In this tutorial, we will learn how you can transfer money from credit card to any bank account. Today world is full of credit card holders. Every business and even individuals have multiple credit cards because no one want to wait and save money for purchases.
Why we need to transfer money from credit card to bank account ?
There is no actual need to transfer money from credit card to Bank account. However, if you need emergency cash then you can withdraw money using your credit card from any ATM but you have to pay interest. Credit card companies charges no interest on merchant transactions online or by swiping it stores. However, if you withdraw cash then definitely you have to pay interest. This interest varies from Rs 300 to 4 % of actual amount withdraw which ever is maximum.
Transfer money from credit card to bank account
If you transfer money from your card to bank account then you withdraw cash using debit card and you will be charge 0 % interest. This is the main benefit of transferring money from your card to bank account.
There are lot of ways to transfer money from your card to bank account.
- Add money using credit card into your digital wallet like Pay TM wallet, Mobi Kwik, Free charge or any other which have option for transfer wallet money to bank.
- Pay TM and Free charge cost 0 % interest on transferring money from wallet to bank account. Only you need to upgrade your account in Pay TM and in Free Charge you have to keep money for 45 days.
- Money will be transfer to bank instantly and now you can withdraw money from any ATM.
There are lot credit cards available that comes with money withdraw option be default in which no charges application. But not all are eligible for such credit cards. You must have more than 50 K salary before applying such cards.