How To Deposit Money Using Credit Card

How to add money from your Credit Card to a bank account?

27 Oct 2021

Money transfer from a credit bill of fare to a bank account is possible. Hither is everything you demand to know nearly the process

Credit cards allow united states to avoid the hassle of carrying large amounts of cash. They are more convenient than cash, and every transaction is tracked to help y'all better manage your expenses. Many individuals also choose to continue credit cards considering they tin earn significant cashback and reward points when they use them to make purchases.

But practice not worry if you lot are unsure how to do it. Continue reading to learn everything there is to know nearly moving coin from a credit card to a banking concern account.

How to add money from a credit card to a banking company account

If yous are looking for a ways to transfer coin from your credit bill of fare to your bank account, here are a few suggestions.

Internet banking

This is the simplest method of transferring funds to your bank business relationship. You can make a directly transfer by logging into your online cyberbanking service.

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Utilising a digital wallet

Digital wallets piece of work well if you need to wire funds from your credit cards to your bank account. Direct transactions to your bank account tin can be made via mobile wallet apps.

Using Western Union and MoneyGram

When y'all utilise money transfer portals, such as Western Union, you lot tin ship coin beyond the globe. Withal, you must furnish your personal data, such equally your credit card number. Moving funds from your credit card to your bank through this method takes between 1-5 days.

By using the Paytm app

When information technology comes to moving money from your credit carte du jour, using Paytm is a quick, easy-to-use, and feasible choice.

E-wallets

Various e-wallet solutions and applications, such as Freecharge and Mobikwik, can assistance yous transfer money from your credit card to your depository financial institution account.

Certain transactions, however, cannot be completed using credit cards. In such cases, yous can transfer money from a credit card to a bank account.

Cheques

When moving money from your credit card to a banking company business relationship via offline methods, using cheques is a feasible choice. If you desire to send money to your banking company, write 'check to self.' Make a note of the recipient'southward information on your cheque. Eolith the check at your local banking concern and wait for the procedure to be completed. The fees associated with this process may differ from 1 bank to another.

ATM cards

To withdraw greenbacks from an ATM, apply the ATM greenbacks advance feature. Eolith money to your banking concern account with your credit card. Just since most banks charge 2.five% credit card involvement on top of the entire amount, this option can be more expensive than the prior methods.

Things to consider when using your credit card to add money to your bank account

Take interest rates into consideration

Keep in mind that transferring payments from your credit card to your depository financial institution account volition incur a credit bill of fare interest fee.

Credit menu charges

There is no interest charged if yous pay your credit card neb on time. If y'all move money from your card to your banking concern account, however, you will have to incur credit card charges correct away, irrespective of whether you lot have paid your nib on time or not.

Pay extra

You volition be charged a premium if you transfer money from your credit bill of fare to your bank business relationship. The cost varies depending on your credit carte du jour issuer, but it is often between three-iv%.

A credit card tin rescue y'all in viscous situations, calculation money to your pockets. Nevertheless, having the right credit carte du jour is vital if y'all practise not want to supervene upon your fiscal bounds. IDFC Start Bank credit cards are a favourite amid customers, as they offer attractive interest rates and heady cashback deals. They also allow interest-free cash withdrawal from ATMs and do not attract annual maintenance charges.

Disclaimer

The contents of this article/infographic/picture show/video are meant solely for data purposes. The contents are generic in nature and for informational purposes only. Information technology is not a substitute for specific communication in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Depository financial institution or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall non be responsible for any direct/indirect loss or liability incurred by the reader for taking any fiscal decisions based on the contents and data mentioned. Please consult your fiscal advisor before making any financial decision.

Source: https://www.idfcfirstbank.com/finfirst-blogs/credit-card/how-to-add-money-from-credit-card-to-bank-account

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