In today’s fast-paced banking world, where credit cards and bank accounts are widely available, knowing how to get money from credit card to bank account can be incredibly useful. Whether you need urgent cash or want to manage your funds more efficiently, knowing how to transfer money from credit card to bank account is crucial. In this blog, we will provide a step-by-step guide on how you could do so.
Methods to Transfer Money from Credit Card to Bank Account
There are multiple ways of initiating a credit card to bank transfer. Depending on factors like transaction fees, processing time, and other bank policies, you can choose the one that suits you better:
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Direct Transfer
Many banks offer the facility to directly initiate a credit card to bank account transfer. However, there is a daily limit for such transactions. You should review your bank’s policies before conducting such a transfer.
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Net Banking or Mobile Apps
Many banks and financial institutions offer the facility to transfer money from credit card to bank account through their apps. This method is quick, secure and reliable.
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E-Wallets
A few payment platforms also allow their users to send money from a credit card directly to a bank account. You may transfer the money from your credit card to the e-wallet, and then transfer it from the e-wallet to your bank account.
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Phone Calls
Some credit card providers and banks also provide the facility to transfer funds through a phone call. The charges for such a transfer through phone calls are generally the same as levied in net banking.
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Cash Advance Facility
Most credit card providers and banks allow users to withdraw a portion of their credit limit through ATMs. Once you have withdrawn the cash using your credit card, you may deposit this to your bank.
What are the Steps to Transfer Money from a Credit Card to a Bank Account?
Here is a guide on how to add credit card money to bank account. You may follow the given steps to initiate the transaction.
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Check your Credit Limit
Before you initiate a transfer, you must check your credit limit. This will allow you to get an idea of how much money you can actually transfer.
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Choose your Transfer Method
You must choose a suitable transfer method according to the bank facilities and your suitability. This could be through e-wallets or cash advances.
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Log in to Your Online Account
If you are using a mobile app or an e-wallet to initiate the transaction, you must first log in to the app with the necessary credentials. After that, head to the credit card section, and choose to transfer money to the bank, or add it to your wallet. This step is not necessary if you are going to withdraw money from an ATM.
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Enter the Details Carefully
Enter the necessary details carefully. This includes the recipient bank’s account number, IFSC code and the amount you want to transfer. If you avail the cash advance facility, enter the details in the ATM, and withdraw the cash.
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Complete the Transaction
Once all the details are verified, the transaction should be complete and the added amount should be reflected in your bank statements/ e-wallet. If you have withdrawn cash through an ATM, you may deposit it in your bank account.
Final Words
Knowing how to get money from credit card to bank account can be extremely useful, especially in emergencies. However, you must be extremely careful while doing so, as it is essentially a way of borrowing money. If you are using the facility of cash advance, you will likely be charged interest for it. Therefore, you must use this facility as a last resort for emergencies.
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