Credit cards are the best sources of purchasing products or services in advance, with the bank making your payments. You are, however, required to pay them with a credit card balance due at the end of every month. But there are several purchases like real estate, mortgages, etc., which you can’t pay with the help of a credit card.
You need a bank account with an adequate bank balance to transfer it for your usage in due time. In such a situation, you can use your credit card to transfer money into your bank account. There can be two situations when you try to do this:
- Banks Will Allow You to Make a Credit Card to Bank Transfer
In such times, you can directly transfer money from your credit card to your bank account using net banking, money transfer via bank, the e-wallet linked to your bank account, or by phone call.
- Banks Will Not Allow You to Make a Credit Card to Bank Transfer
If banks do not allow direct money transfers from your credit card, you can use ATM services or cheques to make the payments.
In either case scenario, you will be able to do the transaction. Let us check out the details of how to make a bank transfer directly with a credit card.
Ways to Make Bank Transfers Directly
Directly Transfer From Credit Card to Bank Account
If you want to transfer funds directly from your credit card to your bank account, you can use the net banking app or make this transfer over the phone. The amount of money you can transfer from your credit card to your bank account will differ according to every bank’s specifications.
You should check with your bank to get the exact information on the limit. The transfer happens almost instantly if you hold a credit card and bank account with the same bank. Otherwise, it will take about 3-4 business days. So you can make your payments accordingly.
Indirectly Transfer From Credit Card to Bank Account.
If you hold an e-wallet like Paytm or PhonePe, you can use it to make the transfer. To go through with the transfer, you must have your bank account linked with the e-wallet. You will need to verify and register with your KYC details at the bank.
Net Banking
An online way of making credit card-to-bank transfers. You can access your credit card’s online banking account and make the transfer by paying the pre-determined fee by the respective bank. Following are the steps for the same:
- Go to your bank’s website
- Enter your credit card account’s credentials
- Go to the ‘Transfer’ option
- Enter the amount that you want to transfer to your bank account
- Fill out a form with the required details.
- Continue and follow prompts to make a successful transfer transaction.
Phone
A phone call is used when you need cash in a situation immediately. You can always go with the old phone call if you do not have internet access. You will not pay any extra charges for this. All you need to pay is the fee you would otherwise pay with the net banking transaction. Following are the steps for the same:
- Call your credit card company
- Give them details about your need and request for transferring the fund
- Confirm the amount and the bank account you need to make this transfer to
- Provide the details for the bank account number and everything else
- Stay online and follow their instructions to complete the transaction.
Other Ways
You can also write a ‘cheque to self’ and make a credit card to bank transfer.
Wrapping Up
If you are still thinking about choosing a debit card vs a credit card, you can rest your nerves by knowing how a credit card facilitates your funds. There are mainly the above-listed ways that you can follow to make the credit card to bank transfer. These are safe and will come to your use in times of need.