Can I transfer money from credit card to debit card?

Yes, you can transfer money from a credit card to a debit card – but there are fees, interest charges, and risks you need to understand before you do. Here’s everything you need to know before moving money from a credit card.

Table of Contents

1. Can You Transfer Money From a Credit Card to a Debit Card?
2. What Is a Credit Card Money Transfer?
3. How Do You Transfer Money From a Credit Card to a Debit Card?
4. What Fees Are Charged for Credit Card Money Transfers?
5. What Interest Will I Pay on a Credit Card Money Transfer?
6. Is It Safe to Transfer Money From a Credit Card?
7. Is Transferring From a Credit Card Actually Worth It?
8. FAQs

Can You Transfer Money From a Credit Card to a Debit Card?

Yes, it is possible to transfer money from a credit card to a debit card, but it works differently from a standard bank transfer and comes with costs that make it worth thinking carefully about before you proceed.

When transferring money between bank accounts, all you need is the recipient’s account number and sort code, and the funds move in seconds via bank transfer. Credit card to debit card transfers follow a similar process, but the money you’re sending is borrowed rather than your ownwhich means interest, fees, and debt all come into the picture.

What Is a Credit Card Money Transfer?

A credit card money transfer is when you move funds from your credit card balance directly into a bank account. The money then becomes available to spend via your debit card, just like regular funds in your current account.

This is different from a balance transfer, which moves existing debt from one credit card to another. A money transfer puts actual spendable cash into your account but that cash is drawn from your credit limit, meaning you are essentially taking on debt that needs to be repaid.

Many credit card providers offer promotional deals on money transfers (most commonly 0% interest for an introductory period) as a way of attracting new customers. These deals can be useful if managed carefully, but they carry risks if you don’t pay off the balance before the offer period ends.

What Fees Are Charged for Credit Card Money Transfers?

Almost all credit card money transfers carry a fee. This is charged by your credit card provider and is typically calculated as a percentage of the amount you’re transferring.

Typical money transfer fees range from 1% to 5% of the transfer amount, depending on the provider and any promotional deal in place. This can add up.

For example, if you transferred £1,000 from your credit card to debit card, you could pay an extra £50 if there s a 5% transfer fee.

What Interest Will I Pay on a Credit Card Money Transfer?

The money you transfer comes out of your credit card limit. That means it’s borrowed money, and like all credit card borrowing, it accrues interest unless you pay it off.

It is typically quite high and can silently add up in the background.

The key rule: only use a credit card money transfer if you have a clear plan to repay the balance before the interest-free period ends.

Is It Safe to Transfer Money From a Credit Card?

Yes, the transfer process itself is safe. Credit card money transfers go through the same secure payment infrastructure as standard bank transfers, with identity verification and payee checks built in.

A few extra ways to stay safe:

• Always double-check the recipient’s account details before confirming
• If you’re sending money to another person, confirm with them once the transfer is complete that the funds have arrived
• Keep a record of the transfer date and amount so you can track when your interest-free period ends, if applicable

Is Transferring From a Credit Card Actually Worth It?

It depends entirely on your situation. A credit card money transfer can be a useful short-term tool but it can become expensive quickly if not managed carefully.

It could make sense if:

• You have a 0% money transfer offer and a solid plan to repay within the promotional period
• You need short-term access to funds and have no cheaper alternative
• The fee is low and the interest-free window is long enough to repay comfortably

It’s probably not worth it if:

• You’re likely to only make minimum repayments – the interest will cost you more than the transfer was worth
• You have other options available, such as a standard bank transfer from your own funds
• The fee plus interest would make the total cost significantly more than the amount you actually needed

At Suits Me we don’t offer credit cards or loans but if you’re looking for a straightforward account to send and receive money without the fees and interest that come with credit, open a Suits Me account in three minutes

FAQs