A credit card is also known as a miracle card because it allows the user to pay the bills without having money. One more best feature is you can transfer money from credit card to bank account.
Yes, you heard it right. This can be easily done in the era of digitalization. There were some restrictions while using a credit card to make certain payments.
At that time you can transfer your credit card money online to your bank account and pay off that bills.
Below we will provide you the best methods to transfer money from credit card to bank account online for free or at minimal charges.
Read Also: Credit Card and Debit Card Difference
- How to transfer money from credit card to bank account at low cost
- Transfer money from credit card balance to bank account through Payzapp App
- How to transfer money from SBI credit card to bank account
- Other Apps or Methods to transfer money
- Transfer amount from credit card to savings or current bank account using cash advance
- About The Post
- Final Words
- FAQs(Frequently Asked Questions)
How to transfer money from credit card to bank account at low cost
In this section, we will provide you the method that will allow you to transfer your amount from your credit card to your bank account without paying huge charges.
For this, you have to download Paytm App and register your account in Paytm Wallet. Paytm app is available at the play store and ios store.
Below you will see the procedure to transfer money to your bank account at low charges by using Paytm.
Read More: Hidden Charges of Credit Card
Transfer money from credit card to bank account through Paytm
First, you have to add money to your Paytm wallet. Use the following methods to add money to your Paytm wallet.
- Open the Paytm App.
- Select the Add Money option.
- Enter the amount you want to add and click on proceed to pay money.
- Then select a credit card to add money to your wallet and enter your credit card credentials.
- Hit the pay button and you will receive OTP on your mobile number.
- Now, your money is added to your Paytm wallet.
Tip: Save your credit card at the time of payment for faster checkout.
Now, the final process to transfer the amount from a credit card to your bank account will start by using the method provided below.
To avail of this service, you must have a Merchant Account that is linked with that bank account in which you want to transfer the money.
Transfer Paytm Wallet Amount To Merchant Account
You need a merchant account to get your Paytm wallet amount in your bank account because the merchant account is linked with the bank account.
Note: Your Paytm merchant account and your Paytm wallet account should be registered with different mobile number.
Follow the further steps to complete the payment.
- Open your Paytm merchant account on other smartphone.
- Scan the QR Code of Merchant account with your Paytm Wallet account.
- Enter the transaction amount and click on the Pay button.
- The amount will be reflected in your bank account the next day.
Things To Keep in Mind
- You can use only 10,000 rupees of the limit with your Paytm wallet without KYC.
- Your merchant account has a limit of 10,000/per day and a maximum of 20,000/ per month.
- Both Paytm wallet and Merchant account are necessary to complete the payment.
Transfer money from credit card balance to bank account through Payzapp App
You can use Payzapp to transfer money from your credit card to your savings or current account. You have to download this app from your app store and register yourself with the app and then follow the process provided below.
Add money from Credit Card to Payzapp Wallet
To process the payment from your credit card to the bank account you need to add money to your Payzapp Wallet first. Follow the steps provided below.
- Open the Payzapp app and Click on the Send/Money option.
- Then click the + icon to add money to the wallet.
- Then enter your amount and card details.
- The money will be added to your Payzapp wallet.
Now, we will complete the final process.
Payzapp Wallet To Bank Account
- Again open the app and click the send money option.
- Select the bank option and Click on Add Beneficiary.
- Then enter the beneficiary name, account number twice, and the bank Ifsc Code.
- Then enter the amount and click on continue.
- A summary box will open on your screen with the total amount and applicable taxes.
- Click on confirm to complete the payment.
Note: 2% of fees along with 18% of GST will be applicable on the transferring amount.
Things To Note
- You can only use a limit of 10,000 rupees without doing your KYC.
- After KYC you will get a maximum of 1 lakh of limit.
How to transfer money from SBI credit card to bank account
You can use your SBI Credit Card to transfer money to your savings or current bank account. This can be done by using SBI Card mobile app.
First, you have to register your SBI credit card with this app. You can download the app for free from your app store. Follow the steps provided below.
- Open the SBI Card App.
- Go to the top left corner and click on the 3 lines icon.
- Select the benefit option and then click on Easy Money.
- This will show the amount that you are eligible for. This limit varies from user to user.
- Enter the amount and click the Neft Radio button.
- Enter your bank account number twice and IFSC Code. Your bank details will be on your screen.
- Click on confirm and all the fees and charges details will be displayed and click on submit.
After submitting you will receive a pop up stating your service request number and other details. The amount will be reflected within 5 working days.
Things to remember
- The money you will transfer will be used from your credit limit.
- The bank will give you a time period of 45 days to clear the due amount.
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Other Apps or Methods to transfer money
Moreover, there are plenty of other options through which you can easily transfer the amount from your credit card to your savings account.
Below you will see some of the options that will allow you to do this. GST charges and convenience fees may vary.
- Western Union
Transfer amount from credit card to savings or current bank account using cash advance
You can use your credit card at the atm for cash withdrawal and then this amount can be deposited in your savings or current account.
Key thing to note
- Use this option only in an emergency situation.
- Cash withdrawal fees are quite high when using a credit card.
What happens when you transfer money from a credit card to a bank account?
If you transfer money from a credit card to a bank account you have to pay the cash advance charges. The major downside of transferring money from a credit card to a bank account is that the charges are very much high.
Moreover, in most cases, these charges levied instantly and do not have a grace period. So, we would suggest that do the transaction only when it is necessary.
Can you withdraw money from credit card?
Yes, you can withdraw money from a credit card at ATMs. However, the ATM withdrawal is subject to cash advance charges which will soon apply to your card statement as soon as you have withdrawal the amount from your credit card.
About The Post
This post has provided the third party app information that will allow you to transfer money from your credit card to your bank account.
Usually, the fees and taxes may vary in a different app. There are many apps available in the play store and ios store that will help you to transfer the amount in your savings or current account.
Using third-party apps to transfer money from credit card to bank account is not always preferred.
However, these options are best as compared to cash advance because using a credit card to withdraw cash is a costly matter and you have to pay a heavy interest in them.
Use the apps on your own risk and read the advisory and ask your financial advisor for better guidance.
FAQs(Frequently Asked Questions)
How to transfer money from SBI credit card to bank account?
You have to download the SBI card app and then use the easy money option to transfer money to your bank account. You can refer to this article to know the complete process.
How To Transfer Money From Credit Card To Bank Account?
There are plenty of apps available in the app store that will allow you to transfer the amount to your savings or current account. Below is the list.
- Western Union