Credit cards nowadays act as a blessing when you require funds to meet an urgent expense.
Credit cards have become an indispensable alternative to cash. Using credit cards, you can save
yourself from the tension of carrying bundles of cash wherever you go.
Despite the numerous applications of credit cards, at times, credit cards cannot be used for
some transactions. For instance, when you need to pay your home loan, car loan, other credit
card bills and stock purchases, you might not be able to use your plastic card as all these cases
do not accept credit card payments. For such instances, you need to transfer money from a
credit card to your bank account.
If you need urgent funds, you can transfer the money from your credit card to your bank
account and treat it as a personal loan on a credit card. Additionally, you can also look for
options other than a direct credit card to bank transfer, as certain credit cards provide you with
interest-free cash withdrawal services. Best suited for such a situation is the Bajaj Finserv RBL
Bank SuperCard, as you can withdraw money without accruing any interest for the first 50
days. You can also avail of personal loans for up to 90 days.
Also, there are money transfer credit cards specifically designed for such requirements.
Through these credit cards, you can easily transfer money to your bank account. The added
advantage of these types of cards is that they charge very low or even zero rates of interest for
a certain time frame.
Steps to transfer money from credit card to bank account (Online mode)
If you are wondering “How can I transfer money from credit card to bank account”, here are
some easy methods to help you accomplish the task.
1) Net Banking
Credit card to bank account transfer can be achieved easily by using the net banking facility. If
the fund transfer involves an account with the same bank as that of the credit card, the
procedure would not take much time. However, if the account is with a different bank, then the
process would require 2-3 business days. Charges for this transaction vary from bank to bank,
and you need to consult the bank for the charges and other details.
Detailed procedure to be followed
Step 1: Start by logging in to your net banking account
Step 2: Choose the transfer option Step 3: Record the amount you wish to transfer
Step 4: Enter all the details cited in the form like Account Number, Account Holder Name, IFSC
code etc.
Step 5: You have to follow the prompted steps to complete the transaction using your credit
card details
2) Indirect transfer using e-wallets like Paytm
Paytm
E-wallets like Paytm facilitate you to send money from a credit card to your bank account. This
process warrants you to first add money to your Paytm Wallet and then you can proceed with
the bank transfer. The transaction limit is around Rs. 25,000. You need not pay any charges for
adding money to the wallet, but you have to pay transfer charges which vary from bank to
bank.
Detailed procedure to be followed
Process 1
Proceed to add money using your credit card.
Step 1: Open the Paytm app and choose the option ‘Add Money’ on the app
Step 2: Input the amount you need to transfer
Step 3: Choose ‘Credit Card Method’ and input the credit card details
Process 2
Proceed to transfer money to your bank account.
Step 1: In the app, choose the “Passbook” option
Step 2: Select the ‘Transfer to Bank’ option
Step 3: Provide the required bank details and amount
Step 4: Select ‘Send’ to complete the transfer
3) Using Western Union Money Transfer
This process is very simple and has added advantages. For instance, your registration at
Western Union is free of cost. Furthermore, you can send money to any account around the
world.
Detailed procedure to be followed
Step 1: Register or log in to your profile on the Western Union website
Step 2: Input all the details like country, the amount to be transferred and the method of
delivery which is “Bank Account” in this case
Step 3: Provide the account details of the recipient account
Step 4: Complete the payment using your credit card
After completing all the steps, a confirmation email will be sent along with the tracking
number, also known as Money Transfer Control Number (MTCN). This helps in tracking your
transaction.
