Transferring money from your credit card to your bank account can be a lifesaver if you’re running low on funds. It can be used to meet financial obligations that cannot be carried out using a credit card.
No risks are involved in transferring money to your account using a credit card. However, it’s a good idea to avoid frequent transfers as that may draw the attention of the bank or the IT department. Additionally, since there is a lot of confidential information involved, it’s important to be careful while transferring funds, particularly when using third-party apps.
Here are some of the fastest and more efficient ways to transfer money from a credit card account to your bank account:
Internet Banking
Payment wallets
Online fund transfer
Typically, transferring money to your savings account with the help of your financier’s banking app or website should be free of cost. Though, it’s a good idea to read up on their policies for such transfers to avoid unnecessary charges.
Yes, banks may charge fees for transferring funds from your credit card to your bank account. The exact amount may vary from one credit card issuer to another.
Yes, you can use your credit card to transfer money from your credit card to someone else’s bank account.
It usually takes only a couple of minutes to transfer money from your credit card to your bank account if you’re using an e-wallet or your credit card issuer’s app/website. In case you’re using an offline method to transfer money from credit card to bank account, it may take a few working days depending on your bank.
If you’re using a mobile wallet or other indirect methods to carry out the transfer, you will be required to complete your KYC on those platforms.
Yes, you can transfer money from a credit card to a debit card using e-wallets or your financier’s banking website or app.
Paytm allows you to transfer up to ₹10,000 from your credit card in a single transaction and up to ₹1 Lakh in a month. However, it may be a good idea to get in touch with your banking partner to get a clearer idea about transfer limits.