Earlier, it was possible to transfer money from credit card to bank account without any charges through paytm mobile app. You can add money in your paytm wallet and then transfer the money to your bank account.
But now Paytm also charges ranging from 2.5% to 3.5%, plus GST for loading money in your paytm wallet from your credit card.
Therefore, it is not possible to transfer money from credit card to bank account without any charges. You have to pay a charge for transferring money from credit card to bank account.
Let’s explore various methods to transfer money from credit cards to bank accounts.
Methods To Transfer Money From Credit Card To Bank Account
#1. Net Banking
You can transfer funds from your credit card to your bank account by accessing credit card’s online banking account. The fees for this service may vary depending on your bank.
Steps to transfer money using net banking:
Step #1: Visit your bank’s website.
Step #2: Log in to your credit card account online.
Step #3: Look for the “Transfer to Bank Account” option.
Step #4: Enter the amount you want to transfer.
Step #5: Fill in the required details on the form.
Step #6: Follow the prompts provided to complete the transaction.
#2. Phone Call
You can also call the customer service number on the back of your credit card and request a transfer to your bank account. The fees for transferring funds from a credit card to a bank account through a phone call will be identical to those charged through net banking.
Follow these steps
Step #1: Contact your credit card company via phone
Step #2: Request for a fund transfer
Step #3: Confirm the amount you wish to transfer to your bank account
Step #4: Provide the required bank account details to complete the transaction.
You can write a cheque to yourself which means “cheque to self” and transfer the funds. However, the fees and charges for this service may vary depending on the cheque collection and deposit charges levied by your bank.
Follow these steps to transfer money through cheque:
Step #1. Write the payee name as ‘self’.
Step #2. Fill out the necessary details such as the amount, date, and bank account details.
Step #3. Deposit the cheque at your bank branch to complete the transfer.
#4. ATM Cash Advance
You can withdraw cash from an ATM using your credit card and deposit it into your bank account. However, this method can be expensive, as it involves cash advance fees.
For example, HDFC Regalia Gold credit card charges 2.5% cash advance fees of the transaction amount or Rs. 500 (whichever is higher). The cash advance charges vary from bank to bank.
#5. Mobile Apps
There are several mobile apps available for both Android and iOS devices that allow you to transfer money from your credit card to a bank account.
Some of the popular apps include –
To balance transfer online, you need to download the app from the google play store and register for an account. Then link your bank account to the app and complete the required KYC.
This method is convenient and fast, but there are fees involved ranging from 2.5% to 3.5%.
It is important to avoid using illegal tricks when transferring funds from your credit card to your bank account, as both banks and online transaction service providers keep a close eye on all activities.
To ensure a safe and secure transfer, it is recommended to always use legal and authorized methods for transferring funds from your credit card to your bank account.
#1. How much money can you transfer from a credit card to a bank account?
The amount that you can transfer money from a credit card to a bank account depending on the daily transfer limit.
#2. How many times can I transfer money from my credit card to my bank account?
Banks may have restrictions on the frequency of money transfers from credit card to bank account, and they may not allow constant transfers. It’s purely at the discretion of the bank you have in mind.