What are money transfer credit cards, and it is cheaper to get a personal loan? 

If you want to clear an overdraft or small debt without taking out a personal loan, a money transfer credit card can be a useful tool to help manage your finances.

These cards pay cash into your bank account and, given there is often a 0pc interest-free period attached, can help pay off small debts quickly and easily.

But beware of the large transfer fees charged by providers, which can often be more than 4pc. That means if you borrow £3,000 you would pay £120 in transfer fees, and that is before interest starts to accrue.

Rory Stoves, of price comparison website uSwitch, said those looking to use a money transfer card should ensure they can pay off the debt within the interest-free period offered...