How to Transfer Money from Credit Card to Bank Account

Easy Steps: Transfer Money from Credit Card to Bank Account

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In today’s digital era, monetary transactions have become increasingly convenient. One such convenience is offered by your credit card. You are probably well aware of how to pay credit card bills, but do you know you can transfer money from your credit card to your bank account?

This option can be advantageous in various situations, such as managing cash flow, paying off debts, or making necessary payments. This guide will shed light on how to transfer money from credit card to a bank account, including the steps and potential fees involved. So, let’s dive in!

How to Transfer Money from a Credit Card to a Bank Account Through Direct Transfer? 

To proceed with a credit card to bank transfer using the direct bank transfer method, follow these steps:

  • Log in to your bank’s online portal or mobile banking app provided by your bank.
  • Navigate to the “Transfer” or “Payments” section within the banking interface.
  • Choose the option for making a “Transfer to Other Bank Account” or similar.
  • Select the account from which you want to transfer the funds (your credit card account).
  • Enter the bank account details of the recipient, including the account number and IFSC code.
  • Specify the transfer amount you wish to move from your credit card to the linked bank account.
  • Double-check all the entered information for accuracy.
  • Confirm the transfer request and authorise it using any provided security measures (such as OTP or transaction password).
  • Review the transaction confirmation and note the reference number or transaction ID provided. 

How to Transfer Money from a Credit Card to a Bank Account Through MobiKwik?

If you are wondering how to transfer money from credit card to bank account using the MobiKwik app, follow the steps given below: 

  • Visit the Google Play Store or Apple App Store and download the MobiKwik app.
  • Install the app on your smartphone.
  • Open the MobiKwik app and sign in to your existing account or create a new one if you don’t have an account already. 
  • Furnish the necessary details and complete the registration process.
  • To transfer funds from your credit card to your bank account, you must link your bank account with your MobiKwik account. Navigate to the “Transfer to Bank” then move the cursor to the “Online Money Transfer” section within the app. 
  • Follow the instructions and provide the necessary bank account details, including account number, IFSC code, branch code, etc.
  • Next, you must add your credit card as a payment method.
  • Once your bank account and credit card are linked, you can proceed with the money transfer. 

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

Now that you know how to transfer money from credit card to a bank account online, let us discuss how to do the same in offline mode. To make an offline credit card to bank transfer  follow the steps given below:

  • Reach out to your credit card issuer through their customer service helpline or visit their nearest branch. Suppose you have a Yes Bank credit card, then inquire about the money transfer process from your credit card to a bank account and Yes Bank credit card payment and ask for the required forms or instructions.
  • Once you have contacted your credit card issuer, they will provide you with the relevant forms or documents for initiating the transfer. Carefully complete the transfer form by providing your credit card number, the amount you wish to transfer, the bank account details (including the account number and branch information), and any other required information.
  • Once your credit card issuer receives the transfer request form, they will verify the details provided. If all the information is accurate and meets their criteria, your transfer request will be approved.
  • Keep track of your bank account to ensure the transferred funds are successfully credited. Depending on the processing time of your credit card issuer and the bank, it may take a few business days for the funds to reflect in your bank account.

Fees Associated with Transferring Money from a Credit Card to a Bank Account?

  • Cash Advance Fees: Most credit cards levy a cash advance fee soon after you withdraw cash from your credit card, which includes transferring funds from your card to your bank account. This fee is typically a percentage of the transaction amount or a flat fee, whichever is higher.
  • Interest charges: Cash advances usually accrue interest from the day of the transaction, and the interest rates are often higher than those for regular credit card purchases. Unlike regular purchases, cash advances do not usually have an interest-free grace period.
  • Transaction Fees: If you choose to use a third-party money transfer app or service to proceed with a funds transfer from your credit card to your bank account, there may be transaction fees involved. These fees can be a percentage of the transferred amount or a flat fee per transaction.

The transfer of funds from your credit card to your bank account offers flexibility and convenience in managing your finances when required.

By understanding the terms and conditions of your credit card, researching available transfer methods, applying  credit card payment coupons, and following the necessary steps, you can easily complete the transfer and manage your finances effectively.

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