How to transfer money from a credit card to a debit card

If you find yourself in a situation of little availability of cash in the face of a financial emergency such as covering a overdraft or avoid the delay of an invoice, it is possible to help you with your credit card. To know how to transfer money from a credit card to a debit card I could save you

How to transfer money from a credit card to a debit card?

it’s possible transfer money from credit card to debit card, or rather, to the bank account associated with the Debit with the support of the quota or limit that you have available in your credit card.

This is how you transfer it to your bank account to dispose of it with the Debit.

There are several methods you can use.

Instant loan or card balance transfer

The most common method is the balance transfer with the credit card. In this way you can move the amount of cash allowed according to your availability in credit card to your bank account.

In other words, the amount of money that you can take will be established as credit that you have at the moment. To do so, you must access the web portal of the issuing entity of the credit card.

The process is simple when the bank account where you want to transfer the money is the same one associated with the credit card.

Because most financial institutions have an automated process to do it.

they can call it instant credit card loan and sometimes it is not taken into account as use of the credit on the card, that is, it does not affect the credit or available space.

The use you give the money later will depend on the situation you have, you can dispose of it as you wish.

Well, if you need to send it to a third party bank account, you will have to make a wire transfer common after you have the money in your account or a direct deposit.

It is a transaction that will not be expensive in comparative terms and much simpler than requesting personal loans. It is the best and cheapest option.

Cash advance at an ATM

This is an option if you later need to make a deposit to a third party account.

You can go to an ATM or a branch of your bank, request a cash withdrawal from the credit card. It is also called advance or cash advance. You can withdraw the money you have available and then make the deposit in cash.

On the other hand, it may be convenient to withdraw the cash at an ATM and deposit it into your account, if you have problems with the banking platforms.

Once in your checking account, it is at your disposal for your purposes.

money transfer cards

Now most credit cards offer the option to take available credit and exchange it for cash, although in some cases it is only possible with money transfer cards.

With the money transfer cards you could even pay someone else’s debts credit card with interests promotional 0%.

It is an option that allows you to request the transfer of available credit as explained above through the credit card issuer.

How to transfer money from credit card to your bank account without paying interest?

The credit cards with money transfer or just the transfer cards They allow you to dispose of the cash they give you interest-free, if you make the payment in a certain period of time with the charge of only the transfer fee.

You should know that the longer you are offered an interest-free amount of money, the fee for transferring it increases.

Is it better to get a loan or transfer money from my credit card?

It is a decision that you must make based on your personal situation considering if you have other debts.

It is generally cheaper to transfer money from a credit card than to have a debt with annual interest.

On the other hand, it may be better if you ask for a loan, in case you want to make a purchase that you cannot normally do with your credit cardlike a vehicle.

You can dispose of the money transferred to your account in the Debit or withdraw from an ATM without extra charges.

In conclusion, if it is low amounts of money, it is preferable that you use the transfer from the credit card to the debit card and otherwise a loan.

Keep reading: How to freeze your credit?

Other options to transfer money from credit card to debit card

As we had anticipated, in case you do not have a money transfer credit card, most current credit cards offer the option to do so.

It is a procedure known as Cash advance. The drawback in this case is that it is usually expensive.

Many entities that provide Credit cards They charge high interest to carry out this type of transaction, in addition to the fee in case of doing it by way of cash withdrawal at ATMs.

The best option is that it is a money transfer credit card or that it offers the specific service.

Cases where high fees are charged for money transfers

Additional interest charges are charged if you use your credit card to pay for certain products or things that you could use as cash. For example: buying currency at an exchange house or buying casino chips.

The alternative to avoid paying high interest is to use a credit card of transfers as a 0% APR promotion.

How do you choose a money transfer credit card?

In case your credit card does not offer the service to transfer the money, it is important that you do a search and compare the transfer credit cards available.

You must choose the one that best suits your needs. Evaluate the estimate of how much you might need to transfer, the time to return the capital and how you will do it.

In addition, it is important to take into account other aspects such as:

    • Longer 0% APR interest period.
    • Comparatively low rates.
    • The most appropriate to your possibilities of the two previous options. Bearing in mind that the longer the period, the higher the rate and vice versa.

What is the best way to pay the money I have transferred from my credit card?

It is recommended to make monthly payments above the minimum payment required so that amortization is faster and the impact of interest is reduced.

Although it is always best to pay it while the interest is 0% APR, in case they offer it, so that you do not end up paying a lot of money.

After the 0% interest promotional period is over, you will experience an increase in rates and interest, so it is recommended to make full payment before the promotion period ends.

The renowned credit agency Experian.com offers more options on how transfer money from a credit card to a debit card or bank account.

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