How to transfer funds from credit card to your bank account?
Credit Cards are lifeline whenever you are in a financial crunch. It gives the option of buying things on credit which you can repay later. However, credit cards cannot be used for certain types of transactions, such as payment for stocks, mortgages. In such a scenario, you can transfer your balance from credit card to your savings account. Here are the steps to transfer money from credit card to Bank.
Direct transfer to Bank
By using the credit card net banking app, you can transfer funds from credit card to your bank account. Every bank has a fixed transaction limit defined, so you will have to check with the respective bank. If the credit card provider is the same as you bank accounts’ provide then the transfer in most case is instant. However, if you have to use your card to transfer money to other bank, then it might take two or three days.
Netbanking
You can use your netbanking feature to transfer funds from credit card to your account,
- Open the bank’s website
- Login to your credit card
- Select the transfer option
- Enter the amount you want to transfer
- Enter the details required
- Follow the instruction to complete the transactions
Phone Call
You can also contact your credit card issuing bank and request for a fund transfer. Call their helpline, provide a few instructions such as your card number, and confirm the amount you would want to transfer. Complete the steps along to transfer the money to your bank account.
e-wallets
Alternatively, you can also use e-wallets like Paytm and Payzapp to transact from credit card quickly and safely. These wallets are linked to your bank account and you just need a KYC verification to initiate the process.
Cheque
If these options don’t work for you, there is a facility called cheque to self where you can write a cheque to yourself, wherein the money is taken from your credit card and transferred to your bank account. Just include the payee name as self, ad fill up the required details and drop it in your bank.
ATM Cashwithdrawal
You can also withdraw cash from the bank and deposit it into your account. However , if you withdraw cash from ATM, the bank would levy a 2.5% cash advance fees on the amount withdrawn. The maximum charges vary from bank to bank.
Stay tuned to the blog about various articles on features and benefits of various credit cards, how to use the credit cards prudently and other information.