Understanding money transfers
What this guide covers
- Money transfers – What do I need to know?
- What are money transfers?
- What can they be used for?
- Are they known by any other name?
- Is there anything else I need to know?
Money transfers – What do I need to know?
As an MBNA customer, there are plenty of benefits to be had from applying for one of our credit cards. One of which is the ability to make money transfers from your card direct to your current account.
As we are one of only a few credit companies in the UK to offer this service, it’s understandable that you might have some questions relating to what they are all about. Below, you’ll hopefully find some answers to our most frequently asked questions about these transfers.
What are money transfers?
In simple terms, money transfers are a service that allows you to take cash from your credit card and pay it into a current account. They can usually be done quite quickly and easily, and with our Online Card Services you can do so by accessing your account 24 hours a day, 7 days a week at a time that suits you.
What can they be used for?
It might be that you are just in need of a cash boost, or are looking to get a little more money together for holiday spends. For some, a money transfer can come in handy when there are emergency repairs or home improvements to consider, but it really is up to you how you make use of the service.
However, others might use a money transfer for a more practical purpose, like clearing an overdraft - If doing so proves to be a cheaper option. Equally, some people find they can do the same with outstanding loans.
Are they known by any other name?
When looking at money transfers, you may come across the term super balance transfers – or ‘super BTs’. While most people will be aware a balance transfer involves shifting debt from one provider to another, they may be unfamiliar with this other term.
A super balance transfer is really just another way of saying you can pay money straight into a bank account from your card.
Is there anything else I need to know?
The first thing to remember is that, while money transfers can be a great way to give your wallet or purse a boost when you need it most, you will incur a handling fee for using the service. Also, it’s a good idea to make sure you have a direct debit in place to make at least the minimum repayments on your credit card. This way, even after you have made a transfer, you can make sure you remain on top of your repayments and better manage your money.
Money transfers are just one of the many services we offer on our range of credit cards, so why not make an MBNA credit card your card of choice?
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