Credit cards are not only for purchases but can also be used to send money to your bank account. Those who do not know how to send money from a credit card to a bank account can do so with the help of a mobile wallet or net banking.

Points to remember before transferring money

• Processing time for the amount to reflect in your bank account can range between 1 to 3 working days.
• These transactions are not interest-free. Note that the transactions will be considered as outstanding credit and accrue interest only if unpaid after the due date.
• You will have to pay a transaction fee, which can be as high as 3%.

Should you send money from your credit card to your bank account?

You should only consider transferring money after taking into account the points mentioned above. Sending money from your credit card to your bank account is only recommended when during critical financial emergencies.

Additionally, you also have to consider the consequences in case of delayed payments. You may be in a situation which lowers your chances of clearing the credit card debt in time. In such cases, you will be liable for high interest and late payment fees. Further, non-payment will also reduce your credit score.

To avoid the above, you can opt for credit cards like the Bajaj Finserv RBL Bank SuperCard. This credit card brings two industry-first features. The first one is a zero-interest emergency personal loan for up to 90 days, against the available credit limit. The second one is interest-free cash withdrawal from ATMs for up to 50 days. These features can be exceptionally helpful when you seek funds in case of emergencies.