Hi guys, welcome back to our other post. If you want to transfer money from a credit card to a bank account then this post can be very useful for you.
In this post, we are going to discuss how we can money transfer online or funds from credit card to a bank account with some easy methods or procedure.
Ways To Transfer Money From Credit Card To Bank Account
In general, there are mainly three ways to send or online money transfer from any credit card to any bank account.
- Withdraw money from ATM
- Send or transfer using Paytm payments bank
- Send or transfer using digital wallets
But, before going to discuss all these ways let’s have a look at some basic information about credit cards that we must have to know.
A credit card is a plastic payment card issued to the users or cardholders, that enables or let cardholders to pay the merchants for goods and services plus some other agreed charges.
The usage of credit cards is increasing in a large number. This massive amount is increased in the past couple of years because a credit card provides safety and convenience.
Remember there are two types of credit cards you can apply. First is secured credit card and the other is an unsecured credit card.
The major difference between these two cards is the collateral or deposit. Secured require a deposit whereas unsecured doesn’t require deposit or collateral.
3 Ways To Use Credit Card Easyily
There are three major ways of using a credit card as mentioned below.
|Pay Your Due On-Time – Paying your monthly payment is necessary. |
If you make your monthly payment late will gradually affect your credit score.
Late Payment will lead to the unnecessary occurrence of high-interest charges.
|Avoid Overspending – Purchase things that are necessary and affordable, because spending on the thing that is not affordable will affect your budget.|
|Always Keep Your Credit Limit Low – Low credit utilization ratio(ratio between your total balance and your total credit limit on all cards) favorites good credit score, Whereas a high ratio leads to a negative impact on the credit score. Your credit utilization ratio should be less than 30%|
How Credit Card Works?
Firstly the customer or cardholder presents a card to the merchant for the purchase of goods and services.
After that, the card is entered or swiped into the point of sale software.
Then through the payment processing network, the processor sends out for authorization.
After that, the issuing bank approves or declines the payment or transaction as per the funds available.
The transaction then passed through the electronic machine or network to the processor and then at the merchant location an approval code is delivered.
The issuing bank then sends the amount of money used for the purchase that was made.
This whole process is completed in a just fraction of seconds, in the end, the merchant
gets the sum of money deposited in his or her account and finally, the issuing bank sends the bill to the cardholder.
Best Credit Card In India 2020
Choosing a good credit card is very necessary, as it can lead to huge differences in benefits.
There are a large number of credit cards offered by various banks in India.
Below we mentioned the best credit cards in India till 2020.
Top 5 Credit Cards In India
|1.||HSBC Visa Platinum Card||It provides huge rewards and there is no joining fee and the annual fee for this card at all.|
|2.||Citi Cashback Card||Provides first-year benefits worth rupees 3,300 INR and 5% cashback on bill payment through CitiBank Online Bill Pay.|
|3.||IndianOil Citi Platinum Card||It provides 71 Ltr free petrol every year and tap on the go feature that just taps the card on the accepting point and pays.|
|4.||HDFC Freedom Credit Card||Provides welcome benefits of 500 points and there is now income document required.|
|5.||Yatra SBI Credit Card||Provides great deals on Yatra.com and also 20% off on all domestic hotel bookings.|
Simple Ways Credit Card To Bank Transfer English/Hindi Language Step by Step
In order to send or transfer the money, you need to follow some simple procedures as mentioned below.
Credit Card To Money Transfer Bank Account Using Phone Call
In this process, you need to call and give the correct credit card details to your provider and to follow some basic steps mentioned below.
|1.||For transferring money you need to call the provider of your credit card and you need to follow some instructions to verify your credit card account.|
|2.||Then you need to ask for money transfer to a bank account.|
|3.||After that, you will be asked how much and which bank account.|
|4.||Provide all the necessary information correctly in order to transfer.|
|5.||Follow the rest of the process and confirm in order to finish the transaction.|
How to Transfer Money Online From Credit Card to Account Using the Internet
In order to transfer money, you can also choose to do so through the internet.
Now follow these simple steps to get started.
|1.||First of all log into your credit card account.|
|2.||Now look for the ‘Transfer’ option on the webpage.|
|3.||This option isn’t available for all the credit cards, there are several credit cards that come with this feature.|
|4.||Enter the amount you want to be transferred to your bank account.|
|5.||Now provide the bank account details and other relevant information correctly.|
|6.||After that follow some simple directions correctly in order to transfer money.|
Credit Card To Instant Money Transfer Bank Account Using Check
You can also consider this option for the transfer money online if your credit card doesn’t let you instant money transfer straight to the bank account.
If you are eligible or this option is available for you then you can easily request Funds to be sent to you in the form of a check, depending upon your current account balance or your available credit limit.
Credit Card To Money Transfer Bank Account Using PayPal Account
If you have a PayPal account then this process will be very easy and convenient for you.
|1.||For this procedure, all you need is your friends or family member having PayPal account and for you as well.|
|2.||Firstly pay to your friend or family member’s PayPal account using your credit card.|
|3.||After paying your friend or family member simply tell them to send money to your account or withdraw the funds and give it to you.|
|4.||Now go and put the money into your bank account and there you go, damn simple right.|
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