How to transfer money from credit card to bank account?
Transfer Money from Credit Card to Bank Account: Whether faced with an emergency, unexpected costs, or a non-card-friendly transaction, transferring money from your credit card to the bank savings account might be necessary. Here's how.
Money Transfer from Credit Card to Bank Account: Here's how to transfer money from credit card to bank account while managing associated costs and risks. (Source: Freepik)
Transfer Money from Credit Card to Bank Account Online: A credit card is a handy payment option that enables users to buy items without immediate cash. Although widely accepted, having some cash available can be essential in certain situations. Whether faced with an emergency, unexpected costs, or a non-card-friendly transaction, transferring money from your credit card to the bank savings account might be necessary, albeit with potentially high fees.
When it comes to transferring money from a credit card to a bank account, there are several methods available. Here’s an elucidated step-by-step process of the same:
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Select the country, amount, and delivery method (bank account).
Enter the recipient’s bank account details.
Make the payment using your credit card.
Receive a confirmation email with the Money Transfer Control Number (MTCN).
The money will be transferred to the recipient’s account.
Note: Transfer times vary based on factors like amount, country, currency, and bank regulations, typically taking 1 to 5 working days.
2. E-Wallet:
Register with an e-wallet.
Transfer funds from your credit card to your wallet.
Navigate to ‘Passbook’.
Choose ‘Send money to the bank’.
Enter the amount, account number, and IFSC.
Click ‘Send’ to transfer money to your account.
3. Netbanking:
Visit your bank’s official website.
Log in to your credit card account via net banking.
Select the transfer money option.
Enter the transfer amount and the required details.
Follow the instructions to complete the transaction.
4. ATM Cash Facility:
Use your credit card at an ATM for cash advances.
Withdraw the desired amount and deposit it at your bank’s branch.
5. Phone Call:
Contact your credit card company.
Request a fund transfer.
Confirm the amount and provide bank account details.
Follow the prompts to complete the transaction.
Key Considerations Before Transferring:
Credit Card Usage: Reserve credit cards for direct payments.
Income Tax Implications: Excessive credit card use may attract tax scrutiny.
Fees and Interest Rates: Understand transfer fees and interest charges.
Credit Limit: Ensure a sufficient credit limit to avoid penalties.
Transfer Limits: Be aware of any transfer limits set by your credit card issuer.
By considering these factors and following the outlined steps, you can effectively transfer money from your credit card to your bank account while managing associated costs and risks.
