While credit cards are majorly used for making direct payments, either online or by swiping the card at a store. However, there may be situations where you need to pay in cash; which may involve additional expenses if you withdraw money from your credit card. Hence, for such times, you have the option to transfer money from your credit card to your bank account and then make the payment. Now, you must be thinking about how this is possible. There
are multiple ways using which you can transfer money from your credit card to your bank account. In most cases, you need to download any mobile banking application, such as Paytm to transfer money from your credit card to your bank account. Explained below are the steps to follow on Paytm mobile application: Alternatively, you can also use mobile banking/internet banking to make such money transfers. There are also a few offline methods to transfer money from credit card to bank account as explained below – While transferring funds from your credit card to your bank account, you must be cautious of the following things – Even though there are certain restrictions involved in transferring funds from credit card to bank account, it is still okay to do in case of emergencies. However, excess of such transfers may land you into trouble. Such
transfers are relatively cheaper than borrowing a personal loan or withdrawing cash using a credit card as these involve high interest charges. Hence, depending upon the access to mobile applications, and the amount of funds to be transferred, you may choose to transfer funds from your credit card to your bank account, as and when required.
Let’s find out in this blog!Offline Transfer to Send Money from Credit Card to Bank Account
Why should you NOT Transfer Money from Credit Card to Bank Account?
To Conclude:
Apply For Credit Card
FAQs
How can I transfer money from credit card to bank account online?
You can easily transfer money from your credit card to your bank account using the Paytm mobile application. There are only a few simple steps required to transfer the money.
How can I transfer money from credit card to bank account offline?
You can transfer money from credit card to bank account using offline methods such as signing a cheque, RTGS, NEFT or through an ATM.
Are there any risks involved in transferring money from credit card to bank account?
While transferring money from a credit card to bank account is feasible, easier and cheaper than other methods, doing so quite frequently may bring you in the limelight of the bank/ income tax department and you may land into trouble. Hence, you must not overdo this practice and be cautious while doing so.
What are the charges for transferring money from credit card to bank account?
The charges for transferring money from credit card to bank account vary from bank to bank.
Do all credit cards let you transfer money to a bank account?
Almost all credit cards let you transfer money to a bank account. Even if your credit card does not let you do so, you can simply transfer money from your credit card to your Paytm wallet and then transfer it to your linked bank account.
How to check the cash limit of my credit card?
To check the cash limit of your credit card, you can simply log in to your credit card’s net banking account. You will find all the details related to your current balance, cash limit, recent transactions, etc.
How to make credit card cash withdrawl?
You can use the ATM cash advance facility to withdraw cash from the ATM. However, later on, you will have to deposit this amount to your bank account
Mehak Bagla is a financial Content Writer with over 3 years of work experience in the industry. She is a passionate writer with professional approach in digital marketing. In her spare time, Mehak loves to write, travel, and listen to music.