Learn how to transfer money from your credit card (2024)

FAQs

What is the best way to transfer money from a credit card? ›

If you do need to transfer funds into your bank account, one option is to use a credit card with a money transfer facility. This can be useful for paying off short-term debt, such as a small overdraft or if you need a little extra cash in your account to pay unplanned expenses.

You can transfer money from your credit card to a bank account with a cash advance, a convenience check, apps such as Venmo, or money transfer services such as Western Union. But transferring money from a credit card to a bank account is an expensive transaction and should be avoided.

In other words, UPI payments can also be made using a credit card. How much may be transferred with a credit card? As long as it is greater than or equal to 75% of your credit card's maximum limit, there is no upper limit.

Most issuers charge a balance transfer fee of around 1% to 5% of the amount you transferred. The fee is usually added to your balance. So if the fee is 3% and you transferred $2,000, you'll be charged $60, bringing your total to $2,060.

Apps like Cash App, PayPal and Venmo allow you to send money through their platforms with a credit card, while Apple Cash, Google Pay and Zelle don't. Card issuers — such as Amex, Chase and Citi — support card loans that can be lower-cost alternatives for cardholders.

No, you can't withdraw cash on a credit card without paying fees. But there are a few ways you can minimise how much you pay. We recommend you: Look into money transfer cards, which let you transfer money from your credit card to your current account.

The easiest way to use your credit card to get cash is by making a withdrawal at an ATM. While it sounds convenient if you're in a pinch, cash advances come with hefty fees and higher interest rates that kick in as soon as you take the money.

How to turn a credit card into cash? ›

MobiKwik app is the safest of all the platforms to transfer your money from credit card to bank account with bare minimum charges.Do a quick online money transfer with MobiKwik, just download the app or log in to the website and follow the given steps.

Generally, you can log onto your account and request a balance transfer through the issuer's online portal. Be prepared to provide information about the debt you're looking to move, including the issuer name, the amount of debt and the account information.

Login to your bank's net banking portal. Navigate to the credit card section or transfer funds section. Look for an option like “transfer from credit card” or “cash advance.” Enter the amount you want to transfer and your bank account details.

If you need extra time to pay off a big credit card purchase, transferring the balance to a balance transfer card can be a smart move. If you manage to pay off your balance before the intro period ends, you can successfully dodge interest that may otherwise have been added to your balance.

You may see a positive impact on your credit score if you transfer your balance to a single new card and take action to reduce your debt balances. But if you constantly open new credit cards and transfer balances, your credit score can actually drop.

Is It a Good Idea to Transfer Money From a Credit Card? The short answer is no, it's not a good idea to transfer money from a credit card to your bank account for fast cash if you can avoid it. It's always a better option to use income or savings when possible to avoid going into debt.

When you transfer money with a credit card, you can choose peer-to-peer payment services such as PayPal, Cash App, or Venmo. These platforms allow you to transfer money without paying charges.