How to Transfer Money from a Credit Card to a Bank Account?

You can use credit cards to make cashless payments and pay the accumulated bill at the end of the month. However, you may not be able to make some transactions directly from your credit card. In such cases, you can transfer funds from your credit card to your bank account, which are commonly known as cash advances.

In this article, we will discuss ways to transfer money from your credit card to your bank account in a few simple steps.

Transfer Method	Time Required	Charges
Mobile Banking or Net Banking	A few minutes to 24 hours	Check with your bank for details
Phone Call	A few minutes to 24 hours	Check with your credit card issuer for details
Through e-wallets	Few minutes	It will vary based on the app
Cheque	3-5 business days	Check with your bank
ATM	Few hours	Will vary based on ATM charges and cash advance charges of your card

Your bank may or may not allow you to transfer funds from your credit card to your bank account. But in both situations, you can transfer the funds using various methods. Let’s now look at each of the methods in detail.

Ways to Transfer Money from a Credit Card When Banks Permit It

You can transfer money directly from your credit card to your bank account in several ways. Let's take a closer look at each method!

Mobile Banking or Net Banking

You can directly transfer funds from your credit card to your bank account through net banking or mobile apps if your bank allows it. Here are the steps that you need to follow -

STEP 1: Visit your bank’s website or your bank’s official banking app. Log in to your account using your credentials.
STEP 2: Go to the ‘Transfers’ or ‘Payments’ section.
STEP 3: Choose the credit card to which you want to transfer funds.
STEP 4: Select the bank account where you want the transfer to be made. Check the bank name, branch, and IFSC.
STEP 5: Enter the amount and verify the transaction via the OTP received in your registered mobile number.

Please note that the daily transfer limit for each bank can vary.

Phone Call

You can call your credit card issuer on their customer care line to quickly transfer funds from your credit card to your bank account. Follow the simple steps provided below -

Step 1: Make a phone call to your credit card company and request a fund transfer.
Step 3: Confirm the amount to be transferred to the bank account.
Step 4: Provide all the required details, such as the bank account number and more.
Step 5: Finally, follow the prompts to complete the transaction.

e-wallets

You can also transfer money indirectly to your bank account via e-wallets like MobiKwik. The exact steps will slightly vary depending on the app you choose. Here are the steps you need to follow on the MobiKwik app as a guide -

STEP 1: Log in to your MobiKwik account using your credentials.
STEP 2: Go to ‘Wallet’ → ‘Add Money’.
STEP 3: Enter the amount you want to transfer.
STEP 4: Choose ‘Credit Card’ under the mode of payment.
STEP 5: Enter the required credit card details.
STEP 6: Authenticate the payment by verifying the OTP sent to your registered mobile number.
STEP 7: The money will be reflected in your wallet shortly.
STEP 8: Now, to transfer it to your bank account, go to ‘Wallet’ → ‘Transfer to Bank’.
STEP 9: Input the amount, check your bank account details, and complete the payment.

These digital wallets allow you to make transactions quickly and securely. They require a KYC to be completed and are linked to your bank account.

How to Transfer Money from a Credit Card to a Bank Account When Banks Don't Allow It?

Some banks don’t allow the transfer of funds from credit cards. In that case, you can use these methods -

Cheque

For this to work, your credit card account should have a checking account. If you have it, follow the steps given below -

STEP 1: Write a cheque to yourself by writing ‘Self’ in the payee section.
STEP 2: Provide all other details like the amount, bank account, and credit card details.
STEP 3: The amount will be deducted from your credit card balance and deposited in your bank account.

You will be charged fees and charges based on your bank's check collection and deposit policies.

ATM Cash Advance

This is the easiest method to transfer money from your credit card to your bank account. Here are the steps involved -

STEP 1: Use your credit card for a cash advance from any ATM that supports your card.
STEP 2: Deposit the money into your bank account by visiting your nearest bank branch.

Can I Transfer Money from a Credit Card to a Debit Card?

Your debit card is connected to your bank account. A debit card can be used to withdraw money from your bank account and also make cashless payments online and offline. However, you cannot directly transfer money to your debit card from your credit card.

Once you transfer money from your credit card to your bank account, you can access it using your debit card.

Conclusion

Withdrawing cash from your credit card is expensive and may incur high interest rates. Thus, only use this in urgent cases. If you do a transfer, consider paying off the amount as soon as possible.

In case you are in urgent need of funds, consider taking a personal loan. You can get collateral-free loans from digital lending apps like Moneyview. To know more, visit our website or download the Moneyview app.

Transfer Money from Credit Card to Bank Account - Related FAQs

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

Yes, you can transfer money from a credit card to a bank account easily. There are various online and offline methods to do so.

How do you transfer money from a credit card to an account online?

You can easily transfer money from your bank account to a credit card using the bank app, net banking, a phone call, or e-wallets of mobile banking applications.

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

Offline methods of transferring money from a credit card to a bank account include signing a cheque, RTGS, NEFT, or using an ATM.

What are the risks involved in transferring money from a credit card to a bank account?

While moving funds from a credit card to a bank account is possible, easier, and less expensive than other methods, doing so regularly may put you in the sights of the bank/income tax department and land you in hot water with them. You must always be cautious and use it only for emergencies.