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Follow the Steps to Transfer Money from a Credit Card to a Bank Account

Transferring money from a credit card to a bank account can be extremely helpful in certain scenarios. For instance, having the ability to transfer funds from your credit card to your bank account can provide an efficient way of creating an ample emergency fund and help you stay prepared in case of unexpected bills or expenses.

Transferring credit card funds into a bank account is a good option for debt repayment since storing the money makes it easier for you to keep track of payments and stay on course with your budgeting goals. 

This article will provide step-by-step instructions on transferring funds using a credit card.

Transfer Money from Credit Card to Bank account through Mobile Apps

Many mobile applications are available on the Google Play store and App Store for the effortless transfer of funds from an online credit card to a Bank account. Through such apps, users can ensure they save money by not incurring charges or taking a hit on their credit scores. Considering one’s preferred payment methods and other factors, these applications provide creative solutions for people looking for an alternative way of quickly transferring funds.

Using the wallet features, users can simply transfer money to their bank account using mobile apps like PayTM & MobiKwik, etc.

For Paytm:

Your Paytm wallet can be topped up with a credit card, and you can then deposit the wallet balance into a bank account. However, it is not free. When using a credit card to add money to the wallet, Paytm will incur a 2.5% transaction fee.

However, there is a 2% transaction fee when you use the Paytm “Rent Payment” option to send money from your credit card to your bank account.

Follow the steps:

Step 1: Launch the Paytm app on your mobile device and head to the “Recharge & Bill Payments” section

Step 2: Choose the “Rent on Credit Card” option

Step 3: Input the necessary details of the recipient’s bank account, including the account number, IFSC code, and the name of the account holder, then tap “Proceed”

Step 4: On the Payment page, select your credit card and enter its details to complete the transaction

You may transfer credit card funds to your bank account using this technique with a 2% transaction fee.

For MobiKwik

Follow the steps:

Step 1: Download the Mobikwik App

Step 2: Navigate to ‘Wallet to Bank Transfer’ and press the ‘Transfer now’ button

Step 3: Input the Beneficiary Account Number, IFSC code, and UPI ID

Step 4: Enter the sum of money to be transferred and choose a Payment Mode

Step 5: Provide your Credit Card information and finish the Payment process

The money sent will be immediately reflected in the bank account.

Credit card to bank account transfer can be a useful and convenient way to access funds quickly. However, before using this feature, understand the fees, terms, and conditions associated with such transactions. 

Every bank is different, and their rules may differ, so make sure you know the specifics before getting started. Additionally, be wary of any suspicious activity or unsolicited offers when transferring funds. It’s always best to be cautious and well-informed.

Things to take care of when transferring money from a credit card to a bank account

When transfer money from credit card to bank, there are a few important considerations to make to ensure the process is secure, cost-effective, and accurate.

  • First, it’s important to research all possible service providers, comparing fees, security measures, and processing times
  • You should always check the payment recipient’s details carefully and confirm they match up with who you intend to pay; this is a vital step that often gets overlooked in completing transactions
  • Finally, keep an eye on your account balance during the process and monitor any transactions made as soon as they happen; this will help ensure things progress smoothly

Also Read: Things to Know Before Swiping Your Credit Card at an ATM

Transferring money from your credit card can be painless and provide a convenient way of managing funds.

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