Transfer Credit Card Money To Bank Account Free

MyLoanCare
Credit Card
Transfer Money From Credit Card to Bank Account

Money Transfer Credit Card in India

Credit Card to Bank Account Transfer

Last Updated 08th Nov 2021

Money transfer from a credit card can be done by using third-party platforms such as Moneygram, MobiKwik, Paytm.
Convert balance transfer into instalments, and pay in easy EMIs.
A balance transfer is cheaper than personal loans and cash withdrawals.
Charges for adding money from credit card to the wallet varies from 1% to 3% depending on the platform.
Default on repayment will attract high charges ranging between 3 to 4%.

Apply for Credit Card Looking for a Loan? Looking for an Investment?

Please Re-confirm Your Number

Mobile Number Enter Valid Mobile No.

Submit

ICICI Bank Credit Card
SBI Credit Card
HDFC Bank Credit Card
Compare Credit Cards
Check Eligibility
Read Reviews
Income Tax Calculator
Explore Personal Loan Offers

Transferring Money from Credit Card to Bank Account Online

Transferring money from credit card to bank account is now more easy and convenient. It is subject to certain limits or charges, but it is much cheaper than going for a personal loan or cash withdrawal from a credit card through an ATM that entails elevated interest rates and costs. The right form of moving funds from credit card to account depends on the availability of services, platform's trustworthiness and the amount needed for transfer. You can use third-party apps such as Moneygram, Paytm, Mobikwik, Freecharge, etc., to transfer money from a credit card to your bank account.

Methods of Fund Transfer from Credit Card to Account Online

People use credit cards for purchasing different goods and services and do not consider it a preferred way to add money in the savings or current accounts. Nonetheless, it is one of the means to arrange funds in urgency when you have nowhere else to turn.

Credit cardholders can transfer money using different apps and other platforms available in the online market. Instant fund seekers can easily download these apps on Android and iOS devices and use them for fund transfer. These applications also work simultaneously on smartphone, desktop, tab or laptop through an integrated network.

Ways to transfer funds from credit card to account:-

MoneyGram: Credit cardholders can transfer funds around the world, and approximately 400 banks globally are associated with it.
- Login using the credentials, and choose the recipient and the country of the receiving bank account.
- Enter the amount after choosing the 'Deposit Account'.
- Choose the 'credit card' option for method payment (exchange rates and the charges involved will display if there are multiple currency transactions).
- Enter the recipient's bank account details. And then after making payment, the amount will transfer to the recipient's bank account.
Western Union: Credit card holders can use western union similarly as Moneygram to transfer funds directly to the bank account and it's subject to the amount, country, bank rules, timings, transaction time –
- Instant fund seekers must register with Western Union and log in using credentials.
- Choose the country and delivery method (the bank account).
- Enter the receiver's bank account details.
- Use the credit card to pay.
- A confirmation on your registered email address along with a Money Transfer Control Number (MTCN).
- The recipient will receive the money in the bank account entered (1 to 5 working days).
E-wallets: Credit card holders can use e-wallets such as Paytm, FreeCharge, MobiKwik.
- Make an account on the e-wallet platform.
- First, add money to the wallet from the credit card.
- Enter the recipient's bank account details. And send money to the bank account.
- The fund transfer will complete instantly.
There are other apps such as Phonepe for using credit cards but at the point of sales only. Also, you can use your bank's mobile app for transferring funds from credit card to bank account. For instance, HDFC mobile banking app.

Precautions for Transferring Money from Credit Card to Bank Account

Credit cards are mostly used for purchasing goods and services; transferring money is not the general purpose of the credit card. Although fund transfer from a credit card is still better than cash withdrawal.

Banks report to the income tax department about clients spending more than ₹ 2 Lakh/year on credit cards. So, the credit cards also have their perils. Card holders can come under the tax radar scanner for checking irregular and unauthorised practices.

Defaults on credit card dues after the statement generation will attract a penalty of 3% to 4% of the outstanding amount. This is way costlier than transferring money.

List of credit cards that offer balance transfer

Some of the banks offering balance transfer facility are:

Bank	Repayment Tenure	Interest Charges	Joining Fee
ICICI Bank	3 or 6 months	1.99% to 3.50%	Nil to ₹ 1,25,000
SBI	2 or 6 month	2.50% to 3.50%	Nil to ₹ 4,999
HDFC Bank	9 to 48 month	1.99% to 3.60%	Nil to ₹ 10,000
Axis Bank	3 and 6 months	2.50% to 3.40%	Nil to ₹ 10,000
Citibank	3,6,9 or 12 months	2.50% to 3.25%	Nil to ₹ 20,000
Standard Chartered Bank	3+ months	3.49% to 3.49%	Nil to ₹ 499
HSBC Bank	3 to 24 months	2.49% to 3.35%	Nil to ₹ 3,499

All banks offer foreclosure and balance transfer facilities on their credit cards.

FAQs

✅Can I transfer money from credit card to Bank Account?

Yes, you can transfer the balance from a credit card to a bank account using platforms such as Money gram, Western Union and e-wallets like Paytm, Freecharge etc.

✅How to add money from credit card to bank account?

You can add money using platforms such as Paytm, net banking, etc. Details to add money are available on the respective official websites.

✅How to transfer money from credit card to bank account without charges?

Most banks charge interest if you transfer your money from credit card to a savings bank account. However, some banks offer an interest-free period, e.g. Axis Bank does not charge interest on balance transfer if the amount is repaid within 3 months.

✅Will I know when I should avail a credit card balance transfer facility?

If you have an existing credit card with the balance incurring a high rate of interest, then it is advisable to go for credit card balance transfer to save up on interest payment.

✅How to get money from credit card to bank account?

You can get money from credit card to bank account using balance transfer or add to wallet facility offered by the banks and third-party platforms.

Credit Card News - Nov 2021

2021-11-01 : SBI Card Reports Net Profit At Rs 345 crore
SBI Cards and Payment Services (SBI Card) posted a 67 per cent jump in net profit at Rs 345 crore for the September quarter. The profits are on the back of good growth in retail and corporate spends. Total income increased by 7 percent to Rs 2,695 crore during July-September period of FY22, from Rs 2,510 crore in Q2 FY21.
2021-10-29 : Kotak Bank and NPCI Partner To Launch Credit Card
Kotak Mahindra Bank has partnered with National Payments Corporation of India (NPCI) to launch a credit card for armed forces. The credit card will be launched on the RuPay network, the two cards are called Kotak RuPay Veer Platinum and Kotak RuPay Veer Select. These two cards are contactless credit cards and come with zero joining fees.
2021-10-20 : Avail Discount Using ICICI Bank Card
ICICI Bank customers can avail discounts on flight tickets on Yatra.com. This offer can be redeemed by a credit card and debit card user till December 31, 2021. The lender is offering flat 12% on flight tickets.
2021-10-19 : Credit Cards Market Grows by 10.6 percent
According to Motilal Oswal Financial Services (MOFSL) the total number of outstanding credit cards has grown by 10.6 percent year-on-year to 63.9 million in August. This is the highest growth in the last 10 months. SBI Card reported growth of 14.6%, ICICI Bank reported growth of 25 percent.
2021-10-07 : ICICI Bank Has Launched Contactless Payment System
ICICI Bank has launched a contactless payment system through its banking app- iMobile. This new system will enable tap their smartphones to pay at POS (Point of Sale) machines of merchant outlets.

*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them. Read More Read Less

Please wait while your information is being processed...