In the fast-forwarding world, credit card has been playing a very important role to make our day-to-day transaction much more convenient. People who use a credit card, usually don’t carry cash but there are situations when you might not able to use the card. Moreover, on many occasions, you might need to transfer money from a credit card to a bank account. If you are wondering how to transfer money from a credit card to a bank account then you should check the below information.
There are quite a few ways you can transfer money from your credit card to your bank account. The simplest yet best way to transfer money from your credit card to your bank account is to visit the nearest bank branch and ask the teller to complete the transaction. Moreover, you can also transfer money over the phone, via your online banking account, and in some cases via credit card convenience check. If you want to transfer money using the credit card convenience check then you have to ask your financial institution for these checks.
6 Methods to Transfer Money from Credit Card to Bank Account
Method – 1: Visit the Nearest Bank Branch
You can easily transfer money from your credit card to your bank account. To do so, you have to visit the nearest bank branch and ask the teller to transfer funds from your credit card to the bank account. The bank teller will ask for your credit card number and ask you some questions to verify your identity. After verifying your identity the bank teller will complete all your papers works and then initiate the balance transfer. It will take a few minutes to complete the full process.
Method – 2: Transfer Money Using Online Banking Account
If you want to transfer money from your credit card to your bank account or an account in the same bank then you can use your online banking account to transfer money from your credit card. If you have an online banking account then follow the below steps –
- First, open a browser on your computer
- Now visit the official website of your bank
- When the page loads, log in to your online account using the username and password
- Then, select the transfer option from the available options
- Next, enter the amount that you want to transfer
- After that, you have to provide all the details that are required in the form
- Finally, follow the prompts to complete the transaction
Method – 3: Transfer Money via Phone Call
If you don’t have internet access and if you need immediate cash then the easiest way you can transfer funds to your account is by phone call. You have to pay the same fee that is required to transfer funds from a credit card to a bank account via internet banking. Now follow the below steps –
- First, call your credit card issuing company
- Then request a fund transfer
- After that confirm the amount that you want to transfer
- Then provide the bank account details like number, name, and other details required
- Finally, follow instructions to complete the transaction
Method – 4: ATM Cash Advance
You can use your credit card to withdraw money from an ATM and this process is known as a cash advance. But you should keep in mind that if you withdraw money from a 3rd party ATM then you may have to pay an additional fee. Now, if you have located an ATM then follow the below steps –
- First, insert your credit card into the ATM
- Next, enter your credit card’s PIN
- Now from the available options select “Cash Advance”
- Then follow the onscreen instructions to request a cash advance
Method – 5: Transfer Money Using Credit Card Convenience Check
This is another way you can transfer money from your credit card to a bank account. You can send a check to yourself. However, if you want to transfer money using a credit card convenience check then you have to ask for the check from the bank. Moreover, you have to pay a small fee for the convenience check. Now follow the below steps –
- First, in the Payee field, you have to include the name of the payee as ‘self’
- Next, provide all the required information that is normally required while you are filling a check
- Finally, deposit the check at your bank branch
Method – 6: Money Transfer Service
There are various money transfer services available like Western Union, MoneyGram, etc. that allow its users to transfer money with a credit card. You can transfer money to your account or anyone’s account. Here, the recipient is identified with a phone number or email address. While transferring funds from your credit card using the money transfer service, you should keep in mind that this type of money transfer will consider as cash advances on your credit card statement. It also means that you also have to pay fees and interest that are similar to a cash advance!
FAQs about How to Transfer Money from Credit Card to Bank Account
Can you do a balance transfer to a checking account from your credit card?
No, you won’t be able to transfer the balance to a checking account from your credit card. This is because the balance on your credit card is a type of debt that you owe to the card-issuing company. On the other hand, the balance on your checking account is an asset that you own. Therefore, it is not possible to transfer funds from a credit card to a checking account.
Can we transfer money from a credit card to Google Pay?
Yes, you can transfer money from a credit card to Google Play. To do so, you have to add your credit card to your Google Play account. You will need the card number, expiration date, CVV, cardholder’s name, and billing address to add the card to Google Pay.
Can I deposit cash into my credit card account?
Yes, you can deposit cash into your credit card account. Nowadays, most USA credit card companies accept cash payments for credit card bills. Banks that accept cash payments for credit card bills are Bank of America, Wells Fargo, Chase, Capital One, Citibank, etc. However, when you want to make the credit card payment in person, you have to verify your identity first.
Can you use a credit card on Venmo?
Yes, you can use a credit card on Venmo. However, it is not a wise decision to use a credit card on Venmo because if you transfer funds from your credit card to Venmo then Venmo will charge a 3% fee on any funds you send with a credit card!
Last Updated on August 7, 2022 by Ana S. Sutterfield
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.