232 days ago

How To Transfer Money From Credit Card To Bank Account?

author Ankita Content Writer

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Struggling to manage your finances at the end of the month? Don’t stress if you have a credit card. In this article, I will tell you how to transfer money from your credit card to bank account in just a few simple steps, relieving you of any financial stress.

Previously, I used to suffer a lot from a financial crisis at the end of every month. That is when my elder brother came to my rescue and told me that I could even transfer funds from my HDFC credit card to my bank account.

He told me about 2 different ways of doing it, but I was a bit curious and did some research on this subject. Later, I found out that there are 6 different ways through which I can do it, and today, I will be sharing all of these 6 methods with you. So, stay tuned to this article until the end.

Additionally, you can also go through our article on How To Save Money From Salary In India.

How To Transfer Money From Credit Card To Bank Account?

Table of Contents

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1.How To Transfer Money From Credit Card To Bank Account: 6 Different Ways
2.Things To Consider Before Transferring Your Money From Credit Card To Bank Account
3.Conclusion
- Frequently Asked Questions

How To Transfer Money From Credit Card To Bank Account: 6 Different Ways

The most popular method of payment for goods and services is credit card. For example, you can use your credit card to make travel or restaurant reservations. However, you can also use your credit card to access funds if you find yourself in a tight spot and require money immediately. Under this scenario, you can make an online credit card to bank account money transfer. There are a few different ways that you can start this process. Below, we are going to explore them.

1. How to Transfer Money From Credit Card To Bank Account Through an E-Wallet?

E-wallets such as PayTM, Freecharge, MobiKwik, etc., can be used to transfer funds from your credit card account to your bank account. The steps you need to take to start the process are listed below:

Use the e-wallet of your preference to register.
Go to 'Passbook' when you open the e-wallet app.
Tap on "Send Money to the Bank."
Select the "Transfer" option.
Enter the account number, IFSC information, and amount.
The money will not be deposited into your account until you click the 'Send' button.

2. How to Transfer Money From Credit Card To Bank Account Using Net Banking?

The following are the steps you need to take in order to use net banking to move money from a credit card to a bank account:

Go to the bank's website and select the fund transfer option.
After entering your credit card details, select the transfer to bank account option.
Type the desired transfer amount.
Filling out the form with the necessary information and then following the directions will allow you to complete transactions.

3. How to Transfer Money From Credit Card To Bank Account Offline?

Check out the procedure for transferring funds from a credit card to a bank account in person.

Visit Your Bank Branch: Going to a bank branch is the most conventional method of transferring funds from a credit card to a bank account. You must bring your credit card, proof of identity, and bank account information to the bank in order to use this method. Request a transfer of funds from your credit card to your bank account by going to the teller. A small fee will be assessed by the bank for this transaction.
Use ATM or Cash Advance: An ATM is an additional offline technique. Use an ATM to withdraw the desired amount of money from your credit card and deposit it into your bank account. Next, use the bank deposit feature to transfer that money into your bank account. However, this procedure usually only applies to the maximum amount of money you can withdraw from an ATM
Cheque or Money Order: You can also use a money order or cheque to move money from your credit card to your bank account. To transfer money, write a cheque or get a money order in the desired amount, then deposit it into your bank account.
Wire Transfer: Use a wire transfer if you need to move a large sum of money from your credit card to your bank account. You must provide information regarding the receiving bank, account number, and routing number.

4. How to Transfer Money From Credit Card To Bank Account Through a Phone Call?

One simple method of transferring funds from a credit card to a bank account is this one. If you don't have internet access and need money right now, you can get a fast transfer by calling. The fees associated with phone transfers of money from a credit card to a bank account will match those associated with online banking. Follow the steps listed below:

Give your credit card company a call.
Make a money transfer request.
Confirm how much money you wish to move to your bank account.
Submit the required information, including the bank account details.
To finish the transaction, adhere to any additional instructions.

Wanna know how to open Airtel Payments Bank Account? Read this article to get all your questions answered.

5. How To Transfer Money From Credit Card To Bank Account Through MoneyGram?

Sending money to accounts at more than 400 banks worldwide is possible. The actions to be taken are:

Choose the recipient as well as the nation in which the bank account is being used. The recipient's full name must be provided. If you are sending it to your own account, you must include your full name, account information, and other relevant details.
Enter the desired transfer amount and select the "Account Deposit" option on the screen.
Make sure to choose "Credit Card" as your payment option. If the transaction involves more than one currency, the exchange rate and any associated fees will be shown on the screen.
In order for those to be validated, you, as the sender, must supply specific details about yourself.
Give the recipient's name, bank account information, and any other necessary information.
The funds will be moved to the bank account in a secure manner.

6. How To Transfer Money From Credit Card To Bank Account Through Western Union?

The following are the steps involved in the process, which works on a concept similar to MoneyGram:

Sign up for a free Western Union account.
Access your profile by logging in.
Choose the destination country, the transfer amount, and the delivery method (to the bank account in this case).
Enter the recipient's bank account details.
Use your credit card to make a payment.
Email confirmation and the tracking number, also referred to as the Money Transfer Control Number (MTCN), will be sent.
The recipient's account will receive the funds.

Things To Consider Before Transferring Your Money From Credit Card To Bank Account

Prior to making a credit card to account-transfer, keep the following important factors in mind:

Credit Card Purpose: Use credit cards mainly for direct payments; only in extreme circumstances should you think about transferring funds to a bank account.
Income Tax Considerations: Excessive credit card use could be investigated by the Income Tax Department, and moving a lot could draw unwanted attention.
Fees Associated With Credit Cards: Repaying credit card fees on time is essential to maintaining a good credit history; late payments can have negative consequences.
Interest Rates And Fees: Verify interest rates and transfer fees. A lot of credit card companies charge for money transfers, and interest starts to accrue on the day the transfer is made.
Enough Credit Limit: To prevent further costs and penalties, confirm that your credit card has enough available credit before transferring.
Transfer Limit: Be informed of any transfer limits that your credit card issuer may have established to avoid unpleasant surprises and to feel at ease.

Also, go through our dedicated article on How to Add Bank Account in Flipkart?

Conclusion

This was all about how to transfer money from credit card to bank account. With just a few clicks or a trip to their preferred bank, users can effortlessly transfer money to their accounts using a variety of online and offline methods. When transferring money through any platform, it's crucial to consider the costs and interest rates related to the transaction, as well as the security of your personal data.

Frequently Asked Questions

Q. Can I Transfer Money Directly From a Credit Card to a Bank Account?

A. Many banks enable you to transfer money straight from your credit card to your bank account using their online banking app or website. However, each bank may have a different daily transfer cap, so please contact your bank for exact details.

Q. Which App is Best For Transferring Money From a Credit Card to a Bank Account?

A. The safest way to move money from a credit card to a bank account with the fewest fees is through the MobiKwik app. Use MobiKwik to send money online quickly. Simply download the app or sign in to the website, then follow the instructions.

Q. Can I Withdraw Money From My Credit Card?

A. Simply visit an ATM and withdraw the necessary amount of cash up to the designated limit. Nothing special from the bank's approval is required. And you reimburse it together with the fees associated with making cash withdrawals. Each credit card has an upper limit on the total amount that can be charged to the card.

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About Author

Ankita

Content Writer

I am eager to assist individuals with understanding different aspects of life through my content. The content that I write has helped many people grow their skills and knowledge. I believe I have a strong relationship with the written words as I love elaborating on minor details with surplus data