Why And How To Transfer Money From Credit To Bank Account
You thought you had enough to cover all your expenses. You thought you had planned for everything, but your car tire went flat and you need a replacement now. An emergency fund would be great but you just haven’t got around to building one up yet. Still you need to get that tire fixed, and you do have credit cards you could use, after all isn’t that what credit cards are for?
Reasons why you would need to transfer money from credit card to bank account
Using credit cards can be a good thing, if used properly, however they have their limits. For instance, you can’t pay your rent, mortgage, car payment, or your credit card bill with a credit card. For times when you need to pay those, and things like those, having good old cash is the best option. Sometimes however that isn’t an option, so you go to get a cash advance. But if you have a credit card their may be a better option for you.
Going to a cash advance location will charge a large interest rate. If you truly are going to be able to pay the loan back on your next paycheck then use a credit card instead.
How To Transfer Money From Credit Card To Bank Account
Get Cash From The ATM Then Deposit In Bank Account
A simple way to get cash from a credit card is to know your PIN go to an ATM withdraw the money and then go to your bank and deposit the cash directly. Depending on the amount of money you need this could be the easiest way to get money into your account. However, note that ATMS have a cash withdraw limit as well as your card will have one as well. So make sure the amount you need is allowed to be withdrawn.
Call Your Credit Card Company
If you need more money than is allowed, or you don’t know your PIN, then simply call your credit card company. Not only will they be able to give more than the limit the ATM offers, but they will be able to transfer money from credit card to bank account making it that much easier to pay bills using cash.
The downside to this is that the money isn’t instantly available but at least it will be within just a few days. Maybe not faster then a cash advance but still cheaper if paid back in time.
Use Your Credit Cards Online Service
Some credit card companies, Discover for sure, will let you transfer from the credit card to the bank account online without having to contact someone specifically. Again the fund’s won’t be instantly in your account but it is easy and relatively quick. Odds are if you write a check the funds won’t come out right away so you may be able to have enough time to make it work.
Make Sure You Pay It Back
The biggest problem with this, and any other time you use credit cards, is that sometimes you don’t pay back. So before you go down this road look seriously at your situation and if you can pay the credit card back before you get hit by heavy interest charges.
If this method is used properly it could help you get out of an emergency in a pinch.