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money transfer through a credit card

Can I transfer money from a credit card to a bank account?

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It’s possible, but you’ll likely pay higher fees and interest.

We hear about transfers between bank accounts all the time. Less so about transfers between credit cards and bank accounts.

The latter transaction type is possible. But credit cards aren’t designed for it, and you’ll probably pay higher fees. If you need funds fast, consider alternatives first.

How to transfer funds from a credit card to a bank account

transactions transfer through phone

  1. Note the fees and/or interest rate for your transfer.
  2. Take out cash or a money order.
  3. Alternatively, make a wire transfer or a money transfer, or use a credit card convenience check.
  4. Deposit the money into your bank account, or wait for your transfer to complete.

By taking out cash or a money order, you can make an indirect transfer between your credit card and your bank account. A wire or money transfer can be slightly more convenient, as you can initiate them online.

If your credit card provider allows it, you can also transfer money with a credit card convenience check.

Take out cash or a money order

If you bring a debit card to an ATM, you can withdraw cash. You can do the same thing with a credit card when you use a cash advance.

Alternatively, you can take out a money order. Find one at your supermarket, a local money-transfer agent, a US Postal Service office or your bank. Money orders can be relatively inexpensive.

Once you’ve obtained cash or a money order, deposit it into your bank account. Many banks allow deposits through ATMs. You may also be able to make your deposit at a branch.

Make a wire transfer or money transfer

You can make a wire transfer through your bank. Before you do, check if the bank allows credit card payments.

You can also consider money-transfer services like Western Union and MoneyGram, which allow you to transfer funds with a credit card.

Wire transfers and money transfers involving credit cards generally come with relatively high fees.

Use a credit card convenience check

Your card provider may occasionally send you credit card convenience checks.

When you write one, it’s as if you’ve swiped your credit card. The amount you put on the check will be drawn from your credit line — and you have to pay it back eventually.

Carefully read your provider’s fine print before using one of these checks. If you’re lucky, you’ll get a promotional interest rate on it. Otherwise, the check will be treated as a cash advance.

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What to consider before transferring money from a credit card

When you transfer money from a credit card to a bank account, your transaction will most likely be coded as a cash advance.

Consider these important points about cash advances:

  • You’ll probably pay a cash advance fee.
    A common cash advance fee is $10 or 5% of the transaction, whichever is greater. For example, if you take out $500, the fee could be $25.
  • Look out for the cash advance APR.
    Cash advances usually have higher APRs than purchases or balance transfers.
  • Your transaction will start accruing interest immediately.
    Unlike purchases, which often have grace periods on interest, cash advances start collecting daily interest right away.
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Other funding options

Because cash advances can be expensive, consider other options if you need funds in a hurry.

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Compare credit cards

Name Product Filter values Rewards Purchase APR Annual Fee
Chase Sapphire Preferred® Card
Chase Sapphire Preferred® Card
2x points on travel and dining. 1x points on all other purchases
18.24% to 25.24% variable
$95
Apply now
View details
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months.
Hilton Honors American Express Card
Hilton Honors American Express Card
7x points on Hilton Honors purchases, 5x at US restaurants, US supermarkets and US gas stations, 3x on all other purchases
17.99% to 26.99% variable
$0
Apply now
View details
Earn 75,000 Hilton Honors™ Bonus Points after you spend $1,000 in purchases on the card within your first 3 months of card membership. Rates & fees
The Platinum Card® from American Express
The Platinum Card® from American Express
5x points on flights booked directly or flights and hotels booked through American Express Travel. 1x points on all other purchases
None (Charge Card)
$550
Apply now
View details
Get 5x Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5x points on eligible hotels booked on amextravel.com. Rates & fees
HSBC Gold Mastercard® credit card
HSBC Gold Mastercard® credit card
N/A
14.24%, 20.24% or 25.24% variable
$0
Apply now
View details
An 15 months 0% intro APR period on both purchases and balance transfers, plus zero foreign transaction fees, makes this is a strong well-rounded card. See Rates and Fees
HSBC Cash Rewards Mastercard® credit card
HSBC Cash Rewards Mastercard® credit card
3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases
15.24%, 19.24% or 25.24% variable
$0
Apply now
View details
Earn unlimited 1.5% cash rewards on purchases. See Rates and Fees.

Compare up to 4 providers

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Bottom line

You can transfer money from a credit card to a bank account — but it might cost you more. Consider the costs you might incur with a cash advance, which likely comes with a higher interest rate and transaction fees.

If you have time, consider the alternatives to a cash advance. You’ll find many reputable services that can help you if you’re in a financial pinch.

Frequently asked questions

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