At some point you may have wondered How to Transfer Money from a Credit Card to a Debit Card, since it is usually an alternative, when money is needed on said card, for any inconvenience or need that arises.
That is why, in our article on How to Transfer Money from a Credit Card to a Debit Card, we will present everything you need to do it. If you want to know, keep reading!
Table of Contents
- How to transfer Money from a Credit Card to a Debit Card
- Money from a Credit Card to a Debit Card: Without Paying Interest
- Is it Better to Get a Loan or Transfer from my Credit Card?
- Money from a Credit Card to a Debit Card: Other Options
- How to Choose the Credit Card?
How to transfer Money from a Credit Card to a Debit Card
If it is feasible to transfer money from a credit card to a debit card, or in other words, to the bank accounting linked to the debit card with the support of the quota or limit that you have available on your credit card.
In this way you transfer it to your bank account to dispose of it with the debit card. There are various procedures you can use. This is what you need to know, to get started with How to Transfer Money from a Credit Card to a Debit Card.
Instant loan or card balance transfer
The most common procedure is the transfer of balance with the credit card. This way you will have the possibility of moving the proportion of money in cash allowed according to your availability in credit card to your bank account.
In other words, the proportion of money that you will be able to take will be implanted as credit that you have instantly. To do so, you must go to the website of the credit card issuer.
The process is easy once the bank account where you want to transfer the money is the same linked to the credit card.
Since most financial institutions have an automated process to do so. It is called an instant loan on the credit card and sometimes it is not taken as an implementation of the credit on the card, that is, it does not affect the credit or available space.
The use that you give later to the money will depend on the case you have, you will have the possibility of disposing of it as you wish. Since, if you need to send it to a third party bank account, you will have to make a regular bank transfer after having 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 applying for private loans. It is the best and cheapest alternative.
Cash advance at an ATM
This is a choice 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.
Also, it is called advance or cash advance. You will have the possibility to withdraw the money you have available and then make the deposit in cash.
However, it might be okay to withdraw cash from an ATM and deposit it into your account, if you’re having trouble with the banking platforms. When you have the money in your checking account, you can do whatever you need with it.
Money Transfer Cards
Now most credit cards offer the option of taking available credit and exchanging it for cash, even though on some occasions it is only feasible with money transfer cards.
With money transfer cards you could even pay for the debts of some other credit card with promotional interest of 0%. It is an alternative that allows you to request the transfer of available credit as previously described through the credit card issuer.
Money from a Credit Card to a Debit Card: Without Paying Interest
Credit cards with money transfer or only transfer cards allow you to have the cash they provide you regardless of interest , if you make the payment in a defined period of time with the charge of only the transfer fee.
You should know that the longer they offer you a proportion of money independent of interest, the fee for transferring it increases.
Is it Better to Get a Loan or Transfer from my Credit Card?
It is a choice that you must make based on your personal situation considering if you have other debts. Mainly, it is cheaper to transfer money from a credit card than to have a debt with annual interest.
However, it may be better if you ask for a loan, in case you want to make a purchase that you cannot usually do with your credit card, such as transportation. You will have the possibility of having the money transferred to your account on the debit card or withdraw from an ATM without additional charges.
In conclusion, if we are talking about low portions of money, it is preferable that you use the transfer from the credit card to the debit card and in the opposite case a loan.
Money from a Credit Card to a Debit Card: Other Options
As we had anticipated, in case you do not have a money transfer credit card, most recent credit cards offer the option to do so. It is a method known as cash advance. The problem in this situation is that it tends to be expensive.
Many entities that give credit cards charge high interest to make this type of transaction, in addition to the fee in case of doing it by way of cash withdrawal at ATMs. The best alternative is that it is a money transfer credit card or that it offers the specific service.
Cases in which high fees are charged for money transfers
Continuing with How to Transfer Money from a Credit Card to a Debit Card, extra charges are charged based on interest if you use the credit card to pay for certain products or things that you could use as cash. For example: buying foreign currency at an exchange house or trading casino chips.
The option to avoid and pay high interest is to use a transfer credit card as a 0% APR promotion. It is suggested to make the monthly payments above the minimum payment requested so that the amortization is more immediate and the effect of interest is reduced.
Even though it is always best to pay it as the interest is 0% APR, if they offer it, so that you do not end up paying a lot of money.
After the 0% interest promotional period has ended, you will experience an increase in rates and interest , for which it is proposed to make full payment before the promotional period ends.
The renowned Experian credit agency gives more possibilities on how to transfer money from a credit card to a debit card or bank account.
How to Choose the Credit Card?
To finish with How to Transfer Money from a Credit Card to a Debit Card, it is essential that you do your research and compare the affordable transfer credit cards.
You must select the most suitable for your needs. Assess the value of how much you might need to transfer, the time to return the capital and how you will do it. In addition, it is essential to take into consideration other points such as:
- Longer 0% APR interest period.
- Comparatively low rates.
The most convenient to your modalities of both previous possibilities. Bearing in mind that the longer the period, the higher the rate and vice versa. If it is the first time that you are going to process a card, it is essential that you know which is the most suitable for you. We provide you with 5 tips to make the selection:
How much can you Afford
A credit card is not an expansion of your income, it is money that you will have to pay for, and it works as a means of payment that replaces cash. Therefore, it is important to know how much money you can afford at the end of the month and not exceed any salary limit you have.
Compare
It is simpler that they give you a credit card in the organization in which you already have a deposit account, whether it is to receive your payroll or any other product, however, it should not be the exclusive component to dictate which card to ask for.
Buy Durable Goods
You can buy anything with your credit card, constantly and once it is accepted in the establishments of your interest, however, it is best to buy what you know you are going to use for a long time and that, therefore, is worth It is worth buying it for months without interest.
More Credit
After a year of use, and depending on your credit history, the bank gives an expansion of your line of credit. Before accepting it, estimate if your income grew along with your credit, if your fixed costs have been maintained or, in any case, if you are already an expert in managing your purchases.