Transfer money from a credit card to a bank account | finder.com
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
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.

Our pick for no-fee cash advances

PenFed Gold Visa® Card

  • 0% APR promo balance transfer rate for 12 months now through March 31, 2019. After that, the APR for the unpaid balance and any new balance transfers will be 9.24% to 17.99%. APR will vary w/the market based on prime rate. 3% balance transfer fee per transaction. Subject to credit approval. $100 bonus after spending $1,500 in purchase transactions within the first 90 days of account opening.
  • Rate and offers current as of March 1, 2019 and subject to change.
  • No annual fee
  • No foreign transaction fee
  • No cash advance fees
  • Chip enabled for added security
  • Federally insured by NCUA
  • Variable rate as low as 9.24% APR
Read less
Read more
Promoted
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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 card offers

Name Product Filter values Annual Fee APR for Purchases (Purchase Rate) Intro APR for Balance Transfer
$0
17.24% to 25.99% variable
0% for the first 15 months (then 17.24% to 25.99% variable)
0% intro APR for 15 months from account opening on purchases and balance transfers.
$0
15.24% to 26.24% variable
0% for the first 15 months (then 15.24% to 26.24% variable)
Earn a $150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & Fees
$0
17.24% to 25.99% variable
0% for the first 15 months (then 17.24% to 25.99% variable)
0% intro APR for 15 months from account opening on purchases and balance transfers.
$95
18.24% to 25.24% variable

N/A

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months.
$95
15.24% to 26.24% variable
0% for the first 12 months (then 15.24% to 26.24% variable)
Earn $200 bonus cash back after you spend $1,000 on purchases in the first 3 months. Rates & 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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Kevin Joey Chen

Kevin Joey Chen is a credit cards writer at finder.com. He's passionate about helping you get your finances in order and build credit responsibly. Kevin has written across many personal-finance niches at finder, including cryptocurrency, personal loans, car insurance, real estate and money transfers. In his spare time, he likes to travel, read and play poker.

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