If you’re looking to transfer money from your credit card, you’ll need to know how fast it can happen. The answer depends on some factors, including the type of credit card and where you’re sending money from. In this post, we’ll explain the general process for transferring money between cards and give some specific information about timeframes for different scenarios.
Get Money off Your Credit Cards Instantly
If you want to transfer money from your credit card, keep in mind that there are some fees and restrictions. These include:
- Some credit cards charge a fee for transferring money onto them, while others don’t. It’s essential to check your card’s terms and conditions to avoid getting stung with an unexpected charge.
- Limits on withdrawals. Some cards only allow you to make a certain amount of withdrawals per month or year, so if you’re planning on using this method regularly, it may be worth looking into one that has more favorable withdrawal limits (such as no cap).
As SoFi professionals say, “This kind of money move is a quick, convenient way to get cash when you really need it.”
Transferring money to a bank account
Transferring money from a credit card to a bank account can be done in two ways. You can either use direct deposit, which allows you to keep track of your spending and record payments on your credit card account using online banking or the app. Or you can set up an online bill payment service directly through the issuer’s website as well as via their mobile app.
The latter method is more convenient because there’s no need for any additional software, but it also means that any transfers will be made using the same account you use for bill payments—which may not be ideal if it has low funds available at times when your credit card balance needs topping off (though some providers offer free transfers).
Both processes require the following information:
- Your routing number and account number (routing numbers are 9 digits long; account numbers are usually 16 digits long).
- The name of your bank and branch location where funds should be deposited into your checking/savings account.
Transferring money to a debit card
You can instantly transfer money to your debit card, meaning you can use the funds immediately. If you need to pay for something with your debit card, just head to the ATM and select “Withdrawal” from the menu. Then choose how much money you want to withdraw (so long as it’s less than or equal to your daily limit), and enter how much money is into your account. Once done, insert or swipe your card and take out the cash!
Sending money to your PayPal account
Sending money to your PayPal account is another way to get the cash you need. It’s a fast and easy way to transfer money from a credit card.
As with other payment methods, there are no fees charged for sending money from a credit card to PayPal (unless you’re using an international bank account).
You can transfer money from your credit card to another account in a few minutes. However, there are some important things you need to know about this process. This article surely has answered all your questions and helped you better understand how fast money transfers from credit cards work.