What is a money transfer?
A money transfer lets you move money from your credit card directly into your own UK current account.
Why consider a money transfer?
Here are some benefits and key points to think about.
Benefits
- If credit cards aren’t accepted, a money transfer can let you use funds and move it to your UK current account instead. Then you can pay using your debit card or cash.
- A money transfer can also be helpful for unplanned expenses and one-off major purchases, letting you use your credit card’s available funds in situations where you can’t use your card.
- We'll clearly inform you up front what fees and interest rate you’ll pay, so you can make an informed choice.
Things to consider
- Any purchases you make with the transferred money aren't covered by Section 75 protection.
- If you have a promotional rate, once the promotional period ends, any remaining balance reverts to the standard rate.
- To keep your promotional rate, you’ll need to make at least your minimum monthly payments on time.
- If you pay late or miss a payment, you may face fees. You could also lose any promotional offers and damage your credit score.
- If you also use your card for everyday spending, you’ll be charged interest on your purchases unless you pay off your monthly statement balance in full and on time every month. That includes the value of any money transfers, unless a 0% promotional rate for purchases applies.
- If you only make the minimum payments each month, it will take you longer to repay and you may pay more in interest overall.
How to make a money transfer
Find out what you need to transfer money to your current account.
Your money transfer options
See if you have any balance transfer offers available.
Don't have a Lloyds credit card?
Let’s look at the details
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Here's a simplified example. This uses a promotional 0% money transfer rate that lasts for 12 months. The card has a 3% fee for any money transfers.
Before completing a transfer, we'll inform you of your interest rate and the money transfer fee.
- You get an unexpected £500 car repair bill, but you don’t have enough money in your bank account. Your garage also doesn’t accept credit cards.
- You complete a £500 money transfer with a 3% fee, totalling £515 on your credit card.
- This puts £500 into your current account, so you can pay for the repairs using your debit card.
- The promotional rate expires after 12 months. If the balance isn’t fully repaid, any remaining amount reverts to your standard money transfer rate.
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Once we approve your money transfer, it should arrive on the next working day. You can’t cancel a money transfer and we can’t refund any fees.
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When you make a payment, we’ll pay off what you owe in this order:
- The balances on your latest statement with the highest interest rate will be paid off first. This includes any promotional interest rates.
- For any balances with a promotional offer on the same interest rate, we’ll use your payments towards the offer ending first.
Find out more about balances and what your payments go towards.
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On your PDF or paper statement, there’s a breakdown of your balance and the interest rates that apply.
If you have a money transfer promotional interest rate, you’ll find the expiry dates in there. -
If you need to increase your credit limit to make a money transfer, the simplest way is online. Or you can give us a call.
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