people use these cards to pay off an overdraft. It’s like releasing a cash sum to clear debts or provide a quick cash boost.