A credit card is a form of plastic money. You can use this money to make payments either at offline stores or at online stores. With a credit card, you need not deposit your money in advance. The credit card had made the life of many people easy. You can bring things quickly when you don’t have money in your pocket. However, particular transactions cannot be done by using credit cards like mortgages and many more. You have to transfer the money from the card to your savings bank accounts for such a transaction. Now you must be wondering how?
Ways of transfer the money into the account from a credit card without charges
By using online payment tools
Yes, you can transfer your credit card money into your account through tools like Moneygram and others. However, some online portals charge money or interest when you transfer the money from your credit card to your bank account. Moneygram and Western Union are the two most reliable tools that you can use to transfer your money without any charges.
However, you have to consider some factors before transferring the funds using these tools like currencies, amount of transfer, the country in which your bank exists, etc. sometimes; it takes up to one week to transfer the fund into the account.
With the help of the banking portal
Two banks do not charge any interest for transferring the amount from the credit card into your bank account. State Bank of India and axis bank are these two banks. Therefore, if you hold the credit card of these two banks, you are not required to pay extra charges for transferring.
State Bank of India
Here you have to pay the amount back within two to six months. If you cannot pay the money back, then the bank will charge 1.7% INTEREST PER MONTH after the sixth month till the month you did not pay the money.
The credit cardholder of this bank easily transfers the money from the credit card using net banking. Here the minimum amount of the transfer is 500 rupees and no upper limit. You can avail of the free transfer facility once in three months. Before passing three months, you have to pay the charges if you transfer the money.
With the help of e-wallets
You can also use your e-wallets like Paytm and FreeCharge to transfer your credit card money into your bank account.
For transferring money without charges, you will require a business account at Paytm. In this, you can transfer the amount into your Paytm wallet, and from there, you can quickly transfer it to your bank account.
Just like Paytm, add your money into the FreeCharge wallet from your credit card. However, for transferring the money into your bank account, you need to use the website of FreeCharge.
So these are some ways that you can use to transfer your credit card money into your account without charges. Here is a piece of advice to you all that do not use any illegal method. All the activity that you are doing into your bank account is monitor by the server. So to avoid penalties and fines, use these methods.