How to Withdraw Money from a Credit Card Using UPI, Paytm, and Mobile Apps

Introduction

We all know that a credit card is a lifeline when we need emergency money. We may use a credit card for online purchases, refueling, top-ups, etc. because the credit card is the most accepted means of payment worldwide.

But the credit card also has limits; after some ATM withdrawals, we can’t withdraw cash using credit card, otherwise the bank will charge heavy charges on our credit card. Online money withdrawal from a credit card to a bank account is also not available. So, to help you overcome this situation, we provide you the ways to withdraw money from your credit card to your bank account. Please read the message carefully for complete information.

Withdraw money from credit card

Funds from your credit card can be transferred to your bank account in two ways. The most popular method of withdrawing money from a credit card to a bank account is using an e-wallet of mobile banking apps like Paytm, an e-wallet service provider like Mobikwik, Freecharge, etc. Money transfer services such as Western Union Money Transfer and Money Gram are other options.

How to withdraw money from a credit card to a bank account using Paytm

Here we are sharing the complete method of transferring money from credit card to bank account using Payment. Please note that Paytm KYC is mandatory in this process.

• First, open the Paytm Payment app on your phone.
• In the Paytm app, scroll down and find Passbook Paytm.
• Click on the Paytm wallet icon and open your Paytm wallet
• In Paytm Wallet, “Add Money to Paytm Wallet” option will appear on your screen.

• Now enter the amount you want to add and click continue.

• After clicking on continue, a new window will appear to click on add money from credit card.
• Enter your credit card number, then carefully enter the CVV (three-digit number on the back of the card).
• After entering CVV, a one-time password {OTP} will appear on your registered mobile number.
• Carefully enter the OTP and click on the submit option. After submitting it, the amount will be charged to your credit card and credited to your Paytm wallet.
• Now in Paytm Wallet you need to click on “transfer money to a bank account”. The amount will be transferred to your registered bank account.

By following these steps, you can transfer money from your credit card to your bank account

Withdraw money from a credit card using mobile apps

Mobile app make money transfer simple and fast. You can download these apps from Android App Store and Apple App Store. These apps can be downloaded easily on smartphone, desktop, tab, laptop, etc. for simple and smooth bank transfers. Freecharge and Mobikwik apps can be used to withdraw money from a credit card to a bank account. These apps charge a certain amount for their services.

Things to remember when withdrawing money from a credit card

It is not recommended to transfer funds from a credit card to a bank account, as credit cards are designed to make direct payments instead of generating money in your bank account.

• Although a credit card can save you from having to pay additional fees for cash withdrawals, all banks report you to the income tax department if you spend more than Rs. 2 lakh on your card credit per year.
• If you do not pay your credit card charges after receiving the generated credit card statement, you will be fined an additional 3-4% of your outstanding balance each month.
• Credit cards have the biggest drawback of displaying the minimum amount due at the top of their account statements. Many credit card holders think the minimum payment is the total amount they have to pay when in reality it’s just the lowest amount the company expects you to pay to proceed. to receive credit.