Can you transfer money from credit card to normal bank?
Yes, transferring money from a credit card to a normal bank account is possible, but it should be done cautiously.
- Bank Transfer Methods: You can use your bank’s mobile app or online banking platform to transfer funds. Some banks also offer the facility via ATMs or by calling customer service.
- Charges and Interest: Similar to self-transfer, this method incurs high fees and interest rates. The transaction fee can be substantial, and the interest rate is usually higher than for regular purchases.
- Promotional Offers: Occasionally, banks might offer promotional rates for such transfers, making it slightly cheaper. Always check for such offers before transferring.
Example: A bank may offer a promotional fee of 1.99% for transfers during a specific period, reducing the cost compared to the standard fee.