Credit cards are lifesavers, offering convenient payment options and access to cash in a pinch. But did you know you can transfer funds from your credit card to your bank account? This guide explores various methods for Indian users, highlighting crucial points to remember.
Methods for transferring money from credit card to bank account
- Using E-Wallets
E-wallets like Freecharge or MobiKwik offer a convenient way to transfer funds from your credit card to your bank account.
- Register with Your Preferred E-Wallet: Begin by signing up with the e-wallet service of your choice.
- Access Passbook Section: Launch the e-wallet app and go to the ‘passbook’ section.
- Choose ‘Send Money to Bank’: Within the passbook section, select the option to send money to your bank account.
- Initiate Transfer: Choose the ‘transfer’ function and enter the amount you wish to transfer, along with the beneficiary’s account number and IFSC details.
- Via Net Banking
If you prefer using net banking for transactions, here’s how you can transfer money from your credit card to your bank account:
- Log in to Your Bank’s Website: Visit your bank’s official website and log in to your credit card account using net banking.
- Access Transfer Money Option: Navigate to the transfer money option.
- Enter Transfer Details: Input the transfer amount and other required details as prompted.
- Complete Transaction: Follow the instructions provided to complete the transaction securely.
- Transfer via Phone Call
For those who need immediate cash and lack internet access, transferring money via a phone call is an option:
- Contact Your Credit Card Company: Call your credit card company’s customer service.
- Request Fund Transfer: Request a fund transfer over the phone.
- Provide Details: Confirm the amount you wish to transfer and provide your bank account number along with other necessary details.
- Follow Prompts: Follow the prompts provided over the phone to finalize the transaction swiftly.
Important Note
Transferring money from a credit card to a bank account can be a helpful option in emergencies. However, understand the associated fees and interest charges. Explore other options if you need a significant amount or a longer repayment timeframe.