Many times, we are required to transfer the balance to a bank account. It can be an emergency or some other reason when you want to e-transfer an amount from your credit card. But how to do so?
E-transfer from a credit card is done either through the official website of the bank or a money transferring app. In case of transferring money from your credit card to someone else’s account, the Cash app is a reliable choice. However, most e-transfers come with charges.
Let me tell you more about how you can e-transfer from a credit card and what other factors you must know.
Top 7 Credit Cards From E-transfer:
Before you learn how to e-transfer balance using a credit card, you must first know about the best credit cards that offer the best ever balance transfer opportunities. It would help you decide which credit card you should use.
|Brands||Intro Balance Transfer APR||Annual Fee||Credit Score||Card Brand|
|Wells Fargo Active Cash Card||0% for 15 months||0%||Good or Excellent||Visa|
|Bankamericard Credit Card||0% for 18 transfers within the first 60 days||0%||Good or Excellent||MasterCard|
|Citi Diamond Preferred Card||0% for 18 months||0%||Good or Excellent||MasterCard|
|Wells Fargo Platinum Card||0% for 18 months||0%||Good or Excellent||Visa|
|Bank Of America Customized Cash Rewards Credit Card||0% for 15 transfers within the first 60 days||0%||Good or Excellent||Visa|
|Citi Custom Cash Card||0% for 15 months||0%||Good or Excellent||MasterCard|
|Citi Double Cash Card||0% for 18 months||0%||Good or Excellent||MasterCard|
I have selected the credit cards that initially offer a 0% APR on balance transfer. However, you have to pay the regular APR for balance transfers after you pass the initial time period.
How To E-transfer From A Credit Card?
So what do you need to do to e-transfer from a credit card? Before that, let us understand what it means to e-transfer balance from a credit card.
E-transfer simply means to transfer balance online. It can be via the website of the bank or a balance transfer app. So, from anywhere, you can transfer balance to a bank account. But sending balance to your bank account and to someone else’s bank account is different.
If you want to transfer balance from your credit card to your bank account, you need to do it via a mobile transferring app or the website of the bank. However, you have to add balance to the mobile wallet first and only then you can do the transfer to your bank account.
You can transact the fund easily if you have a money transfer credit card. These cards allow direct transfer of funds. You can choose cards that don’t charge any fee or interest for fund transfer.
You can also use an ATM for money withdrawal and transfer. Though most cards charge a transfer fee and interest, some credit cards won’t charge any interest for fund transfer via an ATM.
Using Apps for E-transferring From A Credit Card:
The most convenient way of e-transferring funds from a credit card to a bank account is via online money transfer apps like money wallet, Paysend, PayPal, Cash app, WorldRemit, Venmo, etc. These apps are the best for super fast online fund transactions from a credit card to a bank account.
The online apps mostly follow a definite method in which you can transfer balance from a credit card. I have outlined the procedure you need to follow:
- Download the app you want to use and press the option of ‘sign up’.
- Now it would ask for your mobile number as it would link the number with the app. Put the correct country code and type your mobile number.
- Type the basic information the app asks for like your full name, address, email Id, date of birth, etc. Write the address correctly and add the postal code too.
- After you fill out the information, you would receive a 5-digit OTP. Enter the OTP to complete the sign up procedure.
- Now as you are intending to transact a fund, click ‘send’ to move further.
- Select the country option where you want to transfer the balance.
- Now you need to choose the currency of the respective country where you are sending the fund.
- Type out the amount you want to transfer.
- Now, you may need to input some additional information regarding the country where you are sending the fund.
- After this, enter the bank details of the recipient and click ‘Next’.
- Now you have to enter the details of your credit card like card number, cardholder name, expiry date, CVV, etc.
- Next, for confirmation and verification, a 5-digit OTP would be sent to you via message.
- Now enter the OTP in the designated field.
- Check the details again and fill out the transaction information.
- Click ‘Confirm’ and you are done.
Factors To Consider Before An E-transfer From A Credit Card:
There are some factors that you have to think of before e-transferring to a bank account from a credit card. These factors should be known to stay informed and risk-free.
- Not all online money transfer apps offer free transactions. In fact, most wallets would charge 3% of the amount or $5 for each transaction whichever is greater. So, before you transfer funds, learn about the fees you may need to pay.
- After you transfer the fund, it may not be updated in your bank account immediately. It generally takes 1 to 5 days to get updated in your bank account.
- Some credit cards would charge a high interest which is generally greater than the general interest rate. So learn about the interest rate before transferring. If you agree to pay the interest, only then go for online transactions.
Otherwise, you should consult the issuer to know which method would be best for you for e-transferring.
Now that you have learned how to e-transfer funds from a credit card, scrutinize the factors and decide whether you want to do it or not. I suggest you do so only if there is an emergency.
Think twice and make the best decision for yourself.