6 Ways To Transfer Money From Credit Card To Bank Account

Credit cards have a high use as they allow you to buy goods, give high rewards and helps to build a credit history. When you are short on money, credit cards cover your expenses, with an agreement that you will repay the bill on time. Due to its many advantages, bank credit cards have become a preferred choice among smart spenders. 

In this digital world, transferring money has become easy and credit cards are in the race as well. You can transfer money directly into your bank account with credit cards. But not everyone is aware of the same and even if they are, they do not know how they can transfer money into their bank account.

In this article, we talk about 6 ways by which you can transfer money from your credit card to your bank account.

• Direct Transfer

With net banking or your bank’s app, you can easily credit card transfer to bank account directly. Before doing the same, you should be aware of the daily transfer limits of your bank. Not only this, there might be slight delays when you opt for the same. Immediate transactions occur when your credit card and bank account are with the same bank, otherwise, it can take up to 2-3 days for the amount to reflect in your account. 

• Net Banking

By accessing your credit card online banking account, you can transfer funds to your banking account. Your bank levies a charge for this transfer that differs from bank to bank but the process is the same. 

By following the given steps, you can go for the same:

Step-1: Open your bank’s website.

Step-2: Log in to your credit card account.

Step-3: Select the ‘Transfer’ option.

Step-4: Enter the amount you want to transfer.

Step-5: Enter the details and your amount will be transferred.

• ATM Transaction

ATMs transactions can be done via a credit card, which will help you meet your fund requirements. You need to use the cash advance feature for the same to make a withdrawal. Then add the amount you want. You need to know that cash advances are higher in general so be mindful of the same while choosing your credit card.

• NEFT or RTGS

NEFT and RTGS can also be used to transfer funds from your credit card to your bank account. Just visit your bank, fill in the form, complete all the formalities and money will be transferred to your bank account.

• Through A Phone Call

By calling your credit card bank, you can easily get funds transferred to your bank account. Just follow these steps:

1. Call your credit card bank and provide the representative with the required information.
2. Request them to transfer money to your bank account.
3. Verify the amount you want to transfer.
4. The amount will be transferred to your bank account.

• Issuing A Cheque

You can use the ‘cheque to self’ to transfer the funds from your credit card account to your bank account. Follow these steps to transfer:

• Write “self” in the recipient’s name section.
• Add the remaining details to your cheque. 
• Lastly, deposit the cheque in the bank.

Now that you know how you can transfer money from a bank credit card, there are certain things you should keep in mind while applying for the same.

Things To Keep In Mind While Applying For A Credit Card

• Eligibility 

Every bank offers a variety of credit cards and each has its own eligibility criteria. You should always check if or not you qualify the same. It includes your age, income, credit history, and nationality. 

• Annual Fees

Some credit cards might expect you to pay an annual fee for their maintenance. Even on application, some might ask for a processing fee whereas other might offer a free credit card. Look for these before making a decision about your credit card. 

• Credit History

A CIBIL of 750 or above is always considered a healthy one. Your bank will check for your credit history when you apply for one. If you have a lot of credit cards with you or a lot of loans, then it will negatively impact your score, decreasing your chances to get the same. 

Also Read: How to Send Money From Credit Card To Bank Account

• Check if the Credit Card Aligns With your Needs

Different credit cards offer different perks and features. Evaluate the reward programs and services you will get with that to get the most out of it. For instance, if you travel a lot, it will be helpful to opt for a credit card that provides lounge access. Look for the benefits and then choose one. 

Conclusion 

It can be concluded that transferring money from a credit card to a bank account can be done in cases of emergencies. These transfers are more economical than taking a personal loan. With net banking and mobile applications, it is easy to do the same anytime, anywhere.