- How can I transfer money from my credit card to my bank account?
As per RBI guidelines, you cannot transfer money from your credit card to your own bank account directly. However, you can use some mobile wallets and online apps that allow you to transfer money from your credit card to the bank account.
- What are some of the mobile wallets and apps that allow money transfer from credit card to bank account?
Some popular apps that allow money transfer from credit card to bank accounts are:
- What is the process to transfer money from my credit card to my bank account?
- Download and install a trustworthy mobile wallet.
- Complete Full-KYC for your wallet as it is necessary to do a money transfer.
- Load money into your wallet using your credit card.
- Then from your mobile wallet app, transfer this money to your bank account.
- The money is transferred to your bank account instantly.
- Are there any charges for transferring money from my credit card to my bank account?
Since the transfer is done through your mobile wallet, the charges will be from your mobile wallet provider. Generally, charges ranging from 2.5% to 3.5%, plus GST are applicable on such transfers.
- Can I transfer money from my credit card account to a loan account?
No, as per RBI guidelines, you cannot transfer funds from your credit card account into your loan account.
- Can I transfer funds from my credit card to another person’s bank account?
Yes, once you have loaded the required money to your mobile wallet balance, you can transfer the money to any person’s bank account.
- Is transferring money from your credit card to a bank account cheaper than a cash withdrawal at an ATM using your credit card?
Definitely yes. Cash withdrawals at an ATM, using your credit card, attract charges of around 3-5% until the date you repay the amount. But money transfers cost you about 2.5-3.5% for a single transfer.
- Is there a limit on the amount I can transfer from my credit card to my mobile wallet?
There is no such limit on how much money you can transfer from your credit card to your mobile wallet, and then to your bank account. However, it is advisable to check with your mobile wallet provider for any such daily or monthly limits.
- How much money can be transferred from my credit card to my bank account?
This will depend on how much credit limit your credit card has. You can transfer money up to the credit limit only.
- Is it mandatory to complete KYC verification to transfer money from a credit card to a mobile wallet?
Yes, it is mandatory to complete full KYC verification to transfer money from your credit card to your mobile wallet.
- How much time does it take for the amount to be transferred from credit card to bank account?
It is generally transferred instantly.