How do I transfer funds from my credit card to my bank account?

When cash is tight, credit cards can in handy. But there are some payments you can't make with a credit card, like mortgages, stock purchases, and money orders. You can move money from your credit card to your bank account in these circumstances. When credit card payments are not accepted, you can still access your funds by following this approach.

The goal of this blog is to guide you through the process of transferring funds from a credit card to a bank account.

To transfer money from your credit card to your bank account, you can use a few different methods. One common way is to request a cash advance from your credit card provider, which allows you to withdraw cash directly or transfer it to your bank account via online banking. Another option is to use a third-party app or service that facilitates this transfer, but be mindful of fees and interest rates, as they can be high. Always ensure you understand the costs involved before proceeding.

When banks let you transfer money from your credit card to your bank account, you can do so directly using net banking, money transfer credit cards, phone calls, or indirectly through an e-wallet connected to your bank account.

You can use checks or ATM cash advances to transfer money when banks forbid you from transferring money from your credit card to your bank account.

Using the online banking app or even over the phone, you can make a direct transfer of money from your credit card to your bank account. To obtain the most recent information, you should verify the daily and monthly transfer limit with your bank as it differs throughout banks. The transfer is nearly instantaneous if the money is going to the same bank as the credit card account.

On the other hand, it should take two to three business days if the transfer is to an account with a different bank.

You can always call for the transfer if you need the money right soon and don't have internet access. The fees associated with transferring money over the phone from a credit card to a bank account are the same as those associated with using net banking.

Digital wallets that help you transact fast and safely are called e-wallets, including Paytm and Payzapp. These need to have a KYC done and are connected to your bank account.