Have you ever wondered that you can transfer money from your credit card to bank account at your fingertips?How ever, Credit card is the most powerful tool, which can give money whenever we are in a serious debt. Credit card helps us to use money in advance and pay it later on due date. In this post we will let you know the quickest as well as economical way to transfer money from your credit card to desired bank account.
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Terms to Understand:
You might be aware of these terms, but let us display them for those who have recently taken credit card are messing it up.
Credit Amount: The real liquid cash in bank account when someone send money to us just like salary credit, reward point credit etc.
Debit Amount: The normal transactions which we do regularly which eats away our earnings is debit amount. We just hate it, isn’t it?
Billing Date: It is date on which all the credits and debits on your credit card gets onto paper and you will be liable to pay for the debits in credit card bill.
Due Date: The worst part of using Credit card is paying Credit Card Bill. How worst it can be, we must pay on or before this date to exempt from interest being laid on Bill. The banks will charge huge interest on it as well as penalty also based on the amount you are liable to pay.
Now we will tell you the two best tricks to transfer money from credit card to bank account.
Quick Trick to Transfer Money from Credit Card to Bank Account:
This trick will help you to transfer money from credit card to bank account within 1 minute. Here is the step by step procedure to transfer money from Credit card to your bank account.
Step 1: Sign up with Paytm
Step 2: Click on Paytm Wallet
Step 3: Enter the amount to be added into the wallet.
Step 4: If you have a promo code, then click on “Have a Promo Code?” and then enter the code. Do not waste your time in searching for promo codes. If there are any working promo codes Paytm will display them there.
Step 5: Add money to your wallet by clicking on “Add Money to Wallet” and then complete the transaction. The amount gets added to your paytm wallet.
Note: If you have Paytm App, then you can skip from Step 6 to Step 8
Step 6: Now again click on Paytm Wallet and check the options below. You will see “Send Money” tab. Click on it.
Step 7: Click on “Try it now”
Step 8: You will be prompted to install the Paytm App.
Step 9: Now launch paytm app on your mobile.
Step 10: Find the “Pay or Send” tab.
Step 11: On this you can have lot of options like Scan QR to pay, Send Money to Mobile Number, Show Code to make payment, Send to bank and Payment Request like this.
Step 12: All you need to do is find the “Send to bank” tab.
Step 13: Enter the requested details like Account Holder’s Name, Account Number, IFSC Code, Amount which are mandatory for sending money to the bank.
Step 14: Sit back, relax and check your account balance. Paytm will transfer the funds through IMPS. Hence you can see the credited balance instantly.
Things you must look into before money transfer:
- The maximum amount you can transfer per transaction is Rs. 5000 and the minimum amount is Rs.100.
- As Paytm makes your money transfer so quick, they will charge Rs.4 for every 100 you transfer. Since IMPS is not a free service for all banks, they charge this minimal cost.
- For every 5000 INR you transfer via Paytm, they charge 200 INR for transacting the amount and the payment is instant. Quality does not come for free.
How to save transaction charges on money transfer from credit card to bank account?
- If you have any promo codes or cash back offers, then you can save this amount.
- With every credit card spending, you will get reward points and when you redeem them, they can cover these transaction charges.
If you do not want to spend even single rupee when you are transferring money from your credit card to your bank account, here is the trick to transfer money from credit card to bank account without any transaction charges. This type of service is offered by Freecharge.
Freecharge trick to transfer money from Credit Card to Bank Account:
Like Paytm, Freecharge also offers add money to wallet option and you can send them directly to your bank account. But as I said before, you need to have lot of patience to complete this process. After adding money to freecharge wallet, you need to wait for 7 days to withdraw to bank.
Why this waiting period of 7 days?
Organization’s View: We do not want to charge anything from our customers for the services provided. For security purposes, we would like our customers to wait for 7 days to withdraw money from wallet to your bank account. The maximum amount you can withdraw is 10000 INR.
Our view: Since Freecharge is not charging anything for transfer, they would like to have interest on your money as their charges. For suppose you have added 10000 INR to wallet and for 7 days the interest on savings account will be 8.33 INR which is 2.58 INR greater than IMPS charges (5.75 INR for each transaction).
A profit of 2.58 INR will be so less in our point of view. But what if you forgot to send your money to bank account? The company will enjoy the benefits. If thousands of people do the same, then it will be more profitable to the organization.
Any way we are not bothered about the organization, we are bothering about our money.
Economical Trick to transfer money from Credit Card to Bank Account:
Here is the step by step procedure to transfer money from credit card to bank account without any transaction charges using freecharge.
Step 1: Sign up with freecharge
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Step 2: Sign in and then go to “Add Money” tab and click on it.
Step 3: Initially it will show zero balance.
Step 4: Enter your desired amount.
Step 5: If you have any refund code, click on “I have freefund code!” and then enter it.
Step 6: Browse down and you will see pay with option. If you have any saved cards you just enter “cvv”.
Step 7: Click on “Proceed to Pay” and then make the payment.
Step 8: Wait for 7 days, before which you cannot withdraw funds to your bank account.
Step 9: Return to freecharge home page on 8th day and on the left side, you can see something like this. This is withdraw to bank option. When you hover on that icon, it will display “withdraw to bank”. Click on it.
Step 10: You need to add Bank account to your Freecharge account before proceeding. Click on “Add Account”
Step 11: Enter all the required details which are mandatory for the money transfer. Save it and initiate the funds transfer.
That’s it, with lot of patience (waiting for 7 days), you have successfully transferred money from credit card to bank account without any transaction charges. Spreading the word is not a sin. We have put in lot of efforts to bring this stuff online. Try to share it if you find it useful.