Credit cards are the best way to do transactions. They are an easy and efficient source of instant transactions convenient for individuals. However, there are some payments that you cannot make through a credit card. Mortgages, stocks, money orders, etc., are some examples. In such cases, you need to depend on other modes of payment. For this, you need to have sufficient money in your bank account. Today, we shall understand how to transfer money from credit card to bank account.
Ways to transfer money from credit card to bank account
There are two modes to transfer money from your credit card to your bank account. You can either transfer it through the online mode or the offline mode. Online transfer is quicker and more convenient, while offline transfer can be useful in some cases. Depending on your needs and convenience, you can use either of the two modes to transfer money from credit to a bank account.
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Online mode of transfer
Online transfer is the easiest and most convenient way of transferring money from your credit card to your bank account. The online transfer gives you several platforms for this. Let us look at a few of them.
Internet Banking
Internet banking is one of the safest modes of online transactions. This method allows you to send money directly from your online credit card banking account. There are certain charges involved for such transactions, depending upon the bank. To use this method, you should first register yourself on the online platform of your bank. The steps involved in the online transfer of money from your credit card to your bank account through internet banking are
- Open the online portal of your bank.
- Login to your personal bank account using your User Id and password.
- Choose the option of money transfer.
- Enter the details of the bank you want to transfer the money.
- Enter the amount of money for the transfer.
- You will then receive an OTP to confirm the transaction.
- Enter the OTP to complete the transaction.
E-wallets
Multiple E-wallets available online can help you transfer money from your bank credit card to account. You need to have the required app registered with your bank account details. After this, you can use them for transactions at any time. It is a much simpler and more instant mode of credit card payment. The steps involved in this transfer are as follows:
- Login to your E-wallet account.
- Enter your card details for the transfer.
- Enter the amount of money you want to transfer.
- Select the confirm option to finish up the transaction.
- The money gets added to your E-Wallet account.
- You should then transfer the amount from the E-Wallet to your bank account.
- Go to the passbook section of your E-Wallet and enter the amount of money you wish to send.
- Click on the confirm option to finish up the transaction.
- The money gets transferred to your bank account.
Offline Mode of transaction
You can also transfer from your credit card to your bank account offline. This is a slightly archaic mode of payment but can be useful when you don’t have any other option. Let us look at the options for the offline transaction mode.
Cheque Payment
Payment through cheque almost seems like an ancient method of transaction in today’s time. All you need to do is write a cheque from your credit card bank account to the bank account you want to send the money to. It is a simple process. You just have to fill in the details like the account number and the amount of money you want to transfer and then sign the cheque. It usually takes 2-3 business days to complete a cheque transaction.
Creditor Helpline Number
You can also transfer money from your credit card to your bank account through the helpline number provided by the creditor. You should call the creditor’s helpline number through your registered mobile number to initiate the payment.
You will then be assisted by an individual who will help you with the payment. You will have to provide your credit card number and the amount of money you need to transfer. It is a smooth process of the transaction. Depending on the bank, you will have to pay certain charges to avail of this facility.
Also Read: How To Redeem Credit Card Points
Withdraw & Deposit
This traditional method lets you transfer money from your credit card to your bank account. You first visit the nearest ATM to withdraw the amount of money you wish to transfer. Take this money to the nearest branch of the bank you wish to deposit the money. You will be required to fill in a deposit slip with the required details like cash amount and bank details. Submit this slip at the respective counter to finish the transaction. You will get a receipt as proof of the transaction.
Now that you know the process of transferring money from your credit card to a bank account, you can use this facility when you need cash. Remember, the interest charges are higher, especially on missed or delayed payments.
