Today, different types of credit cards are available, each offering special discounts and reward points in specific categories. While these cards can be used to make various bill payments, they cannot be used to settle loan repayments.
However, customers have an alternative option: they can transfer money from their credit card to their bank account. To transfer money from a credit card to a bank account, there are several methods to consider:
Net Banking: Log in to your bank’s official website or mobile banking app and select the ‘Funds Transfer’ option in the Credit Card section. Then, choose the ‘Transfer to Bank Account’ option.
Enter the amount you wish to transfer and the bank account details, verify the information, and confirm the transfer request by entering the One-Time Password (OTP).
Phone Call: Contact your credit card company and request a funds transfer from your credit card to your bank account. Provide the required information and follow the instructions provided by the credit card company to complete the transaction.
Offline Mode Options:
ATM Withdrawal: You can withdraw money from an ATM using your credit card. Be sure to check the withdrawal limit and associated charges. Then, deposit the withdrawn money into your bank account.
Bank Branch: Visit the bank branch and ask the teller to transfer funds from your credit card to your bank account; however, a fee applies for this service.
Wire Transfer: For larger amounts, visit your bank or call to initiate a wire transfer. You must provide your account number, routing number, and receiving bank details. Charges apply for this service.
Check or Money Order: Write a check or money order for the desired amount and deposit it into your bank account.