How To Transfer Money From Credit Card To Bank Account?

Wondering how to carry out a credit card to bank transfer? While it may seem like a hassle, it is actually a simple process that can help you when you have insufficient funds in your account. It can also come to your aid in instances where you cannot transact with your credit card.

Read on to learn how to transfer money from credit cards to bank accounts.

How to Transfer Cash to a Bank Account from a Credit Card Online?

Knowing how to transfer credit card cash to a bank account can help you tackle unexpected expenses with ease. Simply follow the below process while transferring money from a credit card to a bank account online:

Through eWallet

• Download the digital wallet or mobile app on your phone 
• Go to the ‘Passbook’ section and select ‘Send money to bank’
• Section the ‘Transfer’ option in the menu
• Input the amount, the beneficiary’s IFSC details and account number
• Click on the ‘Send’ option to complete the credit card to bank transfer

Through Net Banking

• Log in to the net banking account associated with your credit card
• Under the credit card tab, choose ‘Transfer’ and click on ‘Transfer to Bank Account’
• Enter the amount and bank account details and fill in the required details
• Complete the credit card to bank transfer after verifying it with an OTP

Through Phone Call

• Call your credit card issuer 
• Request a transfer of funds from your credit card to your bank account
• Verify the amount you wish to transfer to your bank account
• Give the required bank account details and other information to the representative
• Follow the instructions to complete the transfer

How to Transfer Cash to a Bank Account from a Credit Card Offline?

Here’s how you can transfer money from a credit card to a bank account through the offline mode.

• Visit an ATM nearest to you and enter the card in the machine slot
• Choose the ‘Cash Withdrawal’ option and type in the amount you plan to transfer
• Enter the PIN of your credit card and click on the ‘Enter’ option to receive the cash
• Deposit the cash into your bank account via the bank’s deposit facility
• Write a cheque or get a money order for the amount you wish to transfer and deposit it in your bank account

Also Read : Pay Credit Card Bill Using Another Credit Card

What to Consider When Transferring Money from a Credit Card to a Bank Account?

Here are a few vital parameters to consider when taking this step:

• Associated Charges

Withdrawing money from your credit card comes with high associated charges. These are called cash advances or cash withdrawal fees. 

You may also need to pay monthly interest on the dues if you do not repay on time. So, check the interest rates and fees that apply before you transfer funds.

• Available Credit Limit

Always remember that credit cards come with a credit limit. This simply means you can only use the limit that the credit card issuer has granted. So, your transfer amount has to be within your sanctioned credit limit.

• Repayment and Impact on Credit Score

Remember that you need to repay the withdrawn or used amount on time. Failing to repay your dues can have a negative impact on your credit history. 

This can decrease your credit score. A lower credit score shows an inconsistent repayment track and a high dependence on credit to meet your expenses.

• Transfer Limit

Credit card issuers may set a transfer limit for bank account transfers from your credit card. So, check it before you plan the fund transfer. 

Also Read: Learn to Use Credit Card Responsibly

In case of emergencies, knowing how to transfer cash to a bank account from credit cards can help you tackle your urgent needs effortlessly. However, consider the associated costs of transferring funds from your credit card. 

If you’re on the lookout for a credit card that makes managing your finances easier, check out the Fibe Axis Bank Credit Card. It is the first numberless card with enhanced security features. With added benefits such as zero joining fees and up to 3% cashback, you can use it to boost your purchasing power! Apply for it now on the Fibe App or website.

FAQs on How to Transfer Credit Card Cash to a Bank Account

Can I transfer money from a credit card to a bank account?

Yes, you certainly can! However, remember that it is not possible to send money from a credit card to a bank account for free. You have to pay certain transfer charges. Here are some ways to do it:

• Phone call
• Net banking
• e-Wallet

Can we transfer money from a credit card to GPay?

No, it is not possible to transfer money from your credit card to Google Pay or GPay. You can only use it to send money. You can make your credit card the primary payment mode when initiating transactions with merchants and other users.

Are there any charges if we withdraw money from a credit card?

Yes. When you withdraw money using a credit card, issuers levy cash advances or withdrawal fees. This can be anywhere between 2.5% and 3% of the total withdrawn amount.

How can you withdraw money from a credit card without incurring a fee?

It is possible to withdraw funds via your credit card without incurring any fees via credit cards with zero cash advance fee. 

Is it advisable to withdraw cash from a credit card?

Yes, it is a quick and simple way to get cash whenever you need it. However, pay attention to the cash advance charges to plan better.

What are the fees associated with withdrawing cash from a credit card?

Credit card issuers apply a cash advance fee when you withdraw cash via your credit card. While it varies with the issuer, its generally a percentage of the amount you withdraw.