Acredit card serves as a convenient payment method, enabling users to make purchases without immediate cash transactions. Despite its convenience, it’s crucial to recognise that certain payments, such as car and home loans, may not accept credit card payments. However, funds can be transferred from a credit card to a savings account with potentially high fees. Here is the process of transferring money from a credit card to a bank account.
There are multiple ways in which a credit card user can transfer money to a bank account.
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Using E-wallet:
These are the instructions for transferring funds from your credit card account to your bank account using e-wallets like Freecharge, MobiKwik, and others:
- Begin by registering with your preferred e-wallet platform.
- Launch the e-wallet application and navigate to the ‘Passbook’ section.
- From the available options, select ‘Send money to the bank.’
- Choose the ‘Transfer’ option displayed in the menu.
- Input the desired amount, along with the beneficiary’s account number and IFSC details.
- Finally, click on the ‘Send’ button to initiate the transfer of funds to your bank account.
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Net Banking:
- Begin by visiting your bank’s website.
- Log in to your credit card account.
- Choose the transfer option from the available menu.
- Input the desired transfer amount.
- Complete the required form by entering the necessary information.
- Follow the on-screen prompts to finalise the transaction.
There are offline methods available for transferring money from a credit card to a bank account. This method provides a direct approach to transferring money from a credit card to a bank account. If immediate cash is needed and online access is unavailable, a prompt transfer is achievable with just a phone call. Charges for transferring funds from a credit card to a bank account via phone typically mirror those associated with Internet Banking.
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Phone Call:
- Initiate a call to your credit card company.
- Make a request for a funds transfer.
- Confirm the desired transfer amount.
- Furnish the essential bank account particulars and any additional required information.
- Adhere to subsequent instructions to finalise the transaction.
