Can I Do A Money Transfer With A Credit Card

How to transfer money from your Credit Card to your bank account?

A brief guide to transferring money from your credit card to your bank account

A credit card is a great substitute for cash. With its flexibility, security, and ease of use, it is one of the best available options for cashless shopping. But what about places that don't accept credit card payments?

You can transfer some funds from your credit card to your bank account and proceed with your transactions. But how does money transfer from credit card to bank account work?

Read on to know about it.

How to transfer money from a credit card to a bank account?

There are two methods to transfer your funds from a credit card to a bank account. The first method is via e-wallets, which have now become quite common. The second method is via money transfer services like MoneyGram and Western Union Money Transfer.

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Different types of Credit Cards and their features

Let us begin with the first method:

Steps to transfer the credit card balance to a bank account via e-wallets:

Open the e-wallet app or website, where you have a registered account and have completed the KYC process. You will need to have completed the KYC process to make this transfer.
Next, look for the option that allows you to add money to the e-wallet.
Transfer the required amount from your credit card to the online wallet.
Once the transaction is complete, go to the 'passbook' on the app or the website.
Here, you will see an option to transfer your money from the e-wallet to your bank account . Once you have added the required information, you will be able to complete the transaction.

Before making the transaction, remember that every e-wallet app and/or website will have certain rules regarding the amount you can transfer and the charges that will be levied to make the fund transfer from the wallet to the bank. The charges may differ from one app to another.

Steps to transfer the credit card balance to a bank account via money transfer services:

Login to your registered MoneyGram, Western Union, or any other money transfer service account.
Next, select the country of the person you're sending the money to, which in this case, is you. Enter the other necessary details.
Enter the amount you need to transfer to your receiving account, and in the method of payment, select 'credit card.'
Enter the required information and proceed to make the payment. However, it is important to remember that this method may take 1-5 working days to complete the transfer of money to your bank account.

There are two methods to transfer your funds from a credit card to a bank account. The first method is via e-wallets, which have now become quite common. The second method is via money transfer services like MoneyGram and Western Union Money Transfer.

Despite being an easy and hassle-free process, money transfer from a credit card to a bank account has some factors that you need to be cautious about. Ensure that you only select a trusted and secure service to make this transfer.

If you're an IDFC FIRST Bank credit card user, you can withdraw cash from your credit card account at any ATM, deposit the amount in the bank account of your choice, and then use the money the way you want. IDFC FIRST helps you safely withdraw money from your credit card. The other great thing is that you do not need to pay any interest of the debited amount. All IDFC FIRST credit cards , including FIRST Millennia and FIRST Wealth , come with this feature.

However, ensure that you use all these benefits the right way. Pay your credit card dues on time to avoid any extra charges. Maintaining a perfect payment record positively affects your credit score, which helps you avail of personal loans , home loans , and other premium products.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice 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 Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.