Transferring money from a credit card to a bank account is possible, but it’s important to understand the downsides before you proceed.
Ways to Send money from credit card to bank account
To transfer money from your Credit Card to your Bank Account in India, you have a few options.
1. App-Based Transfers
- If your Credit Card issuer permits fund transfers, the easiest way is through your bank’s mobile app.
- Log in to the app and locate the “Add Money” or “Transfer Funds” option.
- Select “From Credit Card”, enter the amount you wish to transfer, verify the transaction details, and confirm the transfer.
- Once completed, the funds will be added to your bank account, and your Credit Card will reflect the outstanding amount.
2. ATM Transfers
- Visit your nearest ATM, preferably of your card issuing bank.
- Insert your Credit Card and select the “cash advance” option on the ATM screen.
- Choose the bank account linked to your Credit Card, input the transfer amount, and complete the transaction.
- You can also transfer money to a bank account not linked to your Credit Card by withdrawing the funds and depositing the cash in your preferred account.
3. Online Transfers (NEFT and IMPS)
- Log in to your net banking account on your bank’s website.
- Select “Send money to bank” and choose the “Transfer” function.
- Enter the required amount, beneficiary’s account number, and IFSC details.
- Click “Send” to initiate the funds transfer to your bank account.
Bank provides directly money transfer from credit card to bank account
Several banks and services allow you to transfer funds from your Credit Card directly to your Bank Account in India
E-Wallets:
Popular e-wallets: Paytm, Freecharge, and MobiKwik are popular e-wallets in India.
Steps:
- Register with your preferred e-wallet.
- Open the app and go to the ‘Passbook’ section.
- Select ‘Send money to bank’ and choose the ‘Transfer’ function.
- Enter the amount, beneficiary’s account number, and IFSC details.
- Click ‘Send’ to initiate the transfer.
