How to Transfer Money From Credit Cards to Bank Accounts?
Credit cards are no more a luxury and are now treated as a necessary mode of making transactions. You can rely on credit cards for all your monthly purchases, luxury shopping needs, unplanned vacations, and payment of bills.
But What if You Need Emergency Funds?
In this case, you can either withdraw cash from your credit card or transfer funds from your credit card to your bank account. This should be treated as the last resort, but if the need is urgent, it should definitely be used. Cash withdrawals from credit cards are simple and can be processed through ATMS.
In such cases, it is important to know how to use your credit card limit to fund your bank account.
Read on to explore simple yet effective methods to transfer funds from your credit card to your bank account without any hassle.
How to Transfer Money from Credit Card to Bank Account?
You can follow both online and offline methods to transfer money from your credit card to your bank account.
Follow the below-mentioned ways to process money transfers from credit cards to bank accounts:
Use an Online Credit Card App
You can use any electronic wallet or an online credit card app to transfer funds from credit cards to the app. You can add the bank account to the app and further transfer that amount to your account. The money is typically transferred immediately, or it may take up to 24 hours to transfer the balance.
Use Net Banking
You can use the online credit card app to transfer funds from your credit card to your bank account. You must fill in your net banking username and password and confirm the transfer directly from your credit card online app. Your money will be credited within 24 hours, to your bank account, directly from your credit card.
Cheques or Cash
You can withdraw cash from your credit card and deposit it in your bank account. You can also sign a ‘self’ cheque towards your credit card and deposit it in your bank account to process the transfer of money. Bank transfers are generally treated as cash withdrawals and invite the same interest charge. After you retrieve the cash or cheque, you must visit your bank branch and transfer funds to the relevant bank account.
Other Offline Methods
You can process the transfer by visiting the nearest credit card centre or by calling its customer care department. You need to provide them with your bank details, pass the authentication procedure, and get funds immediately transferred to your bank account if you have the available credit limit to do so.
Conclusion
Try to process credit card transfers only when in dire urgency. Be mindful of the fees associated with bank account transfers. Ensure you have a sufficient credit limit on your credit card and that no transfer limitation is applied before you process the same.
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