Can You Transfer Money From A Credit Card To A Bank Account?

Can You Transfer Money From A Credit Card To A Bank Account

In today’s world, there are many unavoidable situations you may face, right? In times like this, you may need emergency cash to handle the situation. So, it is good to know if you can transfer money from a credit card to a bank account.

Money can be transferred from credit cards to the bank accounts directly or indirectly. Few ways to indirectly transfer money are digital wallets,using cash-advance methods and money transfer cards. Some issuers allow the individuals to directly transfer money from credit cards to the current account.

In this article, I will explain the ways you can transfer the balance from your credit card to the bank account. Some facts and figures on choosing the right cards will be provided to give you an overall insight and clear all your confusions. Let’s get started:

3 Easy Tips To Transfer Money From Your Credit Card:

Transferring money from your credit cards to other accounts can be complex at times. For your convenience, I will provide you with 3 easy money transfer tips from your credit card to make your life easier:

1. Cash-Advance:

Cash-Advances are the method to withdraw money from your credit card through ATM booths, convenience checks, Direct withdrawals or transfers. For an emergency situation this is the best short-term solution to help you get out of the situation.

Withdrawing money from the nearest ATM booth using your credit is one of the easiest ways you can transfer money. You can also go to the issuer’s branch and withdraw the cash all by yourself to deposit the amount in your current account. 

Some issuer’s will also allow you to directly transfer money from your card to your bank account for that you need to have a good credit score.

Another method is the issuer’s check which can be used as a normal check but only to use the cash against your credit limit. You can use all the cash-advance methods to withdraw money and deposit to your current account.

2. Wire Transfer:

Money transfer is also known as a wire transfer method to move your funds from your credit account to your bank account or other accounts with the help of the money wiring platform Western Union or MoneyGram. You need to have a registered account in either of these two platforms to transfer your money.

You need to make sure that your issuer or bank allows the wire transfer services and the interest rates and additional fees. You can also use wire services like Western Union or Money gram to send money or transfer your funds anywhere in the world.

3. Money Transfer Credit Cards:

Money transfer credit cards are the most convenient and cheapest method to transfer your credit balance to your bank account. Usually the method of transferring money with your usual credit cards requires a lot of additional fees and interest rates. 

There are different money transfer credit cards that are issued by the bank to help you transfer the funds easily with much cheaper rates. This also falls into the category of cash-advances. 

You do not need to pay the interest rates instantly and some of the banks or issuers allows and considers the creditor to not pay any interest rates upto 1.5 years. It is recommended choosing wisely before you apply for a money transfer credit card. The money can be transferred to your debit card as well.

There are some risks involved if you are already in a debt. Borrowing the extra money from the issuer through money transfer cards to pay your dues can turn out to be dangerous for you. 

Which Money Transfer Cards Are The Best?

Most of the top banks or issuers in the United States provide the balance transfer card. The  balance transfer cards also have a transfer fee and it is highly recommended to calculate the rates and the fees before you pick your balance transfer card. 

For your better understanding a table is given below to summarize the balance transfer cards and their rates:

Credit CardAPRWelcome BonusCredit Score Requirement
US Bank Visa Platinum Cards14.50%-24.50 %N/A700+
Citi Double Cash Card13%-23% N/A700+
Wells Fargo Platinum Card16%-24%N/A750+ 
HSBC Gold Mastercard 13.99%-23.99%N/A750+
Chase Slate Edge14%-24%$100700+
Navy Federal Credit Union Platinum Cards5.90%-18%N/A650+

The best part of these mentioned balance transfer cards : The annual fee = 0%

However, the annual percentage rate varies according to the credited amount, purchases or the time needed to pay the dues.

Can You Transfer Money Online From A Credit Card To A Bank Account ?

Yes, you can transfer the money online from your credit cards to your bank account. You have to use digital wallets or E-wallets such as PayPal, Cash App, Walmart pay, Google pay etc to transfer funds digitally to your bank account. 

You need to either download the app or register on their websites and provide your account number and other required information to avail the service. 

Can You Transfer Money From A Credit Card To A Bank Account Without Any Charges?

You can use wire services like Moneygram, Western Union and some digital wallets like Paypal etc to transfer the money without any additional fees or charges. In case of transferring the funds, internationally an extra fee is charged with a very minimum rate.

How Much Cash Advance Can You Get From Credit Cards?

It all depends on the issuers or banks and your credit limit has a significant role in taking or withdrawing cash advances from your credit card. The issuer will set the cash advance limit according to your credit score or deposited amount.

For example,  If you deposit an amount of $ 10,000, your cash advance limit may be considered upto $3000-$4000 dollars depending on your score and past activity.

Conclusion:

The bottom line is that credit card issuers will always give lucrative offers to influence you to transfer the money in several ways. It’s your job to find the right situations to use money transfer methods from your credit cards to other accounts.

At the same time, compare the rates and other factors before picking the right services or methods. So, be wise while transferring money from a credit card to a bank account .


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