Credit cards can help you to make direct payments. You can use it online or swipe the card at the nearest store. But during certain situations, you might require cash to make payments for the goods or services you have chosen. You are left with only one option to transfer money using your online credit card in certain situations.
Ways to transfer money online.
You have to download the banking application so that it is easy for you to transfer the amount to your bank account. Follow the steps below to make the transfer.
- Register or login to the mobile application
- Transfer the fund from your online credit cards to the application wallet
- Click on the option of passbook
- Select the option which reads send money
- Click transfer
- Enter the following details of your bank account
- Verify the details
- Click the send option
After you choose that, you can transfer the money from your credit card to your bank account without facing any inconvenience.
Transfer money offline
If you are not comfortable with the online transfer, you can opt for the offline transfer. The method includes:
- You can take the help of a cheque to transfer the money from your online credit card account to your bank account. You have to select the cheque option for yourself while entering the details. Make sure that you deposit your cheque to the nearest bank ok branch. You can receive the amount within a few working days.
- You can also take the help of an ATM card to conduct the amount transfer. Make sure that you use the advanced facility of your ATM card and withdraw the amount. After the withdrawal, you can deposit the amount to your bank account only to receive the amount onto your bank account.
- You can also take the help of NEFT or RTGS to transfer your money into the bank account. For doing that, you have to visit the bank physically and request a transaction form. Ensure that you fill-up the required details and submit the same to the banking officials.
Get the transfer easily.
If you require cash immediately, you need not wait to get your internet banking account. Instead, you can transfer the amount while making a phone call. The charges for making the transfer through the phone call would be the same as those you incur while transferring via net banking.
- You need to call the credit card company
- And request than for the transfer
- Confirm the amount of transfer that you want to make to your bank account
- Provide the details, including your bank account number
- Follow the prompts given by the bank officials to complete the transaction.
Risk involved
The transfer of cash from a credit card involves a certain risk; therefore,
- you must avoid any transfers if the need is not dire. The intent of having a credit card is to make direct payments and not to generate cash.
- Making frequent transfers can put you into trouble. The income tax department would keep an eye on you every time you transfer your cash.
- If you fail to pay the dues after receiving your credit card statement, then it can cost you a fine of three to four per cent on the outstanding amount. It can cost you more than your transferred amount.
Final thought
Even though you would come across certain restrictions while transferring the fund from your credit card to your bank account, you might be required to do so during an emergency. However, if you indulge in excess transfers, you might fall into trouble. These transfers are cheaper than withdrawing cash or a personal borrowing loan. Hence depending upon the application, you can transfer your fund as and when you require.
