How to send money from Credit Card to bank account

You are in a bit of a financial pinch. Maybe a sudden expense has come up, or a payment is due, and your bank account balance isn't enough to cover it. You realise you have a Credit Card with a good available limit, but the payment you need to make requires funds directly from your bank account. Can you use that Credit Card to transfer money to your bank account? The answer is yes. However, there are some important things to consider, like fees, interest rates, and the right way to go about it. Here’s everything you need to know about how to send money from a Credit Card to a bank account.

Transferring money from your Credit Card to Bank Account

The ability to move money efficiently between a credit card and a bank account is not just a convenience but a strategic tool and ideally to be used only in the case of an emergency. Here are some key reasons why individuals might opt for this financial manoeuvre:

Emergency funds: For unexpected expenses or urgent financial needs, transferring money from a credit card to a bank account provides immediate access to funds.

Investment opportunities: Capitalize on time-sensitive investment options by quickly moving funds from your credit card.

Bill payments: Streamline your bill payments by transferring funds to your bank account, ensuring timely payments for utilities, rent, or other regular expenses.

Also Read: Credit Cards: Six reasons why you should have a credit card

Loan repayments: Manage loan or mortgage repayments efficiently by transferring necessary amounts from your credit card.

Cash flow management: Enhance your cash flow during tight financial periods by utilising your credit card as a temporary fund source.

Travel expenses: Prepare for travel-related expenses by transferring money to your bank account, providing easy access to funds while abroad.

Convenience: Benefit from the convenience and speed of digital transactions, especially when physical banking options are not accessible.

Ways to transfer money from Credit Card to bank account online

E-wallets: In today's digital age, e-wallets represent a seamless bridge between Credit Cards and bank accounts.

Axis Bank's integration with various e-wallets and mobile applications allows for easy loading of funds from credit cards. Once the money is loaded into the e-wallet, it can be seamlessly transferred to any bank account, including those at Axis Bank.

Internet Banking: Embracing the digital revolution, Axis Bank's Internet Banking platform offers an array of services tailored for fund transfers. The bank's integration with systems like NEFT, RTGS, and IMPS caters to various transfer requirements. NEFT is perfect for regular, non-urgent transfers, with operational hours from 08:00 AM to 06:30 PM on banking days. RTGS is the ideal choice for larger transactions, especially for amounts exceeding INR 2 lakh, providing the safety net of the Reserve Bank of India's real-time settlement. For those seeking immediate fund transfers, IMPS is available 24/7, including Sundays and bank holidays, ensuring that your financial needs are met round the clock.

Also Read: 6 benefits of using a Credit Card

ATM Cash Advance: Axis Bank Credit Cards come with the convenience of ATM cash advances, allowing you to withdraw cash and subsequently deposit it into your bank account. This method is particularly useful for those who prefer physical transactions or are in locations where digital methods are not feasible.

Phone Call: With just a simple phone call to Axis Bank's dedicated customer service, you can initiate a direct transfer from your Credit Card to a bank account. This personal touch adds a layer of convenience and reassurance, especially for those who value direct interaction with their bank.

Cheques: For customers who prefer traditional banking methods, Axis Bank credit cards provide the option of cheque facilities. You can write a cheque to yourself and deposit it into your bank account, bridging the gap between credit and cash liquidity.

Do's & Don'ts for money transfer from Credit Card to Bank Account

Do's:

• Be aware of the transaction fees and interest rates involved in such transfers
• Thoroughly understand the terms and conditions associated with each transfer method
• Be mindful of transfer limits and expected processing times to plan your finances better

Don'ts:

• Refrain from frequent transfers that might accrue high interest rates and fees
• Be aware of the impact on your credit utilisation ratio, which can affect your credit score
• Avoid using credit card transfers for speculative purposes like gambling

Conclusion

In conclusion, Axis Bank offers a versatile and secure array of options for transferring money from credit cards to bank accounts. Whether it's through e-wallets, the comprehensive Internet Banking platform, the convenient Mobile Banking App, or the Visa Money Transfer service, Axis Bank ensures that your financial needs are met with ease and reliability.

Embrace the simplicity and efficiency of Axis Bank's services for all your money transfer requirements.

FAQs

Can I transfer money from Credit Card to bank account?

You can transfer money from your Credit Card to your bank account through your banks’ mobile banking app, Internet Bank account or by withdrawing cash from the ATM and depositing it in your bank account

Can I transfer money from Credit Card to bank account without charges?

When you transfer cash from your Credit Card you will be charged processing fees and interest from the day you withdraw the cash.

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author 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. Please consult your financial advisor before making any financial decision.