If you want to transfer money from your credit card to your bank account then it will depend on your credit card company. Every credit card provider and the account to which you wish to transfer the amount to will have some rules and regulations. Everything works around restrictions and bank accounts and credit card department work around their own regulations. Many credit card issuers allow funds to get transferred to a personal account but there could be a few which may not allow you to do so.
Here’s a guide for you which will help you understand whether transferring funds is possible or not and if yes, then what are the steps to be followed. Read along.
How to transfer money from credit card to bank account?
Now, before trying to transfer money from your credit card to bank account, you have to check whether the card issuer allows you to do it or not. Hence, call your credit card company and ask if they will allow you to transfer money. Along with this, you should inquire if the transferrable amount has a limit. Few banks allow transfer but they have a limitation to it.
Once you confirm whether your credit Card Company allows bank to transfer then the second thing to do is to get in touch with your bank account customer service department. Call them and ask if they allow such transfers and whether they accept it or not. If your bank allows it then you can go ahead with any of the following methods to do the fund transfer.
Online mode
Step 1: The first step is to log in to your credit card account
Step 2: Search for transfer option and select it
Step 3: Now enter the amount that you wish to transfer
Step 4: Enter your bank account details, like account number, IFSC, BSB and other necessary details according to the format
Step 5: Follow the process and then complete the transaction.
Transfer money over the phone
Step 1: Contact the customer care department of your credit card.
Step 2: Follow the steps advised by the representative, identify yourself and verify your account
Step 3: Tell them the amount that you wish to transfer
Step 4: Tell them your account details, like your account number, IFSC code, BSB whatever is requested
Step 5: Follow the steps carefully and complete your transaction
If you have the credit card of the same bank that you have the bank account with then the representative should have all the details with them. It will take 2 to 3 working days for the transaction to complete.
How much can I transfer?
The amount of transfer will depend on your credit card provider. They will decide the amount that you can transfer from your card to your bank account. Based on that you will be able to transfer the amount. Your credit limit is also a deciding factor. Transferring funds from credit card to bank account is called cash advance transaction, hence you may not be allowed to transfer the whole amount but only a portion of it. You can ask for the limit by telephoning the customer care department or checking it online.
