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Transfer Money From Credit Cards To Debit Cards – Is It Possible?

June 8, 2016

If you want your credit card to push some cash into your debit card then it can be done easily. However, it may not be the most advisable practice. The reason being that your credit card providers consider pulling money as a cash advance and so, they do apply some heavy duty fees on such transactions. Unless it is an emergency, you should avoid opting for this method. A better way to transfer cash is to use money transfer cards.

How to transfer money from credit cards to debit cards?

You can do this through three simple ways:

Doing it in person: This may need some time as you need to go to the bank or an ATM and withdraw money through your credit card. Then access your account through your account’s PIN and deposit the cash into it. Once the money is transferred into the account, it can be easily be withdrawn through your debit card.

The catch here is that withdrawing money from your credit card is normally termed as a cash advance, incurs some transfer and withdrawal fees. Also, it raises the APR from the day you withdraw the money to the day you actually pay it off to the credit card provider.

On call money transfer: You can also call your bank and ask them to get cash advance from your credit card and deposit the same amount into your bank account. The transaction fees will be directly deducted from your bank account. If you are transferring money from one company’s bank account to another company’s account then the transaction may take a time period of three days. However, it depends entirely on the bank which transfers the money.

Again, a cash advance will charge you some hefty fees and high interest on the amount withdrawn. Also, you cannot perform this transaction if both the cards belong to the same bank. For this, you need a money transfer card.

Transfer online: You can use your PC, smartphone or tablet to get the money transferred. Open your credit card website and request money transfer to your bank account. Again, you will need to pay some transfer fees which would be 3% to 4% of the amount transferred. And the transfer may take some time of around two to three days.

Having said this, no money advisor will ask you to follow this kind of process unless things are urgent. Why? Simply because it proves costly for you in the long run. If you calculate the money transfer fees and the amount of money you need to pay as interest, then it is easy to gauge that such transactions are actually expensive. So, the best way to do money transfer from one card to your bank account is through a money transfer card.

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