Today, young people no longer limit their use of credit cards to shopping or dining, but are also using them for a variety of financial needs. When suddenly in need of money, transferring money from a credit card to a bank account proves to be an easy and quick method.
Read More- Don’t Touch the Feet of These 8 People – The Reason Will Shock You
Direct Transfer via Net Banking
Many banks offer the ability to transfer money directly from a credit card to a bank account through their net banking platform. To do this, users first need to log in to their bank’s net banking website or app. Go to the ‘Credit Card’ or ‘Fund Transfer’ section and select the transfer option. Then, enter the amount and bank account details and confirm the transaction. The money will be transferred to your bank account within a few minutes.
How to Transfer via E-Wallet
- If net banking is not available, you can also use an e-wallet.
- First, load money into your wallet using your credit card.
- Then, select the ‘Send Money to Bank’ option in the Wallet app and enter the required details, such as your account number, IFSC code, and the amount.
- The money is deposited into your bank account as soon as the transaction is completed.
ATM Cash Withdrawal
Credit card holders can also withdraw cash from ATMs. Insert your card, enter your PIN, and select the ‘Cash Advance’ option. While this method is convenient, it incurs higher fees and interest rates than regular transactions. Therefore, use it only when there’s an emergency and you can make the payment on time.
What are the fees?
The fees for transferring money from a credit card to a bank account vary from bank to bank. Some banks charge a fixed amount, while others charge a percentage. Additionally, additional fees may apply if the transfer is made internationally. Financial advisors say that while this feature is convenient, excessive use can increase your debt burden and harm your credit score. Therefore, it should only be used when necessary.
Read More- Top 5 Upcoming Electric Cars In India 2025 – The Future of Green Driving
Use it wisely
When transferring money from a credit card to a bank account, remember that this is a short-term solution. This process can incur interest and fees, creating financial stress. It’s best to use this option only in emergencies and repay as soon as possible to protect your credit score.
