How to transfer cash to a bank account from a Credit Card: Important steps!

Wondering how to transfer cash to a bank account from a credit card? While it may seem like a hassle, it is actually a simple process that can help you when you have insufficient funds in your account. It can also come to your aid in instances where you cannot transact with your credit card. 

Read on to know how to transfer money from credit cards to your bank account.

How to transfer cash to a bank account from a Credit Card online?

Knowing how to transfer credit card cash to a bank account can help you tackle unexpected expenses with ease. Simply follow the below process and transfer funds from your card to your bank account online using an eWallet.

• Step 1: Download the digital wallet or mobile app on your phone 
• Step 2: Click on the ‘Add Money to Wallet’ option
• Step 3: Type the amount that you want to transfer and select credit card as the payment option
• Step 4: Recheck the amount and other details and confirm the transfer
• Step 5: You can transfer the money from the wallet to your bank account as per the app or wallet’s usage terms 

Similarly, you can transfer funds directly from your card to your bank account through net banking. The general process is as follows: 

• Step 1: Log in to the net banking account associated with your credit card
• Step 2: Under the credit card tab, choose ‘Transfer’, enter the amount and bank account details 
• Step 3: Complete the transaction after verifying it with an OTP

How to transfer cash to a bank account from a Credit Card offline?

Here’s how you can transfer funds from your credit card to a bank account through the offline mode.

• Step 1: Enter the card in the machine slot of your nearest ATM
• Step 2: Choose the ‘Cash Withdrawal’ option and type in the amount you plan to transfer
• Step 3: Enter the PIN of your credit card and click on the ‘Enter’ option to receive the cash
• Step 4: Deposit the cash into your bank account

Also Read: Learn to Use Credit Card Responsibly

What to consider when transferring money from a Credit Card to a bank account?

Here are a few vital parameters to consider when taking this step:

Associated Charges

Withdrawing money from your credit card comes with high associated charges. These are called 

cash advance or cash withdrawal fees. You may also need to pay monthly interest on the dues if you do not repay on time. So, check the interest rates and fees that apply before you transfer funds.

Available Credit Limit

Always remember that credit cards come with a credit limit. This simply means you can only use the limit that the credit card issuer has granted. So, your transfer amount has to be within your sanctioned credit limit.

Repayment and Impact on Credit Score

Remember that you need to repay the withdrawn or used amount on time. Failing to repay your dues can have a negative impact on your credit history. This can decrease your credit score. A lower credit score shows an inconsistent repayment track and a high dependence on credit to meet your expenses.

Transfer Limit

Credit card issuers may set a transfer limit for bank account transfers from your credit card. So, check it prior to planning the fund transfer. 

In case of emergencies, knowing how to transfer cash to a bank account from credit cards can help you tackle your urgent needs effortlessly. However, consider the associated costs of transferring funds from your credit card. 

If you’re on the lookout for a credit card that makes managing your finances easier, check out the Fibe Axis Bank Credit Card. It is the first numberless card with enhanced security features. With added benefits such as zero joining fees and up to 3% cashback, you can use it to boost your purchasing power! Apply for it now on the Fibe App or website.

FAQs on How to Transfer Credit Card Cash to a Bank Account

Can I transfer money from a credit card to a bank account?

Yes, you certainly can! However, remember that it is not possible to send money from a credit card to a bank account for free. You have to pay certain transfer charges.

Can we transfer money from a credit card to GPay?

No, it is not possible to transfer money from your credit card to Google Pay or GPay. You can only use it to send money. You can make your credit card the primary payment mode when initiating transactions with merchants and other users.

Are there any charges if we withdraw money from a credit card?

Yes. When you withdraw money using a credit card, issuers levy cash advances or withdrawal fees. This can be anywhere between 2.5% and 5% of the total withdrawn amount.