When you are looking for cash, credit cards come in handy. However, credit cards are not always accepted for some purchases. Mortgages, stocks, and money orders are all examples of items that cannot be paid for with a credit card. You can still transfer money from your credit card to your bank account in this situation. Here’s everything you need to know about such a deal.
There are two scenarios that you may come across when transferring money from a credit card to a bank account.
- When banks allow you to transfer money from your credit card to your bank account.
You can send money directly to your bank account by online banking, money transfer, credit card, or phone call, or indirectly by using an electronic wallet linked to your bank account.
- When your bank does not allow you to transfer money from your credit card to your bank account, you can use checks or cash advances at ATMs.
Direct transfer to your bank account
You can use the net banking app or even the phone to transfer money directly from your credit card to your bank account. Since daily and monthly transfer limits differ by bank, you should check with your bank for the most recent information. The transfer is almost instantaneous if you transfer the money to an account at the same bank as the credit card. However, if the transfer is made to another bank’s account, it should take two to three business days.
Direct access to your credit card’s online bank account can be used to transfer funds.
- Go to your bank’s website and log in.
- Go to your credit card account and sign in.
- Choose a transfer method.
- Fill in the amount you want to transfer.
- Fill in the blanks of the form with the necessary information.
- To complete the transactions, follow the steps.
The fees for transferring money from a credit card to a bank account vary by bank.
Make a phone call
If you need money right away and don’t have internet access, you can always call for a wire transfer.
- Contact your credit card company.
a fund transfer request
- Confirm the amount you want to deposit into your bank account.
- Provide the bank account number and any other necessary information.
- To complete the transaction, simply follow the steps.
The fees for transferring money from a credit card to a bank account over the phone will be the same as the fees for using online banking services.
Indirect transfer to your bank account
Electronic wallets, such as Paytm and PayZapp, are digital wallets that allow you to make fast and secure transactions. These are connected to your bank account and require you to complete a KYC process.
Paytm also allows you to transfer money from your credit card to your bank account. However, you must first fund your Paytm wallet before transferring funds to your bank account. Any amount between INR 100 and INR 25,000 can be sent.
- The money should be added to your Paytm wallet.
- Open the app and select the “Add Money” option.
- Fill in the amount to transfer.
- Choose “Credit Card Method” and enter your card information.
- Paytm is a service that allows you to send money to a bank account.
- Open the app and select Passbook from the drop-down menu.
- Select the option “Transfer to bank” from the drop-down menu.
- Fill in your bank account information.
- Fill in the amount to transfer.
- To complete the transfer, press the “Send” button.
There is a 4% fee applied when you transfer funds from your Paytm wallet to just about any bank account.