Credit cards come in handy when you need money for emergencies. But,it is not recommended to use a credit card for all the expenses. For instance, monthly rent, big-ticket purchases that will wipe out credit, paying taxes, and medical bills are some of the expenses experts say never to charge on a credit card. In that case, you can always transfer money from your credit card to your bank account. So, how to transfer money from credit card to bank account? Show
Ways To Transfer Funds From Credit Cards To Bank AccountCredit cards are used to pay for goods and services, and it is one of the most important methods to access some funds to meet emergencies or immediate financial requirements. There are various ways to transfer money from your credit card to your bank account. You can transfer directly to the bank through net banking, money transfer credit card, or phone call. Else, you can indirectly transfer money using an e-wallet that is linked to your bank account. You can transfer funds from your credit card to your bank account directly using the following: Net Banking:You can transfer cash directly by accessing your credit card’s online banking account. The charges for making a transfer from a credit card to a bank account differs across banks. The steps to transfer money through net banking are as follows:
Over the phone:if you require the money immediately but do not have online access, then you can always do it over the phone. The charges for transferring money to a bank account from your credit card through a phone call will not differ from the amount charged through net banking You will have to verify the daily and monthly transfer limit with the bank to get the latest information. If you are transferring funds to an account with the same bank from which you have your credit card, the transfer is almost immediate. If you want to transfer to another bank’s account, then the money might take two or three business days. Indirect Transfer To Bank AccountIndirect bank transfers can be done through e-wallets, such as Paytm and Payzapp. They enable quick and safe transfer of money. They are linked to your bank account and require a KYC to be completed. Transferring Through Mobile AppsThere are various mobile apps through which money transfer has become simple and fast. You can download these apps. They work on both Android and iOs devices. You can register in these apps through your smartphone, desktop, tab or laptop and can do balance transfer online. Transferring Money Through The MoneyGram App
The steps involved are as follows:
Transferring Money Through The Western UnionUsing this App, you can transfer money to the bank directly. The steps for transferring using this app are as follows:
Other Transfer OptionsIf you are not able to make transfers from your credit card to your bank account, then there are some other options.
Also Read : How To Transfer Money From Credit Card To Bank Account? Precautions To Be Taken While Transferring Money From Credit Card to Bank AccountUsing a credit card to transfer credit to your bank account is not what a credit card should actually be used for. Using a credit card to transfer money to a bank account is a way to avoid being charged for drawing out cash using your credit card. Banks have to report consumers who spend more than 2 Lakhs annually on their credit cards. So, when free credit is generated, it may bring the person under the purview of the income tax department and authorities, thus keeping a check on unauthorized practices. Also, a fine will be charged if you default on your credit card dues after your statement is generated. The fine may be a monthly one of up to 3 to 4% of the outstanding amount. This will cost a lot more for the transferred money compared to getting a similar fund in a legitimate way. Conclusion
FAQS of How To Transfer Money From Credit Card To Bank Account:1:Can we transfer money from a credit card to someone’s bank account? You can transfer money from credit card to bank account using methods such as signing a cheque, RTGS, NEFT, or ATM. 2:Can we transfer money from a credit card to pay someone else? You can transfer money from anyone's credit card and pay someone else. 3:Is balance transfer less expensive than taking loans? Yes. A balance transfer is a lot cheaper than taking loans or procuring money from investors. The process is easier also. The interest rate varies across banks. You should do a bit of research and find out the best interest rate to transfer money in an inexpensive way. How can we transfer money from credit card to bank account?How to transfer money from a credit card using Net Banking. Log in to your bank's Net Banking website.. Visit your credit card section within the website.. Now choose the transfer option that seems the most preferable for you.. Next, you can proceed to enter the amount that you wish to transfer to your bank account.. Can we transfer money from credit card to bank account online?Methods of Fund Transfer from Credit Card to Account Online
There are different mobile Apps through which money transfer has become quick and easy. You can download those Apps in your mobile and complete the required fund transfer process. These Apps work for both Android and iOS devices.
Can you transfer money from a credit card to a debit account?Can I transfer money from a credit card to my bank card? You can transfer money from a credit card to a debit card if you have a credit card that permits this. Be aware that you need to check first whether you will be charged any fees for interest for making the credit card cash transfer.
What happens if we transfer money from credit card to bank account?if you are transferring funds to an account with the same bank as that of the credit card, the transfer is almost instant. however, if the transfer is to an account with another bank, then it should take two to three business days.
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