February 24, 2024

If you are looking for how to transfer money from a credit card, note that though it may sound like a quick and simple way to get money, the fees and high-interest rates may not be worth the move. Let’s dive into the details!

How to Transfer Money from Credit Card

Overview of Credit Card Transfer

Credit cards are incredibly useful in a variety of situations. They provide quick access to cash when necessary and can even earn you rewards and cashback.

Whether you need financial assistance during an emergency or you want to fulfill your dreams, credit cards can help you achieve your goals. Today, having a credit card is not just a privilege but a necessity.

However, it’s important to use credit cards with caution, as they can lead to significant debt if not managed properly. One way to avoid this situation is to take advantage of the credit card-to-bank transfer facility.

While credit cards are primarily used for making payments, such as dining out or traveling, you can also use them to access funds during a cash crunch.

It’s important to remember that using credit cards responsibly is the key to avoiding financial difficulties.

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Methods for Transferring Money from Credit Card

There are different ways to transfer funds from your Credit Card to your Bank Account. Here are the most common methods:

Direct Transfer: Most Banks allow you to transfer funds directly from your Credit Card to your Bank Account through their online banking app or website. Please note that the daily transfer limit may vary among Banks, so it’s best to check with your Bank for specific information.

Net Banking: If your Bank provides net banking services, log in to your Account and access the ‘Credit Card’ section. Then choose the ‘Transfer’ option, enter the amount you want to transfer to your Bank Account, and follow the prompts to complete the transaction.

Phone Call: Some Credit Card companies allow you to transfer funds by making a simple phone call. Contact the Credit Card company to provide the necessary details and inform them about your intention to transfer funds. Confirm the amount you want to transfer during the call.

Writing a Cheque: Another option is to write a cheque to yourself. Simply write ‘self’ in the recipient’s name section and include all the necessary information. Then deposit the cheque at your nearest ICICI Bank Branch.

Transferring Money from Your Credit Card to Bank Account using e-wallet

To move money from your credit card account to your bank account, you can use an e-wallet like PayTM, Freecharge, MobiKwik, etc. The actions you need to take to start the procedure are listed below:

  • Use the e-wallet of your choosing to register.
  • Open the e-wallet app and navigate to ‘Passbook’.
  • Select the option labeled “Send Money to the Bank.”
  • Select the “Transfer” menu item.
  • Enter the IFSC information, account number, and amount.
  • The money will not be deposited into your account until you click the ‘Send’ button.

Using Western Union to Transfer Funds from Credit Card

The steps you must take to use Western Union to transfer money from a credit card to a bank account are listed below:

  • Free Western Union registration is provided.
  • Select the delivery mode (to the bank account in this example), the destination country, and the transfer amount.
  • Put the recipient’s bank account details here.
  • Utilize your credit card for transactions.
  • You will receive an email with a confirmation and tracking number, which is also known as a money transfer control number (MTCN).
  • Money will be transferred to the recipient’s account.

The amount, the country, the currency, the bank’s policies, the time of day, and the business hours all affect how much can be sent straight to the bank account.

Within one to five business days, Western Union can transfer funds from your credit card to an account.

Using MoneyGram to Transfer Funds from Credit Card

Given below are the measures you will have to follow to transfer funds from credit card to bank account using MoneyGram:

  • Select the beneficiary and the country the bank account is being operated from. You need to give the entire name of the receiver. If you are sending it to your own account, you need to include your entire name and all other account details.
  • Select “Account Deposit” from the menu and input the transfer amount.
  • To complete your payment, select “Credit Card” under “Payment Method.” If more than one currency is being exchanged, the exchange rate and related fees will be displayed on the screen.
  • You have to provide precise details about yourself as the sender in order for things to be validated.
  • Name, bank account details, and any additional information required should be sent to the receiver.
  • When everything is in order, the funds will be successfully transferred to your bank account.

Using Net Banking to Transfer Funds from Credit Card

The procedures you must follow in order to use net banking to transfer money from a credit card to a bank account are listed below:

  • Go to the bank’s website.
  • After inputting your credit card details, select the transfer option.
  • Input the desired transfer amount.
  • Transactions can be completed by providing the required information on the form and then following the instructions.

Using ATM Cash Advance

With the help of an ATM cash advance service, you can withdraw cash from an ATM using your credit card and deposit it directly into your bank account.

Procedure:

  • When you take out cash from an ATM, use your credit card.
  • Deposit it at any of your bank’s branches.

You must be aware, though, that using this function will cost you money.

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FAQs on How to Transfer Money from Credit Card

How do you withdraw money with a credit card?

Use the ATM cash advance feature to withdraw cash from the ATM. However, you’ll have to use this money to make a subsequent bank account deposit.

How can I transfer money offline from my credit card to my bank account?

You can transfer money from a credit card to a bank account offline by using methods like check writing, RTS, NEFT, or an ATM.

Can I use my credit card to pay with UPI?

Credit and debit cards can be added to accounts through UPI apps like Paytm, PhonePe, and GPay. Put another way, credit cards can also be used to make UPI payments.

How much may be transferred with a credit card?

There is no upper limit as long as it is larger than or equal to 75% of the maximum credit card limit. You can call, text, or log in to access the balance transfer feature, just like you can with any credit card.

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