In the digital age, credit cards play an indispensable role as they save customers from carrying bundles of cash wherever they go. Many people prefer using credit cards to benefit from cashback and reward points offered when they pay using credit cards. Credit cards are extensively used for making payments, either through online mode or by swiping the card at POS terminals available with the shopkeeper. \
However, we often need to pay in cash, and if we withdraw money using credit cards, it attracts additional charges. Therefore, in such a situation, you look for options for the credit card to bank account transfer to make the payments. So, if you are confused about the credit card to bank account transfer of funds, we have got you covered. This article provides detailed insights about methods to transfer money from your credit card to a bank account.
Methods for the credit card to bank account transfer of money through online mode
There are many ways in which you can transfer money from your credit card to your bank account online. A few popular methods among them include:
1. Direct transfer to a bank account using net banking: One of the easiest methods is to transfer money to your bank account using your credit card. You can easily carry out the credit card to bank account transfer using your bank account’s net banking app.
If you wish to transfer money to the account with the same bank, the transaction is almost instant. However, if the transaction is to a different bank, it can take two to three business days to complete the overall fund transfer. The transaction charges for transferring money from a credit card to a bank account vary from bank to bank. The following steps need to be followed to carry out the fund transfer:
Step 1: Visit the official website of your bank
Step 2: Log in to your credit card account using the credentials
Step 3: Choose the money transfer option
Step 4: Enter the required amount you wish to transfer
Step 5: You will have to enter the required details in the form
Step 6: Next, follow the prompted steps to complete the transaction
2. Using mobile wallets: With the digital revolution, this method has become extremely useful for the credit card to bank account transfer of funds. Mobile wallets and payment apps provide a simplified method to transfer money directly to your bank account.
Multiple apps like Freecharge, Mobikwik, Western Union, Paytm etc. are available, using which you can quickly transfer money from your credit card to your account. You need to download an application like Paytm to carry out the transaction.
Follow these simple steps on the Paytm mobile application for the credit card to bank account transfer of money:
Step 1: Sign in to your Paytm mobile application
Step 2: First, transfer money from your credit card to your Paytm wallet
Step 3: Next, choose the ‘Passbook’ option
Step 4: Now, you need to select the option of sending money to the bank and then click on ‘Transfer’
Step 5: You need to enter the account details where you wish to transfer the funds
Step 6: Next, verify the details and click on the ‘Send’ option
Step 7: This will directly transfer the amount to your bank account
If you compare among the best credit cards, the Bajaj Finserv RBL Bank SuperCard is the ideal choice as it provides several industry-first benefits. The most prominent one among them is that it offers an interest-free cash withdrawal from ATMs for upto 50 days, which comes to your rescue whenever you need funds for urgent requirements.
SummaryThough there are some restrictions on the credit card to bank account transfer of funds, it is still quite easy to accomplish. However, extensive use of such transactions can create trouble for you as the bank levies transaction charges each time. But it’s important to remember that such transfers are cheaper than applying for a personal loan or withdrawing cash using your credit card, as the banks charge a higher interest rate. It’s highly recommended that you regularly clear your credit card bill payment and other pending dues, so that you have enough credit in the eyes of the issuer. This can result in enhanced credit limits, which translates to a higher amount to transfer to your bank account if the need arises.