Invite Code : BEST90
----------------------------------
About This Video :
There are many ways to transfer money from credit card to bank account
Transferring money from a credit card to a bank account can be done, but keep in mind that this may come with high fees and interest rates, depending on your credit card issuer. Here are some common methods:
1. Cash Advance (Credit Card to Bank Account)
How it works: You can withdraw cash from your credit card (a cash advance) and deposit it into your bank account.
Steps:
Go to an ATM or your bank branch.
Use your credit card to withdraw cash as a cash advance.
Deposit the cash into your bank account through an ATM or in person.
Drawbacks:
High interest rates on cash advances (often higher than regular purchases).
Cash advance fees (typically 3-5% of the amount).
Interest begins accruing immediately, without any grace period.
2. Using a Payment Service (Like PayPal, Venmo, or Cash App)
How it works: Some payment apps allow you to add a credit card and then transfer money to your linked bank account.
Steps:
Add your credit card to a payment app (PayPal, Venmo, Cash App).
Send money from the app to your bank account.
Request the transfer of funds to your linked bank account.
Drawbacks:
Fees for transferring from a credit card (PayPal, for example, charges around 2.9% for sending money with a credit card).
Some services may limit or restrict credit card transfers.
3. Balance Transfer (Credit Card to Bank)
How it works: You can use a balance transfer check or a transfer offer from your credit card issuer to move funds to your bank account.
Steps:
Contact your credit card issuer to see if they offer balance transfer checks or a special transfer offer.
Use a balance transfer check to deposit money directly into your bank account.
Drawbacks:
Balance transfer fees (typically 3-5% of the amount).
Interest charges if the transfer is not paid off by the due date.
4. Wire Transfer (Through a Credit Card Issuer)
How it works: Some credit card issuers allow you to initiate a wire transfer directly from your credit card to your bank account, though this is rarer and may involve fees.
Steps:
Contact your credit card issuer to inquire about wire transfer options.
Complete the wire transfer request and provide your bank account details.
Drawbacks:
High fees.
High interest rates on credit card transactions.
Things to Consider:
Fees and Interest: Always check the fees and interest rates involved in any method. Moving money from your credit card to your bank account can be expensive.
Credit Card Utilization: Regularly transferring money from your credit card to your bank account can negatively affect your credit score by increasing your credit utilization ratio.
Alternative Options: Consider using personal loans or other financial products that might offer better rates and terms for transferring money to your bank account.