Credit cards might come in helpful in an emergency. You won’t go into debt if you always use credit cards properly and make your payments on time. When using credit cards for some transactions—like making money orders, buying stocks, or applying for a mortgage—it may be helpful to move money from your credit card to your bank account.
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Follow this easy guide to learn how to transfer money from your credit card to your bank account in India:
Accessing Your Online Banking Account
- Start by using the mobile banking app or going to the official bank website.
- Use your special login information to access your online bank account.
- After logging in, look for the “Credit Card” area to see the information about your credit card account.
Initiating the Transfer from Credit Card to Bank Account
- Locate the “Fund Transfer” option under “Credit Card” section.
- To move on, choose “Transfer to bank account”.
- Enter the bank account details and the desired transfer amount now.
- Confirmation is the key to accuracy, so carefully check what you’ve entered to be sure it’s correct.
- Check the transfer request and provide any security details that are required, like an OTP.
- When the transaction is complete, review the confirmation and note the transaction ID or reference number for your records.
Crucial Reminders Prior to Transfer
- Make sure you have enough credit on your credit card to pay the amount before starting the transfer.
- Recognise the interest rates and additional expenses that could be related to money transfers. Processing fees are often assessed by credit card providers and range from 1% to 5% of the transfer amount.
- Give security first priority while transferring funds. When transacting, choose reputable and secure sites, and never provide private information to strangers, such as your credit card number, PIN, or OTP.
You may easily and securely use credit card transfers to your bank account anytime you need to by following these instructions .
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