Transferring money from your credit card to your bank account can be a lifesaver if you’re running low on funds. It can be used to meet financial obligations that cannot be carried out using a credit card.
There are numerous ways to transfer funds from your credit card account to your bank account. Here are some of them:
Step 1: Visit your bank’s official website (mobile app should also work)
Step 2: Log in to your account
Step 3: Choose ‘Credit Card Services’
Step 4: Select ‘Credit Card to Bank Transfer’
Step 5: Enter all the required information to complete your transaction
Step 1: Log in to your preferred e-wallet app (such as Paytm and PhonePe)
Step 2: Initiate a fund transfer and enter recipient’s details (your bank account information)
Step 3: Enter the required amount
Step 4: Choose ‘Credit Card’ as payment option
You can also use apps like MoneyGram and Western Union to transfer funds from your credit card account to your bank account. If you prefer to go the offline route, you can call your credit card provider directly and request a fund transfer.
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No risks are involved in transferring money to your account using a credit card. However, it’s a good idea to avoid frequent transfers as that may draw the attention of the bank or the IT department. Additionally, since there is a lot of confidential information involved, it’s important to be careful while transferring funds, particularly when using third-party apps.
Here are some of the fastest and more efficient ways to transfer money from a credit card account to your bank account:
Online fund transfer
Typically, transferring money to your savings account with the help of your financier’s banking app or website should be free of cost. Though, it’s a good idea to read up on their policies for such transfers to avoid unnecessary charges.
Yes, banks may charge fees for transferring funds from your credit card to your bank account. The exact amount may vary from one credit card issuer to another.
Yes, you can use your credit card to transfer money from your credit card to someone else’s bank account.
It usually takes only a couple of minutes to transfer money from your credit card to your bank account if you’re using an e-wallet or your credit card issuer’s app/website. In case you’re using an offline method to transfer money from credit card to bank account, it may take a few working days depending on your bank.
If you’re using a mobile wallet or other indirect methods to carry out the transfer, you will be required to complete your KYC on those platforms.
Yes, you can transfer money from a credit card to a debit card using e-wallets or your financier’s banking website or app.
Paytm allows you to transfer up to ₹10,000 from your credit card in a single transaction and up to ₹1 Lakh in a month. However, it may be a good idea to get in touch with your banking partner to get a clearer idea about transfer limits.